Abstract
The American Production And Inventory Society (APICS) defines Inventory Management as the branch of business management concerned with planning and controlling inventories. The role of Inventory Management is to maintain a desired stock level of specific products or items. The systems that plan and control inventories must be based on the product, the customer, and the process (either manufactured or purchased) that makes the product available. The cost of maintaining inventory throughout the entire process is a hidden cost, but nevertheless becomes part of the product cost.
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Bibliography
APICS Dictionary, 9th ed., Falls Church, VA: American Production and Inventory Control Society, 1998.
Plossl, G. W., Production and Inventory Control: Principles and Techniques. Englewood Cliffs, NJ: Printice-Hall, 1985
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Toomey, J.W. (2000). Overview. In: Inventory Management. Materials Management / Logistics Series, vol 12. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-4363-3_1
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DOI: https://doi.org/10.1007/978-1-4615-4363-3_1
Publisher Name: Springer, Boston, MA
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