About the course:
Study time commitment: Short Course
Learning style: Classroom
Who is the course for: Postgraduate
Course provider: Master Research Australasia
Key contact: Dr. David Wilson
(CILT) Fundamentals of Inventory Management
The course will introduce the scientific study of inventory theory and inventory management. It will present the bull-whip effect as an example of discrete independent decisions by organisations along a supply chain. Students will develop an awareness of the software packages available to manage inventory.
- Introduction to inventory theory
- EOQ model and derivation
- Alternative ordering models with known and random demand
- MRP2 systems and inventory record accuracy
- Safety stock and customer service
- JIT – push versus pull systems
- Cycle counting and inventory record accuracy
- Evaluation of inventory management software systems
On completion students will be able to derive the EOQ formula, assess requirements for inventory software packages, cycle counting and inventory record accuracy. They will also understand MRP2 requirements.
1 Day in Melbourne
Students need to have completed a course in introductory logistics and statistics.