Inventory Management: Aligning Inventory with Production and Demand image

Inventory Management: Aligning Inventory with Production and Demand

Ensuring inventory always aligns with real production needs and customer demands is no simple feat. However, getting this right can dramatically reduce costs and enable a company to meet customer demand quickly, efficiently, and ahead of its competitors. This course introduces key inventory management concepts and strategies, for use in both manufacturing and service organizations.

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Folder lesson (30 mins)

Inventory Management: Aligning Inventory with Production and Demand

Ensuring inventory always aligns with real production needs and customer demands is no simple feat. However, getting this right can dramatically reduce costs and enable a company to meet customer demand quickly, efficiently, and ahead of its competitors. This course introduces key inventory management concepts and strategies, for use in both manufacturing and service organizations.

Popularity
5 stars rating 5 stars rating 5 stars rating 5 stars rating 5 stars rating 5 stars rating

Course Description

One of the most common challenges for businesses is to know exactly how much inventory to keep. If production exceeds demand, a business will end up paying high storage costs; too little inventory, however, and it may not be able to meet consumer demand. That’s why an operations strategy needs to find a way to strike the right balance. In this course, you’ll learn about different operations management techniques, including how to value inventories and calculate economic order quantities and reorder points. You’ll explore common ordering and holding costs. And you'll discover popular inventory management tools, including ABC analysis, MRP, ERP, and JIT management.