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Overview All organisations are, in one sense or another, involved in operations; an activity implying transformation or transfer. The major portion of the body of knowledge concerning operations relates to production in manufacturing industry but, increasingly, similar problems are to be found confronting managers in service industry. It is only in the last decade or so that new technology, involving, in particular, the computer, has encouraged an integrated view to be taken of the total business. This has led to greater recognition being given to the strategic potential of the operations function. In order to provide greater insight into operations a number of classifications have been proposed. One of these, which places operations into categories termed factory, job shop, mass service and professional service, is examined. The elements of operations management are introduced under the headings of product, plant, process, procedures and people.

Preface The functions of business divide into several areas and the general focus of this book is on one of the most important although least understood of these—DISTRIBUTION. The particular focus is on reviewing current practice in distribution costing and on attempting to push the frontiers back a little by suggesting some new approaches to overcome previously defined shortcomings.

Computerising inventory control procedures is usually an attempt to gain better control over stock availability. The effectiveness of the procedures depends on the time delays imparted by such events as order processing and delivery. Through these time delays, much of a finished goods physical distribution system is linked together through the inventory control procedures. Changing the length of any one time element through changes in inventory stocking rules, order processing methods or selected transportation services impacts on the economics of the entire physical distribution system. Little is understood about the effects of time change in such complex systems. In this article, the actual computer inventory control procedures of a chemical company were computer simulated. Physical distribution system design decisions and their associated time delay effects were explored by interrogating the model. Surprising effects were discovered, some of them being counter‐intuitive to what simple theory would predict. Management guidelines were provided as to the system‐wide economic consequences of change in individual elements of a physical distribution system.

Organisations either keep spares for their own use, or‐for‐sale to other organisations. In either case, the ultimate need is to be able to replace worn or defective parts in operational machinery or equipment. In an economic sense, spares are kept to meet the needs of the situation in the cheapest way.

The authors analyze the effects of controlling shareholders' stock pledging on firms' strategic change behavior, and investigate how the balance of power between shareholders and analyst coverage moderates those effects.

Employing fixed effects models, the authors test hypotheses based on Chinese listed company data from 2011 to 2017.

Controlling shareholders' stock pledges has a negative effect on strategic change. As the balance of power among shareholders and/or analyst coverage increases, it mitigates the effect of controlling shareholder stock pledges on strategic change. In particular, the balance of power between shareholders and analyst coverage weakened the relationship between controlling shareholder stock pledges and strategic change. Lastly, after distinguishing family from nonfamily firms, the authors discovered that these findings only held for family firms.

This study makes important contributions to strategic change, stock pledge and family firm literature, and also provides guidance on firms' strategic change practices.

Key components of the logistics mix are described in an effort to create an understanding of the total logistics concept. Chapters include an introduction to logistics; the strategic role of logistics, customer service levels, channel relationships, facilities location, transport, inventory management, materials handling, interface with production, purchasing and materials management, estimating demand, order processing, systems performance, leadership and team building, business resource management.

Inventory management is generally recognised to be of sufficient importance to warrant the appointment of a person to carry specific responsibility for it; possibly along with other areas of the distribution function. Preferably, inventory should be seen as one component of distribution, interacting as it does with all the elements contained therein. This monograph has not been written for the analyst but rather for the person responsible for taking inventory decisions. The aim is to present a general description of the main problem areas and to describe procedures by which the problems can be resolved. Given a broad appreciation a useful dialogue may then be set up with the analyst and more effective use made of the large quantity of data which is invariably available in the distribution field.

The paper aims to explore how the undue state control leads to the weak stock market in China. It analyzes how the undue state control is exerted in some key areas in the Chinese stock market. This paper intends to expand the existing literature in the relationships among law, politics, and economy.

This paper mainly adopts the exploratory method to analyze the undue state influences. Under some circumstances, comparative study and historical explanation are also adopted.

The paper suggests that to create a strong stock market and facilitate the development of the listed companies and the whole economy, the state should first release its control on the stock market.

Various fields are contained in a stock market, in most of which the undue state control can be observed. In this paper, only some key ones are explored. Further research on other fields and if possible more first‐hand data are necessary.

This paper not only offers an answer to concerns on the various misconducts in the inefficient Chinese stock market and helps to realize the possible ways out of such dilemma, but also it offers implications for other emerging economies.

The on‐going debate on the role of common‐law versus civil‐law system in the capital market may have ignored the state involvement. This paper indicates that it is the undue state control rather than the legal system that leads to the weak stock market in China.

Spare parts have become ubiquitous in modern societies and managing their requirements is an important and challenging task with tremendous cost implications for the organisations that are holding relevant inventories. An important operational issue involved in the management of spare parts is that of categorising the relevant stock keeping units (SKUs) in order to facilitate decision‐making with respect to forecasting and stock control and to enable managers to focus their attention on the most “important” SKUs. This issue has been overlooked in the academic literature although it constitutes a significant opportunity for increasing spare parts availability and/or reducing inventory costs. Moreover, and despite the huge literature developed since the 1970s on issues related to stock control for spare parts, very few studies actually consider empirical solution implementation and with few exceptions, case studies are lacking. Such a case study is described in this paper, the purpose of which is to offer insight into relevant business practices.

The issue of demand categorisation (including forecasting and stock control) for spare parts management is addressed and details reported of a project undertaken by an international business machine manufacturer for the purpose of improving its European spare parts logistics operations. The paper describes the actual intervention within the organisation in question, as well as the empirical benefits and the lessons learned from such a project.

This paper demonstrates the considerable scope that exists for improving relevant real word practices. It shows that simple well‐informed solutions result in substantial organisational savings.

This paper provides insight into the empirical utilisation of demand categorisation theory for forecasting and stock control and provides some very much needed empirical evidence on pertinent issues. In that respect, it should be of interest to both academics and practitioners.

The purpose of this study is to identify weaknesses in the internal control of the stock management processes and provide recommendations to improve those weaknesses. The study also analyses whether the current stock management processes are adequately documented and updated regularly.

One company involved in the automotive industry was selected as a case study and its stock management examined, focusing on the processes involved and the reliability of the current inventory system. Data were collected via interviews with the selected staff and document analysis on various financial and non-financial company records.

The results show that there are loopholes and weaknesses in the current stock management system. This is because of poor technology and a lack of exposure and knowledge of staff involved in the stock management system.

As this research is based on one company as a study case, generalization must be done with precaution. Access to certain important documents was denied because of the confidentiality.

This study will help companies in the automotive sector to improve their stock management process, allowing for more efficient cost control and better services to customers. Specifically, this study identifies weaknesses in the current inventory management and provides recommendations to overcome those weaknesses. This will indirectly prevent fraud and theft and safeguard the cash flow of the company by improving the operation of the procurement and spare parts stock control department.

This study is original, as it focuses on a company that operates in the automotive sector, which is rare in the internal control literature, particularly in developing markets such as Malaysia. It contains examinations of various internal documents that are generally difficult to be accessed by researchers for the publication in an academic journal.