Supply Chain Inventory Management

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).