Abstract
The purchasing department’s task, as already defined, is to procure all the goods and services required by the organization. Generally, the purchase of items falls into three major categories: (1) capital equipment and services, (2) maintenance, repair, and operating supplies, and (3) materials and components used to produce a final product. Current thinking emphasizes pull systems, minimum lot sizes, and shorter lead-times as essential to better inventory management!
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Notes
This term is used to denote work-in-process inventory that acts as buffers between operations in a factory.
NAPM’s Purchasing Handbook, 2nd ed., pp. 29-42
A. F. Scott, J. H. Macomber, and L. A. Ettkin, “JIT & Job Satisfaction: Some Empirical Results.” Production and Inventory Management Journal, 1992, p. 56.
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© 1997 Springer Science+Business Media Dordrecht
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Pooler, V.H., Pooler, D.J. (1997). Purchasing’s Strategic Approach to Inventory Management. In: Purchasing and Supply Management. Chapman & Hall Materials Management/Logistics Series. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6027-2_9
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DOI: https://doi.org/10.1007/978-1-4615-6027-2_9
Publisher Name: Springer, Boston, MA
Print ISBN: 978-1-4613-7762-7
Online ISBN: 978-1-4615-6027-2
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