About This Course
This course provides a comprehensive overview of inventory management and supply chain principles essential for efficient and effective business operations. Students will explore the fundamental concepts, strategies, and techniques used in managing inventory and optimizing supply chain processes within various organizational settings. The course begins with an examination of the role of inventory within the broader context of supply chain management, emphasizing its impact on customer satisfaction, operational efficiency, and financial performance. Students will delve into inventory classification systems, forecasting methods, and demand planning techniques to develop strategies for inventory control and optimization.
Learning Objectives
Describe the objectives and functions of inventory and supply chain management (stock control, purchasing, stores and physical distribution) and explain how they relate to each other
Categorize stock items based on the ABC classification model
Calculate future demand for different stock items
Identify Reorder Points (ROP), Economic Order Quantity (EOQ) and Safety Stocks (SS) for different stock items
Apply the basic purchasing processes and use Incoterms appropriately
Identify best practices in warehouses to maintain accurate inventory records
List the various transportation functions and costs
Target Audience
- Managers
Curriculum
16h
Definition of inventory and supply chain management
Inventory planning and stock control
Forecasting and planning in materials management
Materials planning and control
The purchasing function
The warehousing function
The transport function
Free
