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A Better Way to Measure the Inventory Turnover Ratio metric, a Key Performance Indicator for Businesses
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Manage episode 436907790 series 3194633
Content provided by SciPod. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by SciPod or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Inventory management is a key activity in many organizations. Its performance is often measured by the inventory turnover ratio metric, or ITR for short. This is a key performance indicator that managers are incentivised to improve. However, improper measurement of the ITR metric can cause problems in terms of reliability, comparison, and bias. Professor Benjamin Melamed of Rutgers University has proposed novel formulations of Little’s Law. The traditional Little’s Law is used an as approximation of real-life measurement, whereas Melamed’s versions are exact and robust.
…
continue reading
427 episodes
MP3•Episode home
Manage episode 436907790 series 3194633
Content provided by SciPod. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by SciPod or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Inventory management is a key activity in many organizations. Its performance is often measured by the inventory turnover ratio metric, or ITR for short. This is a key performance indicator that managers are incentivised to improve. However, improper measurement of the ITR metric can cause problems in terms of reliability, comparison, and bias. Professor Benjamin Melamed of Rutgers University has proposed novel formulations of Little’s Law. The traditional Little’s Law is used an as approximation of real-life measurement, whereas Melamed’s versions are exact and robust.
…
continue reading
427 episodes
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