Inventory Management

Please choose the most appropriate answer for each sentence.
  • 1

    The modern era of inventory management began in 1913 with the publication of a paper by a Westinghouse engineer, Ford W. Harris, on inventory optimization; over the succeeding decades, dozens of new and more ..... inventory optimization techniques were invented.

  • 2

    "But suddenly the music stopped," exclaims George Brown of Ewe Lamb Technologies: in the early 1980s, Japanese corporations began ..... out industry after industry in the United States and Europe.

  • 3

    From analyses of their successes, one factor was obvious - Japan ..... far less inventory in proportion to sales than was considered 'optimal' - and minimization subsequently superseded optimization as the guiding philosophy of inventory management.

  • 4

    Minimization dogma says that inventory is the corporate equivalent of 'fat' and should therefore be eliminated; treasury, for its part, was more than happy to endorse this fashionably ..... philosophy.

  • 5

    After all, through the magic of the liquid asset cycle, reductions in inventory wonderfully reappear as cash in treasury's ......

  • 6

    Minimization's ..... song was that 'a corporation can never be too rich or too lean'.

  • 7

    A second explanation for the minority's inventory-contentment is almost certainly the misuse of 'nave' ratios (a ratio is said to be nave when it is completely ..... from true corporate objectives and performance).

  • 8

    Most common naive ratios are 'inventory-to-sales' and its reciprocal, 'turns', which can provide a comforting but false sense of accomplishment as their numbers 'improve'; the inherent ..... of both is the assumption that less inventory is always better than more.

  • 9

    This simply is not true: anyone who experienced the barren shelves of Moscow's Soviet-era department stores, or is told by a ..... that there are no more coffee-lids, will attest to the obvious fact that inventory shortages are a major source of customer dissatisfaction, lost sales, and lost profit.

  • 10

    The two major failed philosophical opposites, minimization and optimization, happen to nail down the extreme ends of a broad 'feasibility range' for inventory, and by slicing the middle ..... into a series of progressive investment options, we can calculate the expected returns, maturities, and risks for each increment.

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