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Inventory Management and Production Planning and Scheduling, by Edward A. Silver, David F. Pyke, Rein Peterson
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This is a revision of a classic which integrates managerial issues with practical applications, providing a broad foundation for decision-making. It incorporates recent developments in inventory management, including Just-in-Time Management, Materials Requirement Planning, and Total Quality Management.
- Sales Rank: #318737 in Books
- Published on: 1998-01-23
- Original language: English
- Number of items: 1
- Dimensions: 9.35" h x 1.32" w x 7.74" l, 3.10 pounds
- Binding: Hardcover
- 784 pages
From the Publisher
This is a revision of a classic which integrates managerial issues with practical applications, providing a broad foundation for decision-making. It incorporates recent developments in inventory management, including Just-in-Time Management, Materials Requirement Planning, and Total Quality Management.
Most helpful customer reviews
22 of 22 people found the following review helpful.
The best book I have found for pure Inventory Mgt:
By A Customer
For my line of work, which is strictly in support of inventory management, in a large organization, this book is the best and most comprehensive reference I have found for inventory management. Other references, such as Chopra's or Shapiro's, offer an excellent survey in the broader topic of supply chain management but do not approach the depth of this text in straight inventory management. For the person working in a large organization, in which supply chain management is broken up across large numbers of people and departments, and for whom inventory management is the main focus, then this is the book for such an individual.
The particular strength of this book lies in chapters 5 - 10 in which a very comprehensive analysis is placed on the topics of reorder quantity (Eoq) and the large array of optimization and inventory control techniques in the realm of re-order point, order-up-to logic etc. This text covers classic Eoq analysis, along with the alternative heuristic methods for items displaying an uneven rate of demand. The approach to setting re-order point rules for slow-selling, as opposed to fast-moving items, receives ample coverage. No other book I have seen covers the issue of slow-moving items as well, which is significant since in industry many items are slow movers.
The authors cover the concepts of "exchange curves" and how one can link inventory control objectives at the item level to an aggregate level. This is a critical concept for the practitioner attempting to reconcile item-level inventory control to aggregate inventory and financial planning objectives.
The forecasting section itself offers substantial treatment of the topic though additional depth, such as with an addtional chapter, would improve this book. Perhaps forecasting will receive greater treatment in a future edition.
Also of value is the overall approach to the topic of inventory control, starting with forecasting, then re-order quantity, and then re-order point rules. Also, there are valuable insights to help the practitioner "draw the line" between a fast-moving item and a slow-moving item and specific direction on the inventory control policies to pursue with both classes of inventory. Relatedly, there is excellent discussion on the rules one can apply to approach inventory management with eiter the normal distribution of demand versus when other distributions of demand may apply for slow-moving items. Books such a Chopra's do not give this critical topic the same level of attention.
Mathematical topics and formulas are presented in a manner which should be accessible and substantial for individuals with a wide degree of quantitative backgrounds. The topics are presented with a good degree of detail, rigorous yet still in well-defined sections. The book's construction supports in-depth study in addition to quick reference. References and citations of other work abound for those who wish to explore a topic further.
The Chopra or Shapiro or Simch-Levi or Factory Physics texts cover the topic of variability pooling, two tier systems, and the "bullwhip effect" more successfully than this book.
I have not used the second section of this book which deals with production planning so I will not speak to the quality of its content in these areas.
If I had to choose one text for an inventory management text it would be this one. Though given a choice I have also supplemented it with addtional texts such as Chopra's, Shapiro's and the "Factory Physics" book.
9 of 9 people found the following review helpful.
Great explaination but Need more quantitative analysis
By A Customer
This book is comprehensive and very good for introduction to Inventory mgt and production planning but need more quantitative analysis, for instance, math model or algorithm to solve the problems. If you want the real inventory modeling, please choose Johnson and Montgomery book(ISBN 0471446181). Otherwise, this book is great.
4 of 4 people found the following review helpful.
Best book on inventory management
By Ulf Hamster
Without any doubt, Silver/Pike/Peterson is the best and most comprehensive book on inventory management. If you are searching for simplistic "management consultant concepts" then buy something else. If you want to learn how realize all these basic concepts take this book. Seriously, what are people exspecting: "too technical" ? Stupid. If you do not have any clue about basic math, why do you wanna go into logistics?
If I should teach somebody on logistics I would gave him or her one of the (thousands) books on simplistic powerpoint-like SCM concepts (if you want read Silver/Pike/Peterson you have to know these concepts beforehand). And when the question arises how to put this into practice, I would give this person the Silver/Pike/Peterson book. In the end, standard concepts are not enough. You need math. And Silver/Pike/Peterson only gives you a brief introduction about the basic math. Thus, alltogether the result will answer the question: how to run operations at the bottom line of the industry. Of course for becoming supply chain champion the book will not offer "the perfect master plan" but Silver/Pike/Peterson will give you the basic knowledge to generate such knowledge.
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