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
Only an appetite to improve yourself and enhance your business
A desire to master this fundamental area of Supply Chain Management; from total beginner to a competent professional.
Ready to take control of improving your business operations with the right principles and tools
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!
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
- 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!