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Here is a summary of the book “Essentials of Inventory Management” Second Edition by Max Muller:
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The book provides an introduction to key concepts in inventory management, including types of inventory, accounting for inventory, physical location and control strategies, and automatic identification systems like barcodes and RFID.
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It covers how inventory is accounted for on the balance sheet and income statement, and explains key metrics like inventory turnover ratio.
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Chapters discuss physical layout and location systems, strategies for grouping inventory, and linking inventory to location addresses.
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The book has expanded sections on automated identification systems like barcodes and RFID. It explains the basics of each system as well as their advantages and challenges.
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New chapters address topics like cycle counting, enterprise resource planning, supply chain risk management, and balancing risks and rewards in supply chain management.
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The goal is to provide usable information and concepts for forecasting, physical control, problem identification, and overall inventory and supply chain management.
So in summary, the book provides an introduction and overview of core inventory management principles and techniques for both new and experienced professionals.
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