Certification In Inventory Control Management

Inventory Control Management with all concepts and 50 Exercises and Solution

What you'll learn

Inventory Control Management

Material Management

Inventory Control Scenarios

Economic Order Quantity (EOQ) Models

Production Quantity Model

50 Inventory Control Exercises and Solutions

Requirements

Eager to learn.

Description

The Certification in Inventory Control Management is designed to provide comprehensive knowledge and practical skills required to effectively manage and control inventory in a dynamic supply chain environment. This course covers essential concepts, methodologies, and tools used in inventory control and materials management, equipping participants with the expertise to optimize inventory levels, reduce costs, and improve overall supply chain efficiency.Course Outline:Materials Management: DefinitionUnderstanding the fundamental concepts and scope of materials management.Materials ManagementIn-depth exploration of materials management practices and their significance in the supply chain.Materials Management: ObjectivesIdentifying the primary goals and objectives of effective materials management.Responsibilities of Materials ManagementExploring the key responsibilities and roles involved in materials management.What Is Inventory?Defining inventory and its critical role in business operations.Components of InventoryExamining the various components that constitute inventory.Inventory and Supply Chain ManagementUnderstanding the relationship between inventory management and supply chain efficiency.Inventory ControlStrategies and techniques for maintaining optimal inventory levels.Various Types of AnalysisOverview of different analytical methods used in inventory control.ABC ClassificationIntroduction to ABC classification as a method for categorizing inventory.ABC Classification: Example and CalculationsPractical examples and calculations to apply ABC classification.Advantages of ABC AnalysisBenefits and advantages of implementing ABC analysis in inventory management.Limitations of ABC AnalysisDiscussing the limitations and challenges of ABC analysis.V.E.D. (Vital, Essential, Desirable) AnalysisIntroduction to VED analysis for prioritizing inventory items based on criticality.Economic Order Quantity (EOQ) ModelsUnderstanding the EOQ models for determining optimal order quantities.Assumptions of Basic EOQ ModelKey assumptions underlying the basic EOQ model.Inventory Order CycleExploring the inventory order cycle and its components.EOQ Cost Model FormulaDetailed explanation of the EOQ cost model formula.EOQ Cost Model GraphVisual representation of the EOQ cost model.Production Quantity ModelIntroduction to the production quantity model for batch production.Production Quantity Model Graph and FormulaGraphical and formulaic representation of the production quantity model.Production Quantity Model Example and CalculationsPractical examples and calculations for the production quantity model.Quantity DiscountsExploring quantity discount models and their impact on inventory decisions.Quantity Discount Model GraphVisual representation of the quantity discount model.Quantity Discount Model ExamplePractical example to understand the application of quantity discount models.Safety StockUnderstanding the concept and importance of safety stock in inventory management.Reorder PointDetermining the reorder point to maintain adequate inventory levels.Variable Demand with a Reorder PointManaging inventory with variable demand and setting appropriate reorder points.Reorder Point with a Safety StockCalculating reorder points considering safety stock levels.50 Exercises and SolutionsHands-on exercises and detailed solutions to reinforce learning and practical application.Course Outcomes:Upon completion of the Certification in Inventory Control Management, participants will be able to:Understand the principles and objectives of materials management.Classify and manage inventory effectively using various analytical methods.Optimize inventory levels using EOQ and other inventory models.Implement safety stock and reorder point strategies to handle variable demand.Apply quantity discount models to improve cost efficiency.Utilize practical exercises and solutions to solve real-world inventory control challenges.Who Should Attend:This course is ideal for supply chain professionals, inventory managers, procurement specialists, anyone wants to learn and get involved in materials management and inventory control who seeks to enhance their knowledge and skills in this critical area.Enroll in the Certification in Inventory Control Management today and take the first step towards mastering the art of efficient inventory control!

Overview

Section 1: Introduction

Lecture 1 Course Introduction

Lecture 2 Introduction

Lecture 3 Materials Management: Objectives

Lecture 4 Responsibilities of Materials Management

Lecture 5 What Is Inventory?

