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Inventory Management - Using Inventory Models

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  • Description
  • Outcome
  • Certification
  • The free online course Inventory Management - Using Inventory Models is the fourth in the Applied Operations Management series of courses. Inventory models help businesses answer the questions: How much material to order? When to order the material? They help firms determine the order quantity that minimizes the total inventory holding costs and ordering costs, as well as the frequency of ordering, to keep goods or services flowing to the customer without interruption or delay.

    The course begins by introducing the basics of inventory management and introduces concepts such as deterministic demand and probabilistic demand, type of costs such as cost of item, order cost, and holding or carrying cost. Several models are available to help determine how much inventory should be brought in to restock the products or parts, and you will be introduced to inventory models such as the single period inventory model, the multi-period inventory model and the economic order quantity (EOQ) model. These models are explained in detail using worked examples.

    This free course will be of great interest to professionals working in the area of inventory management, procurement and operations management and who would like to learn more about using inventory models. The course will also be of interest to learners who are interested in a career in procurement or operations management.

  • Having completed this course learners 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.

  • All Alison courses are free to study. To successfully complete a course you must score 80% or higher in each course assessments. Upon successful completion of a course, you can choose to make your achievement formal by purchasing an official Alison Diploma, Certificate or PDF.

    Having an official Alison document is a great way to share your success. Plus it’s:

    • Ideal for including in CVs, job applications and portfolios
    • An indication of your ability to learn and achieve high results
    • An incentive to continue to empower yourself through learning
    • A tangible way of supporting the Alison mission to empower people everywhere through education.

Modules List( 3 )
  • Module 1: Introduction to Inventory Models
    • Learning Outcomes
    • Introduction to Inventory Models - Part 1
    • Introduction to Inventory Models - Part 2
    • Introduction to Inventory Models - Part 3
    • Lesson Summary
  • Module 2: Understanding EOQ Model
    • Learning Outcomes
    • Inventory Models - Part 1
    • Inventory Models - Part 2
    • Inventory Models - Part 3
    • Inventory Models - Part 4
    • Inventory Models - Part 5
    • Lesson Summary
  • Module 3: Inventory Management - Using Inventory Models Assessment
    • Operations Management - Inventory Models Assessment
Topics List ( 1 )
Module 3: Inventory Management - Using Inventory Models Assessment
You must score 80% or more to pass this assessment.
Course Features
  • Duration

    3-4 Hours

  • Publisher


  • Video


  • Audio


  • Assessment


  • Certification


  • Price


  • Reward

    50 Pts

  • Responsive


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