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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.

Learning Objectives
  • 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
  • Recognize the formula for calculating the economic order quantity
  • Recognize the formula for calculating the reorder point
  • Identify key characteristics of ABC analysis, MRP, ERP, and JIT
  • Recognize inventory management concepts and characteristics, calculate an economic order quantity and reorder point, and identify characteristics of common inventory management tools
  • Audience

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