BOOKS ON INVENTORY MANAGEMENT (By Dr. S. Chidambarathanu Pillai.) 1. Introduction to Inventory Management : In his preface, the Author points out that, the people belonging to particularly underdeveloped and developing nations have realised that, in the multifarious inventories of the various stores set-ups, stores valuing billions of Dollars are held up due to various reasons. The reasons for holding stock, exceeding its rational level need detailed study. Unless personnel employed in such problematic areas are adequately exposed to techniques of efficient Inventory Management, the state of affairs cannot be corrected. So long as the Management also realises the bare ncessary to employ trained hands with upto date knowledge of scientific Management, Inventory cannot be well controlled. This book touches many modern Inventory principles that the Inventory personnel should be conversant with. The mistakes committed by the Purchase wing together with the Planning cell are required to be sorted out by the Inventory wing. The author gives paramount importance to Inventory control in the Science of Materials Management. Price Rs.60/$3/£2 2. Materials Inspection: It starts with an explanation of Inspection Methodology : The levels of inspection, the types and grades and stages of inspection of Stores are dealt with. The duties and responsibilities of Inspection wing, the various Govt. Inspection agencies, the importance of procuring I.S.I. marked items, techniques used in the inspection of stores, the different documents followed in the conduct of inspection, and also other allied matters are dealt with in detail. Importance of inspection guide to be drawn and followed by each set-up according to the nature of the business and the type of stores transacted, is illustrated. It is the plus point of this book. Selected chapter headings : Material Inspection – Inspection Methology – Level of Inspection – General Types of Inspection – Objective of Inspection – Samples – Functions of Sample Section – Rejection of Stores – The value Analylises on the rejection of stores – Disposal of Rejected Materials – Inspection in a Medium size stores – Other miscellaneous duties of the Inspector – Technical aspects of Stores – Inspection Manuel guide. Price Rs.75/-$3/£2 3. Management Practice : In the book, “Management Practice”, the author has analysed the practical aspects of Management techniques, generally used in various Organisations. When we think of Management, an Organisation comes into the picture. Apart from shareholders, that there are many other stakeholders such as Customers, Suppliers, Dealers and ancillary manufacturers, lenders and the State and Central Governments who are entitled to have their own industrial aspirations and expectations to be fulfilled by the Organisation. Quality is extremely important in the competitive environment. While quality costs, poor quality costs more. There is an urgent need to sharpen the employees skills because quality cannot be compromised, as it will reflect on the survival of the industry itself. We must be open to new ideas, to new perspectives and to new technology. Again the predominant part of the company assets comprises of materials. It is clear that the Materials Manager who has a financial sense can be a great blessing to the company and if one thinks of it for a moment, it will be a great service to the nation. Entrepreneurs are born. Executives are made. Selected chapter headings :- Organisation – Man – Materials – Money – Annexure. Price Rs.200/-$7/£5 4. Stores Control Techniques: In this book the Author deals the techniques of Stock control, various selective control classifications, surplus stores Management, Waste controls, Management of Project, Inventory control and saving through conservation. All these come under the purview of integrated Materials Management. It is well known that reducing cost by a rupee on a product is better than the effort made by additional sale of rupees ten. Reducing cost goes to improve the rate of return on investment which, in turn improves profitability of the organisation. Selected chapter headings :- Introduction – Selective Control – Surplus Stores & Waste Control – Management of Project Inventory – Production Planning & Inventory Control – Information System For Inventory. Price Rs.100/-$4/£3 5. Care of Stores: This book comprises of the steps to be taken against theft, fire and deterioration of types of stores in the stores-house. Insurance cover is another arrangement, generally made against all possible loss of an damage to stores that are in transit and store-house. The stores personnel who are in charge of stores should have a reasonable knowledge about all the techniques and proceedure laid in this book so that the interest of him and also the set up can, by and large, be well safe-guided. To the young stores personnel the contents of the book will serve as a guide besides being immensely useful for his day to day functions; for the experienced it will give food for thought to build up more ideas to his job better, suiting to the nature of the set-up and the types of stores, handled by him. Selected chapter headings :- Introduction – Checking of Depots, closure and opening – Shifting of Depots / Sections – Care of Materials Against Theft – Care of Material Against Fire – Care of Materials Against Deterioration – Insurance. Price Rs.100/-$5/£4 6. Materials Handling & Storage Equipment: It is said that, in average 30 percent of the materials cost is spent in the material handling. It is an area for serious thought. Selection of suitable material handling and storage equipment, assessment of handling problems for mechanization, stores house lay-out, training of operators, different types of equipment, standardisation of handling equipment, care of equipment and precautions necessary for prevention of accidents are extensively explained in this book. The figures of different materials handling and storage equipment published in this book add more meaning and