Inventory Management and Warehousing Master class

Learn to minimize costs, Improve efficiency using Inventory control technique like EOQ and Safety Stock

Language: english

Note: 4.5/5 (8 notes) 4,015 students New course

Instructor(s): Navdeep Yadav

Last update: 2022-06-04

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

Requirements

Basic knowledge of logistics and supply chain operations and terminology

Description

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

Who this course is for

Students who wanted to study about logistics, supply chain and operations management
Working professionals who wanted to become logistics manager ,supply chain manager and operations manager

Course content

Introduction to inventory
- Course overview
- What is Inventory Management
- Types of Inventory Management
- How much stock we should have
Inventory Optimization
- Inventory Optimization
- Cost in Inventory Management
- Keywords in Inventory Management
- Cost of Inventory
- Section 1 pdf notes (Attached)
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
- Introduction to EOQ
- Economic order Quantity
- EOQ Assignment
- Introduction to Lead Time
- EOQ with lead time Exercise
- EOQ with order size constraint
- EOQ with bulk discount
- EOQ with production order quantity
- EOQ when backorders are allowed
- EOQ backorder reorder point
- EOQ backorder exercise
- Download pdf notes (Attached)
Introduction to Statistics
- Mean, Mode and Median
- Standard deviation and variance
- Normal distribution
- Standard Normal distribution
Techniques for safety stock
- King’s or normal distribution of Safety stock
- Normal distribution with lead time variation
- Normal distribution with lead time and demand variation
Inventory Management technique
- ABC Analysis for inventory management
- Problems with ABC Analysis
- Introduction to ABC – XYZ Inventory Optimization
- Download pdf notes (Attached)
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 financial statement
- Assignment
- Download pdf notes (Attached)
Inventory management metrics and KPIs
- Inventory turnover ratio
- Sales to stock ratio
- Days in hand
- Sell through rate