Inventory Management Foundations

Inventory Management Foundations: The way an organisation handles its inventory can make or break the company. Having too little or too much merchandise on hand has a price. Steven Brown, the lecturer, provides you with the techniques and resources you need to properly manage your inventory in this course. Steven starts out by describing the various sorts of inventories and emphasising both the upfront fees and hidden expenses associated with inventory. He then delves into the topic of inventory management, outlining the benefits of keeping stock as well as best practises for handling production, finished goods, and service inventories. Additionally, he discusses control systems and provides tools and management techniques that can aid in the efficient analysis and administration of your inventory.

Learning Objective:

The learning objective for the online course “Inventory Management Foundations” is to provide learners with a comprehensive understanding of the principles, concepts, and practices involved in effective inventory management. By the end of the course, learners should be able to:

1. Understand the importance of inventory management: Learners should understand the critical role that inventory management plays in the success of a business. They should be able to articulate the impact that poor inventory management can have on a company’s financial health, customer satisfaction, and overall performance.
2. Identify key inventory management concepts: Learners should be able to identify and describe key concepts related to inventory management, including inventory types, inventory costs, inventory valuation methods, and inventory turnover.
3. Develop effective inventory management strategies: Learners should be able to apply the knowledge gained in the course to develop effective inventory management strategies for a range of businesses, including manufacturers, wholesalers, and retailers. They should be able to identify the appropriate inventory control methods, such as just-in-time, and understand the role of technology in inventory management.
4. Analyze inventory management performance: Learners should be able to analyze inventory management performance using a range of metrics, such as stock turnover rate, carrying cost of inventory, and stock-out rate. They should be able to identify areas for improvement and implement changes to improve inventory management performance.
5. Understand the impact of external factors on inventory management: Learners should understand the impact that external factors, such as market demand, supply chain disruptions, and economic conditions, can have on inventory management. They should be able to identify strategies for mitigating the impact of these factors on inventory management performance.

Overall, the course aims to equip learners with the knowledge and skills needed to manage inventory effectively, improve business performance, and meet customer needs.