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Inventory Analytics – Learning Outcomes

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By the end of this module, you will be able to:

Define what inventory is in the context of a supply chain
Identify the types and models of inventory
Recognize the need for inventory management in supply chain
Distinguish between the different terminologies used in inventory management
Explain the various assumptions of the economic order quantity model
Discuss the process of dealing with planned shortages with backorders
Outline how the inventory model for lost sales helps in maximizing the net revenue
Explain the process of determining the inventory level for multiple items based on the total inventory value
Describe how inventory modelling helps to overcome the constraints on space