Operations Management: Inventory Management
What you'll learn
- Match types of inventory with their description.
- Identify key characteristics and challenges of inventory management in service organizations.
- Match inventory valuation methods with their descriptions.
- Classify examples of inventory costs as being procurement, holding, or stock-out costs.
- Calculate the economic order quantity and the reorder point in a given inventory management scenario.
- Identify key characteristics of ABC analysis, MRP, ERP, and JIT.
- This course has no special requirements or prerequisites
The course on Inventory Management is part of the Operations Management Training Program which includes a number of eight sections also presented as individual courses for your convenience.
All companies need to acquire and maintain inventory to produce their goods or to provide their services. These supplies enable the company to function. Inventory can be made up of raw materials, work in progress, and finished goods. Inventory levels have to be managed carefully. A company must always have the right levels of inventory at the right time.
If a company has too much inventory, it ends up paying extra storage costs. But if the company has too little inventory, it may not be able to meet customer orders. Finding the balance between meeting customer demand and minimizing costs is crucial.
Monitoring and managing inventory are major concerns for operations management. Inventory managers must know how much their supplies are worth. And they need to know how much it costs them to buy and store those supplies.
Inventory managers also need to work out how much inventory to order to meet customer demand. And they have to know when it's time to order new supplies. Inventory management tools enable inventory managers to ensure they maintain optimal levels of inventory.
Inventory management is a very complex skill. Different companies use different inventory management strategies. This course aims to introduce some basic inventory management strategies. Companies can then apply these basic skills to meet their own inventory requirements.
That’s it! Now go ahead and push that “Take this course” button, and see you on the inside!
Who this course is for:
- Anyone working in operations management or another functional area, who is looking to gain a working understanding of the operations functions in a service or manufacturing organization
Sorin Dumitrascu is a man with many talents and a passion for helping others grow and develop. He has been involved in the development and delivery of courses on management, computer literacy, human resources, career development, and more for over 15 years.
Sorin is also a certified trainer and project manager, with a master's degree in International Relations and Policy Making as well as a bachelor's degree in Law and Public Administration. He has coordinated projects in the areas of rule of law, regional development, and human resources for over a decade.
Sorin has an extensive background in civil service, private sector and NGO work. He has more than 15 years of managerial experience in justice, corrections, internal affairs, training, project management and consultancy within the private sector and NGO.
Additionally, he is certified as an ICDL tester and trainer for United Nations Peacekeeping Missions and holds a professional degree in public management.