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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

Originator: Doug Howardell

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