Inventory Management and Economic Order Quantity

Analyse inventory management and learn about the economic order quantity

On this two-week course, you’ll learn key inventory concepts including their classification, costs, and benefits.

You’ll also learn about the ABC analysis and how this crucial technique can help in your inventory management.

Explore the Economic Order Quantity and the bullwhip effect

Understanding the concept of the Economic Order Quantity (EOQ) method will help you minimise inventory costs such as order costs and holding costs.

You’ll be introduced to the EOQ concept as well as the bullwhip effect. You’ll analyse the drivers and results of these concepts and learn how the bullwhip effect can help you reduce the impacts it can cause throughout your supply chain.

Identify the challenges of Vendor Managed Inventory and Efficient Consumer Response

You’ll also explore Vendor Managed Inventory (VMI) and the Efficient Consumer Response (ECR).

You’ll explore the challenges of using them in-depth and learn how to develop a customer-orientated approach to your supply chain.

By the end of the course, you’ll be confident in inventory management techniques and how to apply them to your supply chain to deliver the best outcomes.

This course is designed for practitioners looking to develop their understanding of international logistics and its concepts.

This course from Coventry University is part of the International Logistics ExpertTrack, exploring the importance of international logistics from a strategic perspective.

• Inventory management
• Welcome to Short Course 3
• Introduction to inventory
• Principles of inventory management
• A summary of the week
• Economic Ordering
• Welcome back
• Economic Order Quantity
• Review systems and the Bullwhip Effect
• VMI and ECR
• Test your understanding
• Summary of the week