Inventory Management and Production Planning and Scheduling


This is a revision of a classic which integrates managerial issues with practical applications, providing a broad foundation for decision-making. It incorporates recent developments in inventory management, including Just-in-Time Management, Materials Requirement Planning, and Total Quality Management.

Inventory Management and Production Planning and Scheduling | Edward A. Silver (Author), David F. Pyke (Author), Rein Peterson (Author) | John Wiley & Sons

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Table of Contents

Chapter 1: Importance of Inventory Management and Production Planning and Scheduling                                                                                                                               Why Aggregate Inventory Investment Fluctuates: The Business Cycle, Productivity and Performance of Existing Inventory Management and Production Planning and Scheduling Systems, The Concentration of Inventories within Industries, New Supply Chain Initiatives, Summary.

Chapter 2: Strategic Issues                                                                                                        Corporate Strategy and the Role of Top Management, The Relationship of Finance and Marketing to Inventory Management and Production Planning and Scheduling, Operations Strategy, Measures of Effectiveness for Inventory Management and Production Planning and Scheduling Decisions, Summary.

Chapter 3: Frameworks for Inventory Management and Production Planning and Scheduling                                                                                                                                The Diversity of Stock-Keeping Units, The Bounded Rationality of a Human Being, Decision Aids for Managing Diverse Individual Items, Frameworks for Inventory Management, A Framework for Production Planning and Scheduling, Costs and Other Important Factors, Three Types of Modeling Strategies, The Art of Modeling, Explicit Measurement of Costs, Implicit Cost Measurement and Exchange Curves, The Phases of a Major Inventory or Production Study, Summary, Appendix to Chapter 3

Chapter 4: Forecasting                                                                                                               A Strategic Overview of Forecasting, The Components of Time Series Analysis, The Three Steps Involved in Statistically Forecasting Time Series, Some Aggregate Medium-Range Forecasting Methods, Individual-Item, Short-Term Forecasting: Models and Procedures, Measures of Forecast Errors, Handling Anomalous Demand, Incorporation of Human Judgment, Dealing with Special Class of Individual Items, Assessing Forecasting Procedures: Tactics and Strategy, Appendix to Chapter 4

Chapter 5: Order Quantities When Demand is Approximate Level
Assumptions Leading to the Basic Economic Order Quantity (EOQ), Derivation of the Economic Order Quantity, Sensitivity Analysis, Implementation Aids, Quantity Discounts, Accounting for Inflation, Limits on Order Sizes, Finite Replenishment Rate: The Economic Production Quantity (EPQ), Incorporation of Other Factors, Selection of the Carrying Charge (r), The Fixed Cost Per Replenishment {A) or the Ratio Air Based on Aggregate Considerations—The Exchange Curve, Summary, Appendix to Chapter 5

Chapter 6: Lot Sizing for Individual Items with Time-Varying Demand
The Complexity of Time-Varying Demand, The Choice of Approaches, General Assumptions and a Numerical Example, Use Of A Fixed Economic Order Quantity, The Wagner-Whitin Method: An "Optimal" Solution Under an Additional Assumption, Heuristic Approaches For A Significantly Variable Demand Pattern, Handling Of Quantity Discounts, Aggregate Exchange Curves, Summary, Appendix to Chapter 6

Chapter 7: Individual Items with Probabilistic Demand
Some Important Issues and Terminology, The Importance of the Item: ABC Classification, Continuous Versus Periodic Review, The Form Of The Inventory Policy: Four Types Of Control Systems, Specific Cost And Service Objectives, Two Examples of Finding the Reorder Points in A Continuous Review, Order-Point, Order-Quantity (s, O) System, Decision Rules For Continuous-Review, Order-Point, Order-Quantity (s, Q) Control Systems, Implied Costs and Performance Measures, Decision Rules for Periodic-Review, Order-Up-To-Level {R, S) Control Systems, Variability In The Replenishment Lead Time Itself, Exchange Curves Involving Safety Stocks For (s, Q) Systems, Summary, Appendix to Chapter 7

