Abstract:
This research was spawned by the questions and answers from the 33rd
report of the committee of Public Accounts session 1983-84. The Key
to the ensuing arguments about the report hinged on 3 words "Best
Commercial Practice". In order to deduce a baseline the present systems
of public and private concerns were investigated to find out what is
actually being done. The thesis research examined what is actually
happening today and in certain instances where companies have been
prepared to speculate (and be open) what they believe they will be
doing in the future. A review of the American and Germany Army systems
has been included to ensure that the question 'best practice' could be
examined between other systems having identical constraints^ The research
includes both new and old literature by both academics and practitioners
of the science of inventory.
The hypothesis is that inventory is regarded in the singular whereas for
all large concerns it should be considered in the plural, how the plural
should be defined, what and how these sub inventories are and how they
should be identified. The hypothesis whilst proven has the caveat that
it only relates to inventories which are subject to similar structures
and constraints.
The effect of implementing the hypothesis in a working environment,
possible areas for future work and research, largely due to the embryonic
technical breakthroughs in information technology are examined briefly.
The recommendations and conclusions represent an alternative approach to
inventory control and forecasting not previously covered by either
theoretical or practical work.
