Show simple item record

dc.contributor.authorMolinary Fernández, Gerardo
dc.date.accessioned2017-02-01T16:32:07Z
dc.date.available2017-02-01T16:32:07Z
dc.date.issued2000
dc.identifier.issn1541-8561
dc.identifier.urihttp://hdl.handle.net/11721/1312
dc.description.abstractAlthough inventory management has significantly developed in the past yea as a management discipline, its application is still minimal in the service industry and government. In contrast, it is an important tool for any company that is running a competitive business. The management of some companies considers inventory as an asset, not a liability. In addition, in companies in which the use and application of inventory models are common, they can still experience inventory problems. This paper analyzes the weakness of the traditional and most popular inventory model: The Economic Order Quantity model (EOQ). Many of the inventory models available are difficult to understand because they are based on complicate mathematical and statistical formulas. The benefits that computer software has simplifying the use of mathematical formulas are diminished because some of them do not include special applications or solutions when a variation in the assumption of the models is present. When a company implements the Just in Time philosophy (JIT), the management of inventory does not rest in complex formulas. Inventory experts need to emphasize the application of the models instead of the statistical derivation. They also need to be more aggressive in making managers, students and government authorities more aware of managing the inventory levels effectively. The responsibility of good inventory levels is not the sole task of the Operations Department, but the obligation of all the people in a company. Good inventory levels are now a measure of business competitiveness. The goal must be to increase the service level and at the same time reduce the inventory investment.en_US
dc.language.isoen_USen_US
dc.publisherUniversity of Puerto Rico - Río Piedras Campusen_US
dc.relation.ispartofseriesVol. 5, Núm. 2, Invierno 2000;p. 74-90es
dc.titleThe evolution of inventory management in manufacturing and services companiesen_US
dc.typeArticleen_US


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record