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Inventory Management - Using Inventory Models

Do you know exactly when and how to place the best inventory orders? Gain professional inventory management skills today

Management and Administration
Free Course
Any business with an inventory must ensure they never order too many or too few materials, and that they never place an order too early or too late. Making these inventory management mistakes can result in running out of products, or overspending on holding and ordering costs, both of which are bad for business. This course will show you the best inventory models available, to ensure your goods and services flow to your customers without delay.
  • Duration

    3-4 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Publisher

    NPTEL

Description

Outcome

Certification

View course modules

Description

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.

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Learning Outcomes

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.

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.

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