Inventory Management - Using Inventory Models
Do you know exactly when and how to place the best inventory orders? Gain professional inventory management skills today
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CertificationView course modules
The course begins by introducing you to the basics of inventory management. This will include a run through of fundamental inventory management concepts such as deterministic demand and probabilistic demand. You will then be guided through the most important types of costs, such as cost of item, order cost, and holding or carrying cost. The course will then show you how to use these inventory management principles and tools in practice to maximise the efficiency of your procurement procedures.
You will then be introduced to the three most effective inventory models in use today. These models help determine how much inventory should be brought in to restock your products or parts. First, the course will give you a clear, step-by-step run through of the single period inventory model, then the multi-period inventory model, and finally the economic order quantity (EOQ) model. These models will be explained in detail using worked examples, so you can get both a theoretical and a practical overview of inventory management tasks.
By the end of the course, you will have a strong understanding of inventory management skills and will be much more able to handle procurement tasks professionally. These are core skills for anyone in or wanting to enter an operations management career path, or for anyone who is in charge of a business inventory. This course will teach you these techniques in a clear and simple manner, making it as easy as possible for you to grow your career and become a true professional. So get started, and in less than 4 hours you’ll have received a great career boost.Start Course Now
Module 1: Introduction to Inventory Models
Introduction to Inventory Models - Part 1
Introduction to Inventory Models - Part 2
Introduction to Inventory Models - Part 3
Module 2: Understanding EOQ Model
Inventory Models - Part 1
Inventory Models - Part 2
Inventory Models - Part 3
Inventory Models - Part 4
Inventory Models - Part 5
Module 3: Inventory Management - Using Inventory Models Assessment
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 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 an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:
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Inventory management is the process of ordering, storing, and utilizing a company's inventory such as raw materials, components, and finished products. It is an effective method of supervising non-capitalized assets or inventory and stock items. With Alison's free online inventory management courses, you will learn how to efficiently supervise the flow of goods from manufacturer to warehouse and on to point of sale.
The best free online inventory management course available on Alison is Applied Operations Management - Inventory Models - Revised.
Each of the online inventory management courses on Alison are free, as are all of Alison's online courses. Alison's learners do not have to pay anything to take these courses unless they want a digital or physical copy of the course certificate.