Purchasing and Supply Management pp 163-190 | Cite as
Purchasing’s Strategic Approach to Inventory Management
Chapter
Abstract
The purchasing department’s task, as already defined, is to procure all the goods and services required by the organization. Generally, the purchase of items falls into three major categories: (1) capital equipment and services, (2) maintenance, repair, and operating supplies, and (3) materials and components used to produce a final product. Current thinking emphasizes pull systems, minimum lot sizes, and shorter lead-times as essential to better inventory management!
Keywords
Inventory Control Supply Management Safety Stock Economic Order Quantity Price Break
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Notes
- 1.This term is used to denote work-in-process inventory that acts as buffers between operations in a factory.Google Scholar
- 2.NAPM’s Purchasing Handbook, 2nd ed., pp. 29-42Google Scholar
- 3.A. F. Scott, J. H. Macomber, and L. A. Ettkin, “JIT & Job Satisfaction: Some Empirical Results.” Production and Inventory Management Journal, 1992, p. 56.Google Scholar
Copyright information
© Springer Science+Business Media Dordrecht 1997