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Reinventing Inventory Control

Author

Listed:
  • Richard J. Schonberger

    (College of Business Administration, University of Nebraska-Lincoln, Lincoln, Nebraska 68588-0400)

  • Marc J. Schniederjans

    (College of Business Administration, University of Nebraska-Lincoln, Lincoln, Nebraska 68588-0400)

Abstract

Western notions about inventory control revolve around economic order quantities and buffer stocks that are aimed at avoiding running out of stock but which result in high inventories and long lead times. Our inventory models need to be recast into principles: The lot-size principle is simply to keep cutting it---and cut setup times as partial justification. The buffer-stock principle is also to keep cutting---and solve the exposed quality, equipment, and other problems thereby exposed.

Suggested Citation

  • Richard J. Schonberger & Marc J. Schniederjans, 1984. "Reinventing Inventory Control," Interfaces, INFORMS, vol. 14(3), pages 76-83, June.
    • Handle: RePEc:inm:orinte:v:14:y:1984:i:3:p:76-83
    DOI: 10.1287/inte.14.3.76
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    Citations

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    Cited by:

    1. Cao, Qing & Schniederjans, Marc J., 2004. "A revised EMQ/JIT production-run model: An examination of inventory and production costs," International Journal of Production Economics, Elsevier, vol. 87(1), pages 83-95, January.
    2. Schniederjans, Marc J. & Cao, Qing, 2000. "A note on JIT purchasing vs. EOQ with a price discount: An expansion of inventory costs," International Journal of Production Economics, Elsevier, vol. 65(3), pages 289-294, May.
    3. BilgehanYıldız & Murat Ustaoğlu, 2014. "Optimal Production Model for EVs Manufacturing Process in Turkey: A Comparable Case of EMQ/JIT Production Models for EVs’ Battery Production," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 3(12), pages 856-863.
    4. Betts, John M. & Johnston, Robert B., 2005. "Just-in-time component replenishment decisions for assemble-to-order manufacturing under capital constraint and stochastic demand," International Journal of Production Economics, Elsevier, vol. 95(1), pages 51-70, January.
    5. Askin, Ronald G. & Krishnan, Shravan, 2009. "Defining inventory control points in multiproduct stochastic pull systems," International Journal of Production Economics, Elsevier, vol. 120(2), pages 418-429, August.
    6. Wolfgang Seiringer & Balwin Bokor & Klaus Altendorfer, 2024. "Evaluating Production Planning and Control Systems in Different Environments: A Comparative Simulation Study," Papers 2405.02015, arXiv.org, revised Nov 2024.

    More about this item

    Keywords

    inventory/production: policies;

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