Inventory Management A-Z: Supply Chain & Business Operations

About Inventory Management A-Z: Supply Chain & Business Operations

This MBA style course prepares and empowers you to make a REAL difference. Turbo-charge your career, and your business performance, to the highest levels. This course is for the new or aspiring operations manager, the ambitious procurement professionals, the striving logistics supervisors, hands-on production planners and the practical business optimization analysts.

Take control of your inventory management to have and "impact" and "improve" your business operations - manufacturing, services, industrial operations and production.

Equip yourself to take a new leading role in your workplace - improving your processes, systems, business / organization.

Understand the fundamentals, then details of the essentials of inventory management, the core business trade-offs, essential analysis, calculations and basic optimisation methods.

Become the Inventory Supply Chain authority in your team on improving the operations systems in your business

Specific Techniques and Calculation Methods taught:

Little's Law : Calculate your mathematical minimum WIP for your process

Economic Order Quantity (EOQ) : Master this most common formula to minimise your total costs

Price Break Model: An advanced EOQ method which lets us consider price discounts with order size

ABC Analysis: Classify and group your inventory to prioritise attention

Performance Metrics: Detailed explanation of the top 8 most important and useful inventory KPIs

Safety Stock Levels: Calculate and cover your risk with basic and an advanced version using statistics modelling step by step in excel Business operations come in all shapes and sizes with a host of unique challenges; but good inventory management is essential to them all. Whether you work in retail, manufacturing production, distribution and logistics or even service companies such as restaurants, hospitality or health and beauty; having the right stock available whilst minimising costs and risk is the fundamental balance that can determine your business's success. Getting a strong control and continuously improving your business operations is essential to remain competitive, improving profitability, improving customer experience and customer satisfaction, reducing costs and improving delivery. Without a solid grasp of inventory, no operations manager, junior or senior, can competently or confidently look to improve their business, the processes, systems and teams that make it successful.

Take control of your career and equip yourself with a solid base in Inventory Management full of practical insights and tools that you can use right now to unlock the potential of your business processes!

Course Sections:

1. Introduction to Inventory Management 2. What is inventory? 3. Why do we need inventory? 4. Costs of inventory 5. Measuring Performance 6. Part Classification 7. Inventory Dynamics 8. Economic Order Quantity 9. EOQ Advanced: Price Break Model 10. Order Timing and Inventory Control 11. Safety Stock Calculations

Course Extras

Downloadable Documents with summaries and exercises

Summary Test with 70 multiple choice questions to test and lock in your learnings

_Take control! Boost your career and your business! Start learning today!_

1. Introduction to Inventory Management

Welcome Traveler's Dilemma Motorbiking down Africa Any Questions What is Inventory Management Why is Inventory Management important Course Topics

2. What is inventory?

What is Inventory Inventory though your business Types of Inventory

3. Why do we need inventory?

Why do we "need" inventory? Why else do we hold inventory? Other "less good" reasons for inventory Little's Law16. Little's Law: Example 2

4. Costs of inventory

Costs of Inventory Financial View of Inventory Operational Costs of Inventory Scottish Whiskey Costs of not enough inventory Business Conflicts Rock Boat Analogy

5. Measuring Performance

Measuring Performance - Introduction What are Metrics Business Perspective on Inventory Performance Popular Inventory Metrics Inventory Turns and Days on Hand Turns Examples Control Charts Inventory Dollar Days and GMROI Other Metrics

6. Part Classification

Part Classification - Introduction ABC Analysis35. Runners, Repeaters & Strangers Independent vs Dependent Demand BOM & MRP

7. Inventory Dynamics

Basic Inventory Dynamics - Introduction Inventory Dynamics 1 Inventory Dynamics 2

8. Economic Order Quantity

Order Quantity Decisions - Introduction Economic Order Quantity EOQ Examples Sensitivity and Limitations of EOQ Batch Sizes and WIP Economic Batch Quantity (EBQ) Order Quantity Decisions - Other Methods

9. EOQ Advanced: Price Break Model

Price Break Model & EOQ Price Break Model - Example Understanding the curve Price Break Model - Exercise

10. Order Timing and Inventory Control

Order Timing Decisions - Introduction When to order? Continuous Review System Tracking Inventory Levels Passive Inventory Control - Pull Inventory Position Inventory Position - Exercise

11. Safety Stock Calculations

Safety Stock - Introduction Why Safety Stock? Calculating Safety Stock - Simple Calculating Safety Stock - using Statistics Normal Distributions and Standard Deviation Choosing your service level Calculating Safety Stock - Example Calculating Safety Stock - Example 2 Safety Stock Summary

_Take control! Boost your career and your business! Start learning today!_

All the inventory you could possibly need! :) See you on the inside! Laurence