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Applied Operations Management - Inventory Models

Learn more about inventory management and inventory models with this free online management and administration course.

Publisher: NPTEL
This free online Applied Operations Management course from Alison will give you a better insight into inventory models. You will learn how these models help determine order quantities that minimize total inventory holding costs and ordering costs. This course will also discuss how they help determine the frequency of ordering to keep goods flowing to the customer without interruption. Enrol now and learn more about this useful business tool!
Applied Operations Management - Inventory Models
  • Duration

    3-4 Hours
  • Students

    12,162
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

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.

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