| | How to Make Better, More Transparent, Inventory Holding Decisions
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| | | Hi Friend,
This month's article is titled: How to Make Better, More Transparent, Inventory Holding Decisions
In spare parts management, deciding how much of each item to stock in your inventory doesn’t have to be complicated—unless you make it that way!.
The reality is that the classic inventory management theory does not provide realistic answers for determining the Reorder Point (ROP) and Reorder Quantity (ROQ) for spare parts inventory.
In this article I address: - Avoiding the temptation to do what everyone else does
- Thinking of inventory management as a type of process control
- The importance of understanding usage during the lead time for restocking
- How to address risk management
By learning about and applying a logical approach, you simplify the decision-making process and make better, more transparent inventory holding decisions.
ICYMI you can read the full article HERE. |
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Keep on improving!
Phillip Slater Founder, SparePartsKnowHow |
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