This course provides the knowledge for effective inventory management that meets organizational objectives and customer requirements at the same time for effective supply chain management.
Develop an understanding of the balance required to effectively manage inventory and the key role of the supply chain practitioner in maintaining the right amount for a happy medium
Assess between excess inventory impacts on the organization and shortage impacts on the customer and relate to the controversy over the nature of inventory
Explore practices to eliminate the annual physical inventory through cycle counting
Assess the relationship of Lean/JIT (Just In Time) to inventory
Describe the benefits of the Economic Order Quantity (EOQ) and Economic Production Quantity (EPQ)
Distinguish between independent and dependent demand, and apply vendor-managed inventory (VMI) processes
About this course:
Managing inventory has been likened to a circus performer walking on a high wire 100 feet above the ground. The same balance is required to effectively manage inventory. If you increase it too much, you create excess inventory that upsets the organization, and if you decrease it too much, your customers will not be happy. As a supply chain practitioner, you can probably relate to this scenario. Managing inventory is all about maintaining a happy medium, and this course equips you with the knowledge to help achieve the right levels of inventory. Learn why there is such a controversy over the nature of inventory (if it's good or bad), discover how you can eliminate the annual physical inventory through cycle counting, discover why accurate computer inventory balances do not mean much without sound procedures and effective physical inventory control practice, and learn how to scientifically set safety stock. Other topics include the relationship of Lean/Just In Time (JIT) to inventory, the benefits of the economic order quantity (EOQ) and economic production quantity (EPQ), the difference between independent and dependent demand, and how to use vendor-managed inventory (VMI).
Prerequisites
MGMT X 445 Fundamentals of Supply Chain Management or consent of instructor.
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