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Inventory Management Basics: MBA beginners course to your optimize your Purchasing, Logistics, EOQ and Safety Stock
What you'll learn:- Become the Inventory Guru in your team! Master this essential area of Supply Chain Management
- Gain a total overview of Inventory Management for your Manufacturing or Service business
- Little's Law - calculate required inventory using Little's Law
- Economic Order Quantity - formula to calculate how much to order
- Price Break Model - advanced EOQ when prices vary with order quantity
- Inventory Dynamics - how to study inventory levels over time to make better decisions
- ABC Analysis - classify and group your inventory to prioritise attention
- Performance Metrics - use the essential KPIs to keep your "finger on the pulse"
- Safety Stock level calculations - simple method and using statistics modelling step by step
- Increase profitability, improve delivery and use your resources more efficiently
- Boost your career: increase your confidence to see and lead change , impress your own boss and become a better manager
This MBA style course prepares and empowers you to make a REAL difference. Turbo-charge your career, and your business performance, to the highest levels.
This course is for the new or aspiring operations manager, the ambitious procurement professionals, the striving logistics supervisors, hands-on production planners and the practical business optimization analysts.
Take control of your inventory management to have and "impact" and "improve" your business operations - manufacturing, services, industrial operations and production.
Equip yourself to take a new leading role in your workplace - improving your processes, systems, business / organization.
Understand the fundamentals, then details of the essentials of inventory management, the core business trade-offs, essential analysis, calculations and basic optimisation methods.
Become the Inventory Supply Chain authority in your team on improving the operations systems in your business
Specific Techniques and Calculation Methods taught:
Little's Law : Calculate your mathematical minimum WIP for your process
Economic Order Quantity (EOQ) : Master this most common formula to minimise your total costs
Price Break Model: An advanced EOQ method which lets us consider price discounts with order size
ABC Analysis: Classify and group your inventory to prioritise attention
Performance Metrics: Detailed explanation of the top 8 most important and useful inventory KPIs
Safety Stock Levels: Calculate and cover your risk with basic and an advanced version using statistics modelling step by step in excel
Business operations come in all shapes and sizes with a host of unique challenges; but good inventory management is essential to them all. Whether you work in retail, manufacturing production, distribution and logistics or even service companies such as restaurants, hospitality or health and beauty; having the right stock available whilst minimising costs and risk is the fundamental balance that can determine your business's success. Getting a strong control and continuously improving your business operations is essential to remain competitive, improving profitability, improving customer experience and customer satisfaction, reducing costs and improving delivery.
Without a solid grasp of inventory, no operations manager, junior or senior, can competently or confidently look to improve their business, the processes, systems and teams that make it successful.
Take control of your career and equip yourself with a solid base in Inventory Management full of practical insights and tools that you can use right now to unlock the potential of your business processes!
Course Sections:
1. Introduction to Inventory Management
2. What is inventory?
3. Why do we need inventory?
4. Costs of inventory
5. Measuring Performance
6. Part Classification
7. Inventory Dynamics
8. Economic Order Quantity
9. EOQ Advanced: Price Break Model
10. Order Timing and Inventory Control
11. Safety Stock Calculations
Course Extras
Downloadable Documents with summaries and exercises
Summary Test with 70 multiple choice questions to test and lock in your learnings
Take control! Boost your career and your business! Start learning today!
1. Introduction to Inventory Management
Welcome
Traveler's Dilemma
Motorbiking down Africa
Any Questions
What is Inventory Management
Why is Inventory Management important
Course Topics
2. What is inventory?
What is Inventory
Inventory though your business
Types of Inventory
3. Why do we need inventory?
Why do we "need" inventory?
Why else do we hold inventory?
Other "less good" reasons for inventory
Little's Law16. Little's Law: Example 2
4. Costs of inventory
Costs of Inventory
Financial View of Inventory
Operational Costs of Inventory
Scottish Whiskey
Costs of not enough inventory
Business Conflicts
Rock Boat Analogy
5. Measuring Performance
Measuring Performance - Introduction
What are Metrics
Business Perspective on Inventory Performance
Popular Inventory Metrics
Inventory Turns and Days on Hand
Turns Examples
Control Charts
Inventory Dollar Days and GMROI
Other Metrics
6. Part Classification
Part Classification - Introduction
ABC Analysis35. Runners, Repeaters & Strangers
Independent vs Dependent Demand
BOM & MRP
7. Inventory Dynamics
Basic Inventory Dynamics - Introduction
Inventory Dynamics 1
Inventory Dynamics 2
8. Economic Order Quantity
Order Quantity Decisions - Introduction
Economic Order Quantity
EOQ Examples
Sensitivity and Limitations of EOQ
Batch Sizes and WIP
Economic Batch Quantity (EBQ)
Order Quantity Decisions - Other Methods
9. EOQ Advanced: Price Break Model
Price Break Model & EOQ
Price Break Model - Example
Understanding the curve
Price Break Model - Exercise
10. Order Timing and Inventory Control
Order Timing Decisions - Introduction
When to order?
Continuous Review System
Tracking Inventory Levels
Passive Inventory Control - Pull
Inventory Position
Inventory Position - Exercise
11. Safety Stock Calculations
Safety Stock - Introduction
Why Safety Stock?
Calculating Safety Stock - Simple
Calculating Safety Stock - using Statistics
Normal Distributions and Standard Deviation
Choosing your service level
Calculating Safety Stock - Example
Calculating Safety Stock - Example 2
Safety Stock Summary
Take control! Boost your career and your business! Start learning today!
All the inventory you could possibly need! :)
See you on the inside!
Laurence
Overview
