Inventory Management Modeling



 
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1.00 hour
Online Self Study
INV1150

ID:1000000555

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About the Course

This course illustrates fundamental forecasting and inventory management concepts that can be modeled in a spreadsheet context.

Course Description

The two key outcome variables in inventory management, cycle stock and safety stock, are determined by nine key input factors, each of which inevitably changes over time. Sometimes companies focus on the outcomes, and sometimes they focus on the inputs. This is due, in part, to a lack of understanding of how all of these components relate to one another and work together. Furthermore, these factors determine the sales and quantity of on-hand inventory. If there is too much inventory, it will hurt asset returns and stock price. If there is too little inventory, then too many stockouts exist that could impair sales and profitability. This will have the same impact as an inventory surplus.

This course provides a practical probe into demonstrating how many of the basic inventory management concepts that participants have learned in other sessions can be discerned based on insights from a basic modeling perspective. The modeling will highlight the connection between forecasting and inventory management and exemplify the comparison between periodic review and continuous review inventory policies. We will exhibit the need to recognize the fundamentals of modeling the process, primarily through graphical analysis.



DISCLAIMER: Although Microsoft Office Excel is referenced as a reliable tool for calculating safety stock in continuous and periodic reviews, its accessibility is not mandatory for the successful completion of course objectives.

Learning Objectives

After completing this course, you should be able to:

  • Identify the role of modeling as a practical probe into discerning basic inventory management concepts.
  • Identify the link between forecasting and cycle stock inventory and the integration of continuous and periodic reviews.
  • Describe the relationship between forecasting and safety stock inventory and the use of continuous and periodic reviews.
  • Associate forecasting and stockouts with inventory management and to the synthesis of using continuous and periodic reviews.
  • Classify the impacts of the forecasting method on cycle stock, safety stock, and stockouts.
  • Develop a modeling format to create total inventory cost forecasting models of simple replenishment processes.
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