Supply Chain Management
Inventory Management (SCM 202)
The student will learn the importance and theories of Inventory and Material Management, which is responsible for planning and controlling inventory to ensure the requirements of the production process and customer. For most firms, maintaining the proper level of Inventory is the most important aspect of customer service. Students will learn how to manage and control inventory level in order to meet customer expectation while at the same time optimizing inventory costs.
Analyst of information systems and processes/ Buyer/ Logistics specialist – Order manager/ Manufacturing planner and controller/ Sales forecaster – Specialist in purchasing/procurement, warehousing, transportation, production/quality and planning.
- Introduction to Materials management
- Demand forecasting and demand management
- Inventory fundamentals
- Order quantities
- Independent demand ordering systems
- Physical inventory and warehouse management
- Define the purpose and functions of materials management.
- Discuss the objectives of inventory management.
- Understand the term inventory, various types of inventory, and list major reasons for holding inventory.
- Explain time series forecasting methods and measures of forecast error
- Describe the main requirements for effective inventory management in manufacturing and services.
- Define the major reasons for holding inventories, as well as the associated costs.
- Describe the basic EOQ model, the economic production quantity model, the quantity discount model, and the planned shortage model.
- Use fixed order quantity and fixed time period models to solve inventory problems.
- Calculate optimum order quantities, safety stock, re-order point and service level.
- Understand the concepts of Lean Production, Just in Time and Supply Chain.
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