Chapter 8: Managing the Most Important (Class A) Inventories
The Nature of Class A Items, Guidelines for Control of A Items, Order-Point, Order-Quantity {5, Q) Systems for Slow-Moving Items, Simultaneous Determination of s and Q for Faster-Moving Items, Decision Rules for (s, S) Systems, Decision Rules for (R, s, S) Systems, Coping with Non-stationary, Controlling the Inventories of Intermittent Demand Items, Comments on Multiple Sources of Supply and Expediting, Summary, Appendix to Chapter 8

Chapter 9: Managing Routine (Class C) Inventories
The Nature of C Items, Control of C Items Having Steady Demand, Control of Items with Declining Demand Patterns, Reducing Excess Inventories, Stocking Versus Not Stocking an Item, Summary, Appendix to Chapter 9

Chapter 10: Style Goods and Perishable Items
The Style Goods Problem, The Simplest Case: The Unconstrained, Single-Item, News Vendor Problem, The Single-Period, Contained, Multi-Item Situation, More than One Period in Which to Prepare for the Selling Season, The Multi-period News Vendor Problem, Other Issues Relevant to the Control of Style Goods, Inventory Control of Perishable Items, Summary, Appendix to Chapter 10

Chapter 11: Coordinated Replenishment at a Single Stocking Point
Advantages and Disadvantages of Coordination, The Deterministic Case: Selection of Replenishment Quantities in a Family of Items, The Deterministic Case with Group Discounts, The Case of Probabilistic Demand and No Quantity Discounts, Probabilistic Demand and Quantity Discounts, The Production Environment, Shipping Consolidation, Summary, Appendix To Chapter 11

Chapter 12: Supply Chain Management and Multiechelon Inventories
Supply Chain Management, Structure and Coordination, Deterministic Demand, Probabilistic Demand, Re-manufacturing and Product Recovery, Additional Insights, Summary, Appendix to Chapter 12

Chapter 13: An Overall Framework for Production Planning and Scheduling
Characteristics of Different Production Processes, A Framework for Production Decision Making, Options in Dealing with the Hierarchy of Decisions, Summary

Chapter 14: Medium-Range Aggregate Production Planning
The Aggregate Planning Problem, The Costs Involved, The Planning Horizon, Two Pure Strategies: Level and Chase, Feasible Solution Methods, Linear Programming Models, Simulation Search Procedures, Modeling the Behavior of Managers, Planning for Adjustments Recognizing Uncertainty, Summary

Chapter 15: Material Requirements Planning and its Extensions
The Complexity of Multistage Assembly Manufacturing, The Weaknesses of Traditional Replenishment Systems in a Manufacturing Setting, Closed Loop Material Requirements Planning, Material Requirements Planning, Capacity Requirements Planning, Distribution Requirements Planning, Weaknesses of MRP, Enterprise Resource Planning (ERP) Systems, Summary

Chapter 16: Just-In-Time and Optimized Production Technology
Production Planning and Scheduling in Repetitive Situations: Just-in Time, Planning and Scheduling in Situations with Bottlenecks: Optimized Production Technology (OPT), Summary

Chapter 17: Short-Range Production Scheduling
Issues in Short-Term Scheduling, Techniques for Short-Term Scheduling, Deterministic Scheduling of a Single Machine: Priority Sequencing Rules, Deterministic Scheduling with Two or Three Machines, Scheduling of a Single Machine with Probabilistic Processing Times, Probabilistic Scheduling with Two Machines, General Job Shop Scheduling, Summary, Appendix to Chapter 17

Chapter 18: Summary
Operations Strategy, Changing the Givens, Future Developments



Written by IISCM

Integrated Institute of Supply Chain Management, a unit of Fhyzics Business Consultants Private Limited specialising in supply chain management consulting and education. IISCM trains and certifies SCM professionals in procurement, supply chain management, inventory, and warehousing.

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