Ensuring inventory always aligns with real production needs and customer demands is no simple feat. However, getting this right can dramatically reduce costs and enable a company to meet customer demand quickly, efficiently, and ahead of its competitors. Operations managers can play a vital role in managing inventory. This course introduces key inventory management concepts and strategies, for use in both manufacturing and service organizations. It describes methods for valuing inventories, as well as common costs associated with ordering and holding inventories, including stock-out and other opportunity costs. It also walks learners through the process of calculating economic order quantities and reorder points for inventory, and provides an overview of some popular inventory management tools, including ABC analysis, material requirements planning (MRP), enterprise resource planning (ERP), and just-in-time (JIT) management.
Anyone working in operations management or another functional area, who is looking to gain a working understanding of the operations functions in a service or manufacturing organization