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Inventory Management - overview

Making goods available when they are needed

The overall objective of an inventory is to ensure that goods are available when they are needed. Good inventory management is essential since it is responsible for planning and controlling inventory at the lowest costs of decided service level.

This course explains and discusses the connection between managing demands for products to manufacturing and the market place.

Objectives: The purpose of the course is to provide insights into inventory management and the balancing of tied up capital in inventory against the risks and costs for stock-outs.

Level: Supplementary, you should have worked in the area for some time.

Training Method: Inventory Management - overview is a Module course and is studied over the internet via our e-learning platform Instant education. Read more about the training method here.

Course Length:Approximately 5 hours active study time.

Price: 70 EURO / student
78 USD / student

Prices excluding VAT.
For large-scale education projects request quotation.

Online price:

55 EURO / student
61 USD / student

Prices excluding VAT.

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Course contents:

Reasons for Keeping Inventory
The primary reason for keeping inventory is related to delivery time. A finished product is always easier to sell.

Objectives of Inventory Management
The objectives a company should have if it wants to maximize profit.

Capital Tied up in Inventory
A basic premise for material control is that tied-up capital should be kept at a low level.

Inventory Turnover Rate
Inventory turnover rate is a measure of how quickly the inventory is renewed.

Controlling Materials Flow in Inventory
Managing inventory to match supply and demand.

Lot Sizing and Economic Order Quantities
Regulations for how to calculate batch sizes.

Order Point Systems
The definition of an order point system and how to use it.

Periodic Ordering Systems
Explanation of the implication and function of a periodic ordering system.

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