Customer Reviews

Best Practice in Inventory Management (The Oliver Wight Companies)

5 star:		(1)
4 star:		(2)
3 star:		(2)
2 star:		(0)
1 star:		(0)

 

 

This book has helped us organize our inventory management in a way that promises to lead to much better cash flow and customer satisfaction. The author provides an excellent introduction to the use of statistical methods in inventory management

If you work in stock control, sales, purchasing, or production planning and really do not have a clue where to start in order to maximise the profitability of your inventory (both raw materials and finished goods), then there is no better place to start than with this book. It gives much practical advice that is easy to implement in real business life and emphasises the genuine cost savings and improved cashflow that can be gained.

What I like most about the boook is its structure - it starts with the basics (why inventory control is important financially), and takes you through basic forecasting methods to more advanced levels (e.g. double exponential smoothing). You can implement most of the advice in Excel or similar spreadsheet. I am no mathematician and I must admit I found some of the formulas difficult to understand at first, but please do not be put off - perserverence will pay dividends and you will see this perseverence hit the bottom line!

This book is useful. It is expected, however, to be revised in some points. There are some miss specifications in terminologies and in some chapters, explanations are not good enough to understand the equations or methods the auther used.

I bought this book expecting to find examples of new ideas developed recently by businesses that are considered at the top level related to assets management.
What I found was an excellent summary of all the textbooks used in college for the last 40 years. I could even find a chart we used in class in 1972.
Best Practices in Inventory management must include links to Manufacturing strategies, postponement of production to delay costs, improve flexibility for lower number of SKU's.
I find the title pretty ambitious but not enough "meat".

Pragmatic view to inventory management