Inventory Management A-Z: Supply Chain & Business Operations

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