Learn to minimize costs, Improve efficiency using Inventory control technique like EOQ and Safety Stock
As famously said by warren buffet ‘Cash is King’.
What you’ll learn
- Types of Inventory Management.
- Economic order Quantity.
- Demand and Lead time variation on safety stock.
- Cost minimization technique.
- Cost in Inventory Management.
- EOQ with constraint of batch size and discount.
- EOQ with backorder.
- King’s or normal distribution of Safety stock.
- ABC Analysis and ABC-XYZ analysis.
- Inventory turnover ratio.
- Sales to stock ratio.
Course Content
- Introduction to inventory –> 4 lectures • 19min.
- Inventory Optimization –> 5 lectures • 25min.
- Safety Stock , Economic order quantity and Lead time –> 16 lectures • 1hr 9min.
- Introduction to Statistics –> 4 lectures • 18min.
- Techniques for safety stock –> 3 lectures • 6min.
- Inventory Management technique –> 4 lectures • 16min.
- Inventory finance and accounting –> 7 lectures • 41min.
- Inventory management metrics and KPIs –> 4 lectures • 4min.
Requirements
As famously said by warren buffet ‘Cash is King’.
Inventory mismanagement is the biggest reason behind low cash flow in a business.
This MBA-style course will turbo-charge your career and will make a REAL difference in your supply chain and retail business.
To run business operations every organization need to optimize its Inventory management so that it can reduce cost and make use of all its resources.
It is crucial for you to learn the steps required to make Inventory management part of your supply chain integration and procurement process. Also, one of the biggest problems you will face in any organization is the lack of proper inventory planning and controlling the flow of materials.
1. Inventory basics and Optimization
What is Inventory Management
- Types of Inventory Management
- How much stock we should have
- Inventory Optimization
- Cost in Inventory Management
- Keywords in Inventory Management
- Cost of Inventory
2. Safety Stock, Economic order quantity, and Lead time
- Types of Safety Stock Techniques
- Safety stock and Reorder point
- Service level on safety stock
- How to Reduce Safety stock
- Economic Order Quantity
- EOQ backorder, reorder point
3. Introduction to statistics
- Mean, Mode and Median
- Standard deviation and variance
- Standard Normal distribution
- King’s or normal distribution of Safety stock
- Normal distribution with lead time and demand variation
- Problems with ABC Analysis
- Introduction to ABC – XYZ Inventory Optimization
4. Inventory finance and accounting
- Introduction to retail finance
- Income statement and cash flow statement
- Introduction to asset and margin management
- The strategic profit model in retail
- Walmart and Tiffany’s financial statement