Inventory Management

Type:

Class Lectures, practical exercises, group discussion, performance feedback

Duration:

Number of sessions: 1

Length of Sessions: 4 hours

Total hours: 4

Target Audience:

The course is designed for employees from all organizations that have inventory to manage, profit or non-profit, public or private, service or manufacturing. The skills learned apply to middle managers, administrative personnel, and employees of manufacturing and service organizations.

Summary of Content:

Basics of planning and controlling inventory.

  • Importance of good inventory management
  • The nature and function of inventory
  • Objectives of inventory management
  • Costs relating to inventory
  • Measurements of the performance of inventory
  • Alternate methods of ordering inventory – Order Point, Min/Max, Two Bin
  • Attaining Inventory Accuracy

Objectives and Benefits:

At the end of this section the student should be able to:

  • Understand the role and importance if inventory
  • Discuss the objectives of inventory management
  • Calculate various costs associated with inventory
  • Understand the concept of inventory turns
  • Discuss basic lot sizing techniques
  • Explain the concept of order point
  • Explain inventory stratification and how its used in inventory management

If you’d like to learn more, please contact us.


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