Updates and Extras

Corrections:

There is a typo in the definition of "Inventory Turns" on page 258 (and repeated in the glossary on page 317), the definition states:

"It is generally calculated by dividing either the average inventory investment during a period of time or the current inventory investment at a point in time, by the annual cost of goods sold (COGS)."

it should say:

"It is generally calculated by dividing either the average inventory investment during a period of time or the current inventory investment at a point in time, into the annual cost of goods sold (COGS)."

Yes, that one word makes a big difference. Whoops. Fortunately, the subsequent explanation and example (Figure 10C) of the calculation on pages 258 and 259 are correct.

Thanks to Warren G. for bringing this to my attention.

I am not aware of any other errors in the book. If you suspect you've encountered an error, please submit it through the Contact Form.

Get automatic updates:

If you would like to receive Automatic Notifications for corrections, updates, or extras, you can go set up an account at InventoryBooks.com (you don't need to place an order to set up an account.   Once you have set up your account, you just need to go to the product page for Inventory Management Explained and click the Notification button (on the right side of the page). 

Extras:

Help with formulas. Go to the Cut&Paste Formulas page where I have assembled many of the longer, more complicated formulas from the book.

Don't have Excel? Click the following link to see my Notes on using the Free Calc Spreadsheet Program. As another option, you can try using the online spreadsheet program in Google Docs. I only did minimal testing in Google Docs, but it looks like you should be able to do most of the examples there. 

I've put together an article on Excel's Forecast Function and posted it on my main site. It has some additional examples you may find helpful.