understanding to the students and stores staff. Selected chapter headings :- Materials Handling – Importance of efficient Methods – Materials handling equipment – Standardization of Handling Equipment – Care and safety in Materials Handling – Training in Materials Handling – Reducing Accidents in Materials Handling – Guide to Selection of Materials Handling Equipment – Checklist for Equipment and Spares Procurement – Materials Handling Department – Storage Equipment – Storage – Some of the types Storage Equipments – Hazards in the use of Racking – Miscellaneous Equipments – Evaluation of Material Handling. Price Rs.100/-$4/£3 7. Returned Stores & Disposals: Disposal of various types of scraps mainly by Auction or Tender sale is a vital function of Inventory Management in as much as it generates revenue and helps keep the company premises clean. The Scrap Management is the converse function of Purchase Management. Its efficiency depends on the rich experience and the up-to-date salesmanship which the Staff of Returned Stores Depot exhibit. Every proceedure, followed in the Returned Stores is considered as important as it is to provide full satisfaction to the various Returning Officers as well maintain cordial relationship with those public (including purchasers) who have business dealing with Returned Stores Depot. This book also provides much informations about the proceedure to be followed in the disposal of scraps besides illustrating various documents, Registers used in the Depot. Selected chapter headings :- Introduction to scrap Management Returned Stores Fixation of Probable sale, rate for item Reclamation of scrap Sales Delivery Scrap Management Matrix. Price Rs.100/-$4/£3 8.Store House Operations: To satisfy the customers, it is necessary that the storage functions is arranged systematically. The Store houses and the working of the Depot are the main mediums through which the object of the Inventory control is materialised. Its operation cannot please every body, but strives to give greatest service for the large number of customers. The storage and issue of stores, care of materials, stock-verification, disposal of surplus, maintenance of Records, timely disposal of returns etc., are the basic functions of a Storekeeper. The Storekeepers responsibility is multifarious and considered significant for the healthy functioning of a Depot. This book is useful to Store Keepers, and also students of Material Management Courses. Selected chapter headings :- House Keeping – Store House Operations – Working of a depot or ward – Miscellaneous Functions – Depot Statistics – Corporate Objectives – History of a Consignment – Public distribution systems, Super Bazaars and warehousing. Price Rs.100/-$4/£3 9. Spare Parts Control : The peculiarities of spare parts are different from other materials. The deeper the techniques used in the control of spare parts, the greater is the perfection achieved in the spare parts management. Despite of application of all possible known techniques the management of spare parts Inventory is found problematic area. It is due to factors, beyond control. 10. Stock Taking : The physical stock verification is arranged to assure that the in-puts and the stock on hand have been accounted for accurately. The Accounts Department Representatives are deputed for stock taking to ensure the correctness of stock. Usually all stores in the Store-house should be verified in the course of the year to arrive at the correctness of the store balance. The performance of the organisations depends on how well the stocks have been utilized. It is the stock verification which authenticates the correctness of the performance statements. In the store house, there are other Tools, plants and furniture. They form substantial part of the Capital investment. The author has included these items for stock taking. So also, the verification of stocks carried in Stores Vans on lines is to be conducted to ensure its correctness. This book bears a good source of information for valuable readers. Selected chapter headings :- Probable cause for Discrepanies in the Stock Methods of stock takingTreatment of DiscrepanciesInternal Stock takingMethod of ValuationAnnual Count of Tools and plants checkingStores SuspenseRole of Audit. Price Rs.80/-$3/£2 11. Basis of Stock Recoupment : This book contemplates the systematic method of determining what, where, and much to be planned and procured and how much to be kept in stock to balance the need of various users and supply. The contents of the book is dealt with in 12 chapters. The broad out-line being the economic order quantity, the compilation of limits, past consumption, reviewing of limits, material planning, Practical Inventory Models, recoupment of plant and Storage equipment, Zero based Inventory Management, Organisation and Inventory Valuation. Price Rs.100/-$4/£3 12. Issue & Despatch : The book on “Issue & Despatch”, has six chapters. The first chapter details the crux of the subject matter, dealt with in the book. In the second chapter, authorisation, types and time of issues, apart from the stores, liable for disposal. The 3rd chapter concentrates on the functions of despatch section, documents and the guidelines for despatch. The 4th chapter is allotted to packing alone, as packing is generally a neglected area and the stores personnel are given food for thought to avoid loss about 3/5% arising from poor packing. The fifth chapter deals with application of Operations Research techniques; and finally the sixth chapter covers the public distribution systems and also storage for super bazaars. Price Rs.60/-$2/£1.5 13. Clearance, Forwarding & Claims : The three subjects viz., clearance, forwarding and claims are interconnected and performed at a Single Unit either in a small stores or a big Materials Management department. As Transport aspects of purchasing is important to purchase wing, clearance, forwarding and claims are important for the Inventory Management. The cost of transportation accounts for nearly 20 