One of the most common challenges for businesses is to know exactly how much inventory to keep. If production exceeds demand, a business will end up paying high storage costs; too little inventory, however, and it may not be able to meet consumer demand. That's why an operations strategy needs to find a way to strike the right balance.
In this course, you'll learn about different operations management techniques, including how to value inventories and calculate economic order quantities and reorder points. you'll explore common ordering and holding costs. And you'll discover popular inventory management tools, including ABC analysis, MRP, ERP, and JIT management.
Learning Objectives
One of the most common challenges for businesses is to know exactly how much inventory to keep. If production exceeds demand, a business will end up paying high storage costs; too little inventory, however, and it may not be able to meet consumer demand. That's why an operations strategy needs to find a way to strike the right balance.
In this course, you'll learn about different operations management techniques, including how to value inventories and calculate economic order quantities and reorder points. you'll explore common ordering and holding costs. And you'll discover popular inventory management tools, including ABC analysis, MRP, ERP, and JIT management.