Physical Inventory Taking Using Inventory Records and Direct on-the-Spot Monitoring.

Abstract

An integral part of any commercial activity is the periodic counting of assets. In some larger establishments (such as a complex of warehouses and arsenals) this is a major undertaking involving many man-hours of labor. It is customary to take such an inventory on an annual basis. This report provides an approach which employs a sampling design in which items are inspected on a rotating basis but also uses the time series of inventory records. The present procedure, therefore provides: (1) a quality control of the inventory records protecting the establishment from having to use inventory records that are seriously in error, and (2) a method of computing best estimates of complete inventories for items at any specified time with computable statistical errors of inventory estimation. As indicated above, the method is a combination of rotation sampling of items and the application of an autoregressive time series analysis applied to the inventory records. (Author)

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Document Details

Document Type
Technical Report
Publication Date
Apr 01, 1978
Accession Number
ADA065254

Entities

People

  • Herman Otto Hartley
  • William Michael Bowen

Organizations

  • Texas A&M University

Tags

Communities of Interest

  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Abstracts
  • Intervals
  • Inventory
  • Inventory Control
  • Mathematical Programming
  • Military Research
  • Monitoring
  • Quality Control
  • Sampling
  • Security
  • Standards
  • Stationary
  • Stationary Processes
  • Statistics
  • Time Intervals
  • Time Series Analysis

Readers

  • Approximation Theory.
  • Environmental Remediation and Restoration.
  • Logistics and Supply Chain Management.