Loading

Applied Operations Management - Inventory Models - Revised

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

Management and Administration
Free Course
Inventory models help businesses determine order quantities that minimize total inventory holding costs and ordering costs. They also help determine the frequency of ordering to keep goods or services flowing to the customer without interruption or delay. This Inventory Management - Using Inventory Models online course (the fourth in the Applied Operations Management series of courses) will get you to speed with inventory models quickly.
  • Duration

    3-4 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Responsive

    Yes
  • Publisher

    NPTEL

Description

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.

Start Course Now

Learning Outcomes

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.

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certification for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.

Careers

    Notification

    You have received a new notification

    Click here to view them all