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This book examines the problem of managing the flow of materials into, through, and out of a system in order to improve the efficiency and effectiveness of materials management. The subject is crucial for global competitive advantage, as materials constitute the largest single cost factor in manufacturing and service, and their effective management enhances value for money. In this context, inventory is a barometer of materials management effectiveness, along with wastage of materials.
The book adopts a comprehensive, integrated systems approach and covers almost all aspects of materials, considering the specification, procurement, storage, handling, issue, use and accounting of materials to get the most out of every dollar invested. Combining conceptual clarity and quantitative rigor, it will be a highly useful guide for practicing managers, academics and researchers in this vital functional area.
List of contents
Chapter 1. Introduction to Integrated Systems Approach to Materials Management.- Chapter 2. Basic Concepts in Inventory Management.- Chapter 3. Selective Inventory Management.- Chapter 4. Static Inventory Models - Single Purchase Decisions.- Chapter 5. Dynamic Inventory Models: Aggregate Analysis.- Chapter 6. Deterministic Inventory Models.- Chapter 7. Dynamic Inventory Models with Quantity Discounts.- Chapter 8. Probabilistic Inventory Models.- Chapter 9. Just-In-Time, MRP and Lean Supply Chains.- Chapter 10. Inventory Management of Slow Moving Materials.- Chapter 11. Multi-Echelon Inventory Models.- Chapter 12. Material Specification, Codification and Standardization.- Chapter 13. Management of Material Waste.- Chapter 14. Storage & Warehousing.- Chapter 15. Purchasing: Policies and Processes.- Chapter 16. Incoming Material's Quality Assurance.- Chapter 17. Make or Buy Decisions: Outsourcing Strategy.- Chapter 18. Source Selection, Performance Rating and Development.- Chapter 19. Value Analysis for Material Cost Reduction.- Chapter 20. Systems Approach and Supply Chain Management.- Chapter 21. Evaluation of Materials Management Effectiveness.
