Principles of Inventory Control
The objective of the class is to impart a fundamental knowledge and understanding of inventory management principles and techniques, providing participants with a greater understanding of their roles and responsibilities in the control of inventory and the impact that inventory can have on a business.
SUMMARY: Participants are introduced to essential vocabulary and skills in identifying and applying the basic principles of inventory management. Basic methods of planning and controlling inventory in manufacturing, institutional, distribution, and retail environment are covered. The questions of what to stock are addressed through an examination of current and evolving technologies of inventory management.
This session is 36 hours and covers 10 areas:
- Principles of Inventory Management
- Inventory Functions
- Order Quantities
- Perpetual Inventory Systems
- Periodic Inventory Systems
- Forecasting
- Midterm Examination and Case Study
- Warehousing Management and Distribution Requirements Planning
- Inventory Record Accuracy, Supply Chain Management, Aggregate Inventory, and Purchasing
- Just-In-Time (JIT) and Total Quality Management (TQM) --Trends
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