Udemy
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
Development
Web Development Data Science Mobile Development Programming Languages Game Development Database Design & Development Software Testing Software Engineering Software Development Tools No-Code Development
Business
Entrepreneurship Communication Management Sales Business Strategy Operations Project Management Business Law Business Analytics & Intelligence Human Resources Industry E-Commerce Media Real Estate Other Business
Finance & Accounting
Accounting & Bookkeeping Compliance Cryptocurrency & Blockchain Economics Finance Finance Cert & Exam Prep Financial Modeling & Analysis Investing & Trading Money Management Tools Taxes Other Finance & Accounting
IT & Software
IT Certifications Network & Security Hardware Operating Systems & Servers Other IT & Software
Office Productivity
Microsoft Apple Google SAP Oracle Other Office Productivity
Personal Development
Personal Transformation Personal Productivity Leadership Career Development Parenting & Relationships Happiness Esoteric Practices Religion & Spirituality Personal Brand Building Creativity Influence Self Esteem & Confidence Stress Management Memory & Study Skills Motivation Other Personal Development
Design
Web Design Graphic Design & Illustration Design Tools User Experience Design Game Design 3D & Animation Fashion Design Architectural Design Interior Design Other Design
Marketing
Digital Marketing Search Engine Optimization Social Media Marketing Branding Marketing Fundamentals Marketing Analytics & Automation Public Relations Paid Advertising Video & Mobile Marketing Content Marketing Growth Hacking Affiliate Marketing Product Marketing Other Marketing
Lifestyle
Arts & Crafts Beauty & Makeup Esoteric Practices Food & Beverage Gaming Home Improvement & Gardening Pet Care & Training Travel Other Lifestyle
Photography & Video
Digital Photography Photography Portrait Photography Photography Tools Commercial Photography Video Design Other Photography & Video
Health & Fitness
Fitness General Health Sports Nutrition & Diet Yoga Mental Health Martial Arts & Self Defense Safety & First Aid Dance Meditation Other Health & Fitness
Music
Instruments Music Production Music Fundamentals Vocal Music Techniques Music Software Other Music
Teaching & Academics
Engineering Humanities Math Science Online Education Social Science Language Learning Teacher Training Test Prep Other Teaching & Academics
Web Development JavaScript React Angular CSS Node.Js Typescript HTML5 PHP
AWS Certification Microsoft Certification AWS Certified Solutions Architect - Associate AWS Certified Cloud Practitioner CompTIA A+ Amazon AWS Cisco CCNA CompTIA Security+ Microsoft AZ-900
Microsoft Power BI SQL Tableau Data Modeling Business Analysis Data Analysis Data Warehouse Business Intelligence Blockchain
Unity Unreal Engine Game Development Fundamentals C# 3D Game Development C++ Unreal Engine Blueprints 2D Game Development Mobile Game Development
Google Flutter iOS Development Android Development Swift React Native Dart (programming language) Kotlin SwiftUI Mobile App Development
Graphic Design Photoshop Adobe Illustrator Drawing Canva Digital Painting InDesign Design Theory Procreate Digital Illustration App
Life Coach Training Neuro-Linguistic Programming Personal Development Personal Transformation Life Purpose Mindfulness Sound Therapy Emotional Intelligence Coaching
Business Fundamentals Entrepreneurship Fundamentals Freelancing Business Strategy Online Business Startup Business Plan Blogging Amazon Kindle Direct Publishing (KDP)
Digital Marketing Social Media Marketing Marketing Strategy Internet Marketing Copywriting Email Marketing Google Analytics Startup Advertising Strategy

BusinessBusiness Analytics & IntelligenceInventory Control

Inventory Optimization

Quantitative Approach towards Inventory Management
Rating: 3.6 out of 53.6 (74 ratings)
376 students
Created by Girijesh Pathak
Last updated 2/2021
English

What you'll learn

  • Deciding about economic order quantity that minimizes the overall cost.
  • Deciding about safety stock to handle uncertainties.
  • Deciding about economic lot size in batch production system.
  • Optimization under some special situations related to inventory control.
  • Deciding under mutually conflicting objectives.
  • Street smart approach in decision making.

Requirements

  • None. Basic understanding of differential calculus can be advantageous

Description

In quantitative inventory management, values and behavior of various variables like demand, costs etc. are estimated based on data and mathematical modelling techniques. There is always some doubt in the mind of managers about the accuracy of estimated values. This course provides intuitive solution to these aspects by deriving some thumb rules to understand whether a decision moves the system towards optimal or away from it.

This course discusses about costs in inventory management, optimization of costs, does some post optimal analysis and derives some street smart approach to take optimization decisions without getting into much mathematical calculations.

The focus is mainly on single item deterministic model with constant demand and lead time. Then, it builds other important concepts for inventory management and improvises to deal with uncertainty in demand.

This course doesn't discuss about any logistics or materials management software tool. Tool specific learning makes one understand the features of a software tool instead of understanding the core concept of inventory management. Features of the tool keep changing from tool to tool making the acquired knowledge very specific to the tool. A student with proper understanding of concept can easily related the features of the tool with these concepts and can use them smartly. So, join and enjoy the concepts.

Who this course is for:

  • Students of Production and Operations Management.
  • People Aspiring for Jobs Needing Operations Research Knowledge.
  • Practicing Production Managers.
  • Someone Interested in Optimization Techniques.
  • Finance Students

Instructor

Girijesh Pathak
Experienced Faculty, Tech Head and Operations Head
Girijesh Pathak
  • 4.0 Instructor Rating
  • 614 Reviews
  • 2,293 Students
  • 5 Courses

I am a graduate from Indian Institute of Technology, Kharagpur and a Ph. D. from Jharkhand Rai University, Ranchi, India. I enjoy teaching Operations Research and Applied Mathematics to students at different levels. My main engagement is with Insurance professionals who need to apply data science and related concepts extensively in their area of work. 

These subjects can be learnt best when done in intuitive way. I prefer to focus on logic and try to get to the nuances of mathematical concepts. 

Top companies choose Udemy Business to build in-demand career skills.
NasdaqVolkswagenBoxNetAppEventbrite
  • Udemy Business
  • Teach on Udemy
  • Get the app
  • About us
  • Contact us
  • Careers
  • Blog
  • Help and Support
  • Affiliate
  • Investors
  • Terms
  • Privacy policy
  • Sitemap
  • Accessibility statement
Udemy
© 2022 Udemy, Inc.