Inventory Management: Aligning Inventory with Production and Demand

Everyone
  • 8 videos | 21m 46s
  • Includes Assessment
  • Earns a Badge
  • Certification CPE
  • Certification PMI PDU
Rating 4.5 of 805 users Rating 4.5 of 805 users (805)
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

  • 42s
  • 3m 5s
  • Locked
    3.  Inventory Management in Service Organizations
    2m 49s
    Discover how to identify key characteristics and challenges of inventory management in service organizations. FREE ACCESS
  • Locked
    4.  Methods for Valuing Inventory
    2m 54s
    In this video, you will learn how to match inventory valuation methods with their descriptions. FREE ACCESS
  • Locked
    5.  Types of Inventory Costs
    2m 59s
    During this video, you will learn how to classify examples of inventory costs as being procurement, holding, or stock-out costs. FREE ACCESS
  • Locked
    6.  Calculating Economic Order Quantity
    2m 53s
    In this video, find out how to recognize the formula for calculating the economic order quantity. FREE ACCESS
  • Locked
    7.  Determining Reorder Points
    3m 6s
    Learn how to recognize the formula for calculating the reorder point. FREE ACCESS
  • Locked
    8.  Popular Inventory Management Tools
    3m 19s
    In this video, you will learn how to identify key characteristics of ABC analysis, MRP, ERP, and JIT. FREE ACCESS

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