Lecture 6 Components of Inventory

Lecture 7 Inventory and supply chain management

Section 2: Inventory Control

Lecture 8 Inventory control

Lecture 9 ABC Classification with Example and calculations

Lecture 10 Advantages and Limitations of ABC Analysis

Lecture 11 V.E.D. (Vital, Essential, Desirable) Analysis

Section 3: Economic Order Quantity

Lecture 12 Economic Order Quantity (EOQ) Models

Lecture 13 Assumptions of Basic EOQ Model

Lecture 14 Inventory Order Cycle

Lecture 15 EOQ Cost Model Formula

Lecture 16 EOQ Cost Model graph and calculations

Section 4: Economic Order Quantity Exercises Discussion

Lecture 17 EOQ Exercise 1

Lecture 18 EOQ Exercise 2

Lecture 19 EOQ Exercise 3

Section 5: Production Quantity Model

Lecture 20 Production Quantity Model

Lecture 21 Production Quantity Model graph and formula

Lecture 22 Production Quantity Model Example and Calculations

Section 6: Quantity Discounts

Lecture 23 Quantity Discounts

Lecture 24 Quantity Discount Model Graph

Lecture 25 Quantity Discount Model Example and Calculations

Section 7: Safety stock & Reorder Point

Lecture 26 Safety stock

Lecture 27 Reorder Point

Lecture 28 Variable Demand and Reorder Point with a Safety Stock

Section 8: 50 Inventory Control Exercises and Solutions

Lecture 29 Exercise 1 and Solution

Lecture 30 Exercise 2 and Solution

Lecture 31 Exercise 3 and Solution

Lecture 32 Exercise 4 and Solution

Lecture 33 Exercise 5 and Solution

Lecture 34 Exercise 6 and Solution

Lecture 35 Exercise 7 and Solution

Lecture 36 Exercise 8 and Solution

Lecture 37 Exercise 9 and Solution

Lecture 38 Exercise 10 and Solution

Lecture 39 Exercise 11 and Solution

Lecture 40 Exercise 12 and Solution

Lecture 41 Exercise 13 and Solution

Lecture 42 Exercise 14 and Solution

Lecture 43 Exercise 15 and Solution

Lecture 44 Exercise 16 and Solution

Lecture 45 Exercise 17 and Solution

Lecture 46 Exercise 18 and Solution

Lecture 47 Exercise 19 and Solution

Lecture 48 Exercise 20 and Solution

Lecture 49 Exercise 21 and Solution

Lecture 50 Exercise 22 and Solution

Lecture 51 Exercise 23 and Solution

Lecture 52 Exercise 24 and Solution

Lecture 53 Exercise 25 and Solution

Lecture 54 Exercise 26 and Solution

Lecture 55 Exercise 27 and Solution

Lecture 56 Exercise 28 and Solution

Lecture 57 Exercise 29 and Solution

Lecture 58 Exercise 30 and Solution

Lecture 59 Exercise 31 and Solution

Lecture 60 Exercise 32 and Solution

Lecture 61 Exercise 33 and Solution

Lecture 62 Exercise 34 and Solution

Lecture 63 Exercise 35 and Solution

Lecture 64 Exercise 36 and Solution

Lecture 65 Exercise 37 and Solution

Lecture 66 Exercise 38 and Solution

Lecture 67 Exercise 39 and Solution

Lecture 68 Exercise 40 and Solution

Lecture 69 Exercise 41 and Solution

Lecture 70 Exercise 42 and Solution

Lecture 71 Exercise 43 and Solution

Lecture 72 Exercise 44 and Solution

Lecture 73 Exercise 45 and Solution

Lecture 74 Exercise 46 and Solution

Lecture 75 Exercise 47 and Solution

Lecture 76 Exercise 48 and Solution

Lecture 77 Exercise 49 and Solution

Lecture 78 Exercise 50 and Solution

Section 9: Conclusion

Lecture 79 Conclusion

Supply chain Professionals,This course is for anyone who wants to learn professional inventory management and inventory control and be part of supply chain management team.