Get started on your knowledge of inventory management!
This 14-hour (7 sessions x 2 hours), private course explains the dynamics of inventory management’s principles, concepts, and techniques as they relate to the entire supply chain, including customer demand, distribution, and product transformation processes. The inter-relationships of all functions are examined. Emphasis is placed on the ramifications of inventory management. The methods and techniques for reducing the cost of holding goods while providing an efficient and effective service to their customers are covered.
The aim of this course is to let students understand how to use basic concepts, strategies and techniques to analyze a variety of inventory systems and make optimal decisions for the improvement of these systems. In addition, the course emphasizes the practical implementation of the strategies and techniques that are taught in this course.
On completion of this course, students will be able to:
- Comprehend the dynamics of inventory management’s principles, concepts, and techniques as they relate to the entire supply chain (customer demand, distribution, and product transformation processes)
- Understand the methods used by organizations to obtain the right quantities of stock or inventory
- Familiarize themselves with inventory management practices
Course Outline:
- Review and overview of the basic concepts
- What is Inventory Management
- Independent and dependent demands
- Deterministic and stochastic demands
- Different inventory systems Inventory costs
- Service level and safety stock
- Inventory policy, order quantity and reorder point
- One Item Inventory Models
- Deterministic demand model
- Stochastic demand model
- Newsvendor model, its optimal solution and approximations
- Multi-Item Inventory
- Model-independent and dependent demands
- ABC Analysis
- The joint replenishment inventory problem
- Series, assembly, tree and general production network systems
- Optimal solution, heuristics and approximation
- Bill of material and material requirements planning (MRP)
- Supply chain management
- Material management organization
- Centralized and decentralized management
Materials:
All materials will be provided
Validity Period:
All sessions are valid for 75 days upon booking
Age Requirements:
18 and older
Additional Info:
- A participation certificate will be provided after completion of sessions
- This class can also be studied online. Contact our toll-free number at 800 3337 for more information
Location:
At Your Premise
Anywhere in
Sharjah
