PDM: Dinner meeting speaker for October 12, 2017
Topic: The Phantom Inventory Menace.
Despite the sophisticate inventory management systems available to today, retailers are still plagued by inventory inaccuracy. Specifically, this is a problem when a retailer, based on the inventory record, believes a product is available on-shelf but the product is, in fact, out of stock. We call this as phantom inventory and it has a wide-ranging negative impact on retail operations. The acute problem with phantom inventory is that it can result in lost sales. The chronic problem is that stock-outs due to phantom inventory are unobserved and, therefore, zero sales days are mistaken for zero demand days resulting in a biased demand estimate.
Our speaker, Daniel W. Steeneck, is an Assistant Professor of Supply Chain and Logistics in the Department of Operational Sciences at the Air Force Institute of Technology. His current research interests are in the use of analytical techniques to solve problems encountered in Supply Chain Management. Prior to joining AFIT, Dr. Steeneck was post-doctoral research associate at MIT’s Center for Transportation & Logistics. He completed his Ph.D. in Industrial and Systems Engineering at Virginia Tech. His dissertation, in the area of Reverse Supply Chain Management, won second place in the Council of Supply Chain Management Professional’s dissertation award competition. While at MIT, Dr. Steeneck’s research included topics in retail operations management and service supply chain inventory management. His writings have been published in the Wall Street Journal, The International Journal of Production Research, and the Journal of the Operational Research Society. Dr. Steeneck has also worked closely with organizations such as Procter and Gamble, OnProcess, Volvo North America, and the U.S. Navy.
The October 12th Professional Development Meeting (PDM) will be held at the Holiday Inn Dayton/Fairborn, 2800 Presidential Drive in Fairborn. Registration is at 5:30PM, dinner at 6:00, program begins between 6:45 and 7:00 and ends around 8:00 PM. The cost for this meeting will be $10, cash or check at the door – no credit cards can be accepted. The first 10 full time students that register and identify as such will attend for free.
Please register by noon Monday, September 11th via email to email@example.com, or if necessary, call (937) 477-9832.
As always, participation in monthly professional development meetings counts toward your continuing education credits needed for certification maintenance!