Applied Operations Management - Inventory Models - Revised
CertificationView course modules
This course will first introduce you to inventories and inventory models. You will study materials management and how to store the material for subsequent use. The course will then discuss the two important questions to ask when ordering materials, as well as talk about the classification of inventory models and the three classifications of demand. You will also look into costs, the components of order cost, and the components of backorder or cost of shortage.
The course will then discuss the Economic Order Quantity (EOQ) model. Here, you will learn how to minimize total inventory holding costs and ordering costs. You will study the EOQ model developed by Mr. Pankaj Mane, which includes backordering costs and multiple items. The course will show you how the EOQ model solves the "how much" and "when" aspects of ordering inventory and overviews core assumptions about inventories.
Inventory management is essential to any business that needs to prevent stockouts, manage multiple locations, and ensure accurate recordkeeping. The key to proper inventory control is having a strong understanding of your customers' demand for your products. By taking this free online Inventory Management course and learning the basics of inventory management and its concepts, you will be able to strike a balance between your organization's stocks and output. This is a powerful set of business knowledge.
Having completed this course you will be able to:
- Describe the basics of inventory management
- Describe different types of inventory models
- Calculate inventory levels using inventory models
- Use inventory models such as the Economic Order Quantity model.
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