About the course:
Study time commitment: Short Course
Learning style: Classroom
Who is the course for: Entry Level
Course provider: Master Research Australasia
Key contact: Dr. David Wilson
(CILTT) Advanced Inventory Management
This course is based around Robert Brown’s text “Advanced Spare Parts Inventory Control”. It uses his methods of forecasting demand – exponential smoothing and Fourier series methods – to capture periodicity and introduce the use of tracking signals. Requires advanced knowledge of mathematical tools and Excel proficiency. Students are encouraged to bring their data for analysis and case studies.
- Models of inventory
- Spare parts inventory management
- Infrequent or rare demand – measurement
- Strategies to cope with rare events – case studies from defence and mining
- The IBM approach – history – and now
The course is taught over 2 days with a hands-on – practical approach. Students need to bring their lap tops plus data for analysis.
Students need to have an understanding of applied statistics and supply chain management. A basic course in inventory management would be a distinct advantage.