This essential guide provides the most thorough introduction to inventory management available--now thoroughly updated and expanded with timeless stock-keeping fundamentals for optimizing efficiency and driving profits. Inventory management is about more than counting what you've got. It's about understanding business realities and making decisions that balance current demand with future needs--while keeping overhead and operating costs to a minimum. This new edition of Essentials of Inventory Management gives inventory professionals the information they need to maximize productivity in key areas, from physical stock issues to problem identification and resolution to technologies like RFID and other automated inventory mechanisms. Perfect for novice and veteran managers alike, this ultra-practical book covers topics such as: Forecasting and replenishment strategies Differences between retail and manufacturing inventories Materials requirements planning and just-in-time inventory systems Simple formulas for calculating quantities and schedules Management of inventory as a physical reality and a monetary value Supply chain risk management Complete with detailed examples, handy tools, and a revised and expanded chapter analyzing "Why Inventory Systems Fail and How to Fix Them," this nontechnical yet thorough guide is perfect for both instructional and on-the-job use.