percent of the cost of Stores procured. The Officers in charge of the functions of clearance, booking and claims should therefore have a sound knowledge of the various aspects of the transport, its principal methods of transport (Road, Rail, Canal, coastwise-overseas shipping, Air, Post etc.), type of packing, its regulations and specifications, rates, both standard and exceptional; rebates and allowance; the principle of agreed charges, the preferring of claims and the responsibility of the different carriers, their tariffs etc., and the responsibility of the different carriers, their tariffs etc., As an organisation grows in size and activities, the transportation becomes very As an organisation grows in size and activities, the transportation becomes very crucial and the effectiveness depends upon the knowledge of alternatives, their rates, schedules as well as advantages and disadvantages. The ownership of goods while in transit, stoppage of goods, carriers lien, legal aspects of delay , deviations of transit, carriers, claims etc., are important aspects that the Transport Manager in charge must be aware of. A good packing of stores should be taken care of and must ensure two basic aspects. It must protect goods from its own inherent weaknesses and from the rigours of the distribution systems. Another is that it must enclose the product in such a way as to optimise the total cost of distribution to an acceptable level of damage. Price Rs.175/-$7/£5 14. Legal Aspects of Inventory Management : Ignorance of law is of no excuse. It is therefore necessary to understand the salient features of various legislations to manage the business effectively and efficiently. Generally, the functions of the Materials Management can be divided into two main wings, viz. Purchase Management and Inventory Management. Both the functions are complimentary. The legal aspects of Purchase Management is inter-connected with the Inventory Management. In other words, we cannot demorcate the legal aspects of Purchase Wing from that of Inventory Management. Some areas of Inventory Management which attract legal complications are Goods transit, Damage and loss of stores, wharfages, quality of stores, Rejections of Stores, Delivery period, Disposal of Stores found excess, rejected and damaged, variations arising from Rate of Sales-tax octroi Duty, carriers, Tariff, Excise Duty, Customs Duty, Port dues, carriers charges etc. Failure of supply during the tenure of Guarantee/Warantee period and governed by Test Certificate, Rebate/Discount on Supply and Disposals of Sales of Scraps, etc. We store goods of dangerous nature including Petroleum products, carboides, all regulations of the Government and the local governments are to be strictly adhered to. Again comes the environmental, pollution and public nuisance Acts which need strict observance. Industrial/Factory Act, Vehicle Act, various Transportation Act, are to be closely followed so that the interest of the organisation may not be affected and loss incurred. The Inventory activities have assumed major importance owing to the size and complexities of trade and commerce. Further, one will find that while a store-personnel is promoted on higher posts, he is supposed to know more and more of the legal aspects of his functions to become a successful Manager. If his decision lacks in the reasoning power, his action will be questioned in the Court of Law. On Many occasions, the rejection of stores, due to belated deliveries and technical grounds attract objections from Suppliers. It may finally be referred to Court of Law for settlement, if there is no smooth agreement arrived at by the consignor and consignee. Excise-duty and customs duty are charged as applicable being governed by Statutory Law. Still it will lead to difference of opinion when is an increase in such duties. Low of claims, Insurance Act, Customs Act are also some other parameters that the Inventory personnel should be acquainted with so that the interest of the organisation can be safe-guarded. Price Rs.100/-$5/£4 15. Inventory Matrix: Most of the present practising professionals of Materials Management all over the world feel that, present day, management of materials is affected by Inventory Cost, Government regulations, credit squeeze, change in the technological growth and other factors. Most of these cannot be avoidable. Hence an organised approach is required for improving the efficiency of Material function. The essence of monitoring the efficiency of Materials Management lies in identification of key result areas, setting standards and constantly reviewing of the performance against standards. Again the standards set in are not static. A dynamic review of the standards is essential for constant improvement. The periodical returns from different levels will help constant touch with the upto date progress of works. There are tangible and intangible factors which will improve the overall efficiency of Materials function. In this book viz., “INVENTORY MATRIX”, the subjects such as stores manuals of Instructions, stock records, operations of forms and registers, periodical returns, key result areas and indices, corporative objectives of various divisions of Inventory wing, importance of stock files, procedure for the disposal of Old records and records management, duties and responsibilities of Inventory Manager are dealt with. Though these subjects are important, they are neglected in many stores set-ups. Inventory Matrix is the fountain head of Inventory Management and guides its functions to work safely, sensibly, effectively and meaningfully. Price Rs.100/-$5/£4 Terms : The cost of the books should in advance be sent by M.O./D.D drawn in favour of International Institute of Materials Management, Chennai 102 and payable at Chennai. The book will however be sent by Regd. Book Post. Write : INTERNATIONAL INSTITUTE OF MATERIALS MANAGEMENT IInd Avenue, Ist Steet, E-Block, No.2, ANNA NAGAR (EAST), CHENNAI 600 102. Phone No: 2619 2906; E-mail: thanu@eth.net