The bar is set high for inventory control professionals-and well-ordered stock rooms and records are just the beginning.

Beyond core tasks such as locating items, you've got to project future business needs, hold down costs, and fix supply chain problems. You need strategic and financial knowledge, and the skills to manage many moving parts.

Essentials of Inventory Management is the answer book that practitioners and students rely on. It breaks down the job into easy concepts and concrete steps. Examples, charts, review questions, formulas, and clear explanations help you track inventory costs; read balance sheets; calculate gross profit; set up a locator system; weigh pros and cons of bar codes and RFID; factor in replenishment costs; decide when to get rid of dead stock; pinpoint system dysfunctions; mitigate risks in the supply chain; and much more.

New chapters in the third edition explain how to purchase inventory, pick the best location for a distribution center, and establish safety precautions for handling inventory.