Smart inventory solutions : improving the management of engineering materials and spare parts

Description

Storeroom personnel, procurement, engineers and reliability professionals are increasingly being held accountable for materials and spare parts inventory management and in response they need to gain a better understanding of materials and spare parts inventory management principles and practices. This practical book delivers just that. This new edition will help you get the right parts, in the right place, at the right time, for the right reason. Fully revised, it provides specific coverage of the issues faced in, and requirements for, managing engineering materials and spare parts and what to do to improve your results.  Importantly, the book includes 29 examples and case studies to demonstrate the application of the concepts and ideas so that you will easy and quickly understand how to implement them.  This edition explains... The mechanics of inventory management, a pragmatic review of the management of inventory including the materials and inventory management cycle, comparing theoretical and actual inventory outcomes, discussion on normal and Poisson distribution models, how to determine the re order point, how to determine the re order quantity, and commentary on Monte Carlo simulation.The financial impact of inventory, including a discussion of the key reports that need to be understood.The influence of policies, procedures, and people.The Inventory Cash Release Process™ (ICR®).Plus the book includes:57 figures and diagrams - 30 of them new and the others all revised and updated and six new tables (with 8 in total).Eight new checklists - specifically included as a new tool for the reader and is the result of direct reader requests. An expanded glossary.