Inventory Management: Aligning Inventory with Production and Demand

  • 8 Videos | 29m 16s
  • Includes Assessment
  • Earns a Badge
  • Certification CPE
  • Certification PMI PDU
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One of the most common challenges for businesses is to know exactly how much inventory to keep. If production exceeds demand, a business will end up paying high storage costs; too little inventory, however, and it may not be able to meet consumer demand. That’s why an operations strategy needs to find a way to strike the right balance. In this course, you’ll learn about different operations management techniques, including how to value inventories and calculate economic order quantities and reorder points. You’ll explore common ordering and holding costs. And you'll discover popular inventory management tools, including ABC analysis, MRP, ERP, and JIT management.

WHAT YOU WILL LEARN

  • match types of inventory with their descriptions
    identify key characteristics and challenges of inventory management in service organizations
    match inventory valuation methods with their descriptions
    classify examples of inventory costs as being procurement, holding, or stock-out costs
  • recognise the formula for calculating the economic order quantity
    recognise the formula for calculating the reorder point
    identify key characteristics of ABC analysis, MRP, ERP, and JIT

IN THIS COURSE

  • Playable
    1. 
    Inventory Management: Aligning Inventory with Production and Demand
    42s
    UP NEXT
  • Playable
    2. 
    Inventory Types
    3m 5s
  • Locked
    3. 
    Inventory Management in Service Organizations
    2m 49s
  • Locked
    4. 
    Methods for Valuing Inventory
    2m 54s
  • Locked
    5. 
    Types of Inventory Costs
    2m 59s
  • Locked
    6. 
    Calculating Economic Order Quantity
    2m 53s
  • Locked
    7. 
    Determining Reorder Points
    3m 6s
  • Locked
    8. 
    Popular Inventory Management Tools
    3m 19s

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