This Inventory Management course introduces the essential concepts and models used to control and optimize inventory in supply chain systems. It is designed for beginners who want to understand how businesses manage stock efficiently while minimizing costs.
The course begins with an introduction to inventory management and the relevant costs associated with holding, ordering, and maintaining stock. You will learn how these costs impact business decisions and overall supply chain performance.
Next, the course explains ABC analysis, a method used to classify inventory items based on their importance and value. This helps organizations prioritize management efforts and focus on high-value items.
A key topic is the Economic Order Quantity (EOQ) model, which calculates the optimal order quantity that minimizes total inventory costs. You will understand how EOQ helps balance ordering frequency and storage costs.
The course also compares purchase and manufacturing inventory models, showing how companies decide whether to buy products or produce them internally based on cost and demand factors.
By the end of this course, you will have a strong understanding of core inventory management techniques and how they are applied to improve efficiency and reduce operational costs in supply chains.
