Loading
Free Online Courses, Classes and Tutorials

Inventory Management - Using Inventory Models

Management and Administration
Free Course

Learn more about inventory management and inventory models.

  • Duration

    3-4 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Publisher

    NPTEL
Description Outcome Certification View course modules

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 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 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

Learner testimonial for this course

--- ---

-- --

Learner Outcomes:
View All Testimonials
Notification

You have received a new notification

Click here to view them all