Master and apply both the technical and behavioral skills you need to succeed in any inventory management role or function! Now, there’s an authoritative and comprehensive guide to best-practice inventory management in any organization. Authored by world-class experts in collaboration with the Council of Supply Chain Management Professionals (CSCMP), this text illuminates planning, organizing, controlling, directing, motivating and coordinating all the activities used to efficiently control product flow. The Definitive Guide to Inventory Management covers long-term strategic decisions; mid-term tactical decisions; and even short-term operational decisions. Topics discussed include:

• Basic inventory management goals, roles, concepts, purposes, and terminology
• Key inventory management elements, processes, and interactions
• Principles/strategies for establishing efficient and effective inventory flows
• Using technology in inventory planning and management
• New approaches to inventory reduction: postponement, vendor-managed inventories, cross-docking, and quick response systems
• Trade-offs between inventory and transportation costs, including carrying costs
• Requirements and challenges of global inventory management
• Best practices, metrics, and frameworks for assessing inventory management performance

THE COUNCIL OF SUPPLY CHAIN MANAGEMENT PROFESSIONALS (CSCMP) (Chicago, IL) is the preeminent worldwide professional association dedicated to the advancement and dissemination of research and knowledge on supply chain management. With nearly 10,000 members representing nearly all industry sectors, government, and academia from 67 countries, CSCMP members are the leading practitioners and authorities in the fields of logistics and supply chain management.

MATTHEW A. WALLER (Fayetteville, AR) is the Garrison Endowed Chair in Supply Chain Management and Chair of the Department of Supply Chain Management at the University of Arkansas.

TERRY ESPER (Knoxville, TN) is the Associate Professor of Logistics at the University of Tennessee, Knoxville.

1. Describe the basic concepts of inventory management and its essential role in meeting customer demand

2. Identify the key elements and processes in inventory management and how they interact

3. Identify principles and strategies for establishing efficient and effective flows of inventory across the supply chain

4. Explain the critical role of technology in planning and managing inventory

5. Define the requirements and challenges of inventory management on a global basis

6. Discuss how to assess the performance of inventory management using standard metrics and frameworks