Replenishment: Order Quantity



 
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4.00 hours
Online Self Study
INV301

ID:1000000302
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About the Course

This online self-study course is focused on developing economic models that are useful in rationalizing procurement and manufacturing planning of inventory. The centerpiece of an economic analysis is the development of a formula that balances inventory holding and replenishment costs, often referred to as the economic order quantity (EOQ).

Course Description

Understanding the trade-off between inventory holding cost and the costs of procuring or manufacturing more inventory is critical in determining the best replenishment quantities. This three-hour online self-study course is focused on developing economic models that are useful in rationalizing procurement and manufacturing planning of inventory. The centerpiece of an economic analysis is the development of a formula that balances inventory holding and replenishment costs, often referred to as the economic order quantity (EOQ).

This course is essential for anyone interested in supply chain inventory analysis and is a building block for many other concepts, such as safety stock and distribution system design. The course includes a spreadsheet model and many practical examples and exercises.

Learning Objectives

After completing this course, you should be able to:

  • Examine the economic order quantity
  • Understand the role of holding costs, such as cost of capital, warehousing costs, and product shelf life, that are driven by many factors
  • Describe the impact of transportation using full and partial pallet loads
  • Compare the link between order quantity/order timing distinctions and a periodic and continuous review inventory model
  • Describe the impact of quantity discount models for both all units and incremental units

Agenda

This course examines the economic order quantity model including the:

  • Role of holding costs, such as cost of capital, warehousing costs and product shelf life, that are driven by many factors
  • Impact of transportation using full and partial pallet loads
  • Link between order quantity and order timing
  • Link between order quantity/order timing distinctions and a periodic and continuous review inventory model
  • Impact of quantity discount models for both all units and incremental units
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