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Basic International Transport Law New course

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Introduction to Inventory Management

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Inventory Management

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Introduction to Inventory Management

Inventories decouple supply and demand

The overall objective of an inventory is to ensure that goods arrive in the desired quantity when they are needed.
Good inventory management is essential since it is responsible for planning and controlling inventory from the raw material stage at a company to the inventory of delivered finished goods.

This course explains and discusses the connection between managing demands for products to manufacturing and the market place.

Objectives: The purpose of the course is to provide you with insights into how to ensure that goods arrive in the desired quantity when they are needed in production and market organization.

Participants: This course is for you, who need a basic introduction to the subject inventory management. It is for you, who work with these issues as an inventory operator, economist, logistics engineer, planner, purchaser, production technician or with quality and construction.

Qualifications: No previous knowledge is required, but it is preferable if you have some work experience.

Training Method: Introduction to Inventory Management is a Premium course and is studied over the internet via our e-learning platform Instant education. Read more about the training method E-learning - Premium courses.

Course Length: Approximately 10 hours active study time, depending on previous knowledge. Each student has access to the course for 6 months.

Price: 261 Euro / student
290 USD / student

Prices excluding VAT.
For large-scale education projects request quotation.

Online price:

246 EURO / student
273 USD / student

Prices excluding VAT.

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Course contents:

Part 1

Structuring the Flow of Material

Two ways to structure the flow of material are manufacturing planning & control, and physical supply and distribution.

Material Requirements Planning

Material requirements planning is a system used to avoid situations where parts are missing.

Inventory Management

Good inventory management is essential for the company’s result and the customers’ satisfaction.

Functions of Inventories

Inventories can be classified according to the function they perform.

Objectives of Inventory Management

The objectives a company should have if it wants to maximize profit.

Production and Distribution Chain

There is a pattern of inventories functioning as buffers between links in the distribution chain.

Physical Distribution

Distribution adds place value and time value by placing goods in markets where they are available.

Part 2

Nature of Demand

There are two types of demand, independent and dependent.

Demand Management

Demand management is the function of recognizing and managing all demand for products.

Forecasting and Planning

Forecasting is a prelude to planning.

Demand Forecasting

Forecasts depend upon what is to be done.

Characteristics of Demand

There are some characteristics of demand that influence the forecast and the particular techniques used.

Characteristics of Forecasting

Forecasts have four major characteristics or principles.

Collection and Preparation of Data

Forecasts are usually based on historical data manipulated in some way.

Forecasting Techniques

There are many forecasting methods, but they can usually be classified into two general types of forecasting techniques.

Part 3

Inventory Records Information

A major input to the material requirements planning system is inventory records.

Order Quantities

Management must establish decision rules to answer how much and when should an order be placed.

Economic Order Quantity

One commonly used method of calculating the quantity to order.

Demand Ordering Systems

The important question is when to place a replacement order therefore some rules for reordering are need.

Order Point System

When the quantity of an item on hand in inventory falls to a predetermined level an order is placed.

Periodic Replenishment

The quantity on hand of a particular item is determined at specified, fixed-time intervals, and an order is placed.

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