What you'll learn:
- Types of Inventory Management
- Economic order Quantity
- Demand and Lead time variation on safety stock
- Cost minimization technique
- Cost in Inventory Management
- EOQ with constraint of batch size and discount
- EOQ with backorder
- King's or normal distribution of Safety stock
- ABC Analysis and ABC-XYZ analysis
- Inventory turnover ratio
- Sales to stock ratio
As famously said by Warren Buffet 'Cash is King'.
Inventory mismanagement is the biggest reason behind low cash flow in a business.
This MBA-style course will turbo-charge your career and will make a REAL difference in your supply chain and retail business.
To run business operations every organization needs to optimize its Inventory management so that it can reduce cost and make use of all its resources.
You must learn the steps required to make Inventory management part of your supply chain integration and procurement process. Also, one of the biggest problems you will face in any organization is the lack of proper inventory planning and controlling the flow of materials.
Inventory Basics and Optimization
Grasp the fundamentals of Inventory Management.
Explore various types of Inventory Management systems.
Learn to determine the optimal stock levels.
Delve into Inventory Optimization techniques.
Understand the various costs involved in Inventory Management.
Gain insight into key Inventory Management terminologies.
Analyze the cost implications of inventory.
Safety Stock, Economic Order Quantity (EOQ), and Lead Time
Master different Safety Stock Techniques.
Learn to calculate Safety Stock and Reorder Points.
Understand the impact of service levels on safety stock.
Discover strategies to reduce Safety Stock.
Dive into Economic Order Quantity (EOQ) concepts.
Explore EOQ variations including backorder and reorder point considerations.
By the end of this course, you will be equipped with the knowledge to make informed decisions about inventory management, leading to improved operational efficiency, cost savings, and a better bottom line for your business. Whether you're a budding entrepreneur, a retail manager, or a supply chain professional, this course will empower you with the skills needed to manage inventory effectively.
