Principles of Inventory Management

    This course provides participants with an operational knowledge and understanding of inventory management principles and techniques. Among the topics presented are inventory management fundamentals, ordering procedures, replenishment policies, purchasing management, Just-in-Time and lean methodologies, and inventory performance measurement. Basic methods of planning and controlling inventory in manufacturing, institutional, distribution, and retail environments are covered. The questions of what to stock are addressed through an examination of current and evolving technologies of inventory management.

    Objective

    The objectives of the course are to provide participants with a fundamental understanding of inventory management principles and techniques. Included will be an examination of inventory control roles and responsibilities and their impact on a business.

    Sessions

    • Operation Management Foundations
    • Fundamentals of Inventory Management
    • Purpose and Function of Inventory
    • Inventory Replenishment Management
    • Advanced Inventory Management Techniques and Inventory Performance
    • Midterm Exam
    • Lean Inventory Concepts and Practice
    • Fundamentals of Purchasing
    • Sourcing Strategies
    • Purchase Order Management and Performance Measurement
    • Final Exam