Inventory Management includes Inventory turnover ratio to optimize the ordering of stocks and safety stocks along the Supply Chain, aiming to minimize holding and backorder costs while fulfilling the typically uncertain demand of customers. We develop methods for the measurement and inventory control system performance under uncertainty, referring the business inventory in logistics into the following types-

  • Raw materials: The ingredients or components from which your business manufactures or produces the products it sells.
  • Work in progress: Any inventory in the process of being transformed from one or more raw materials into a finished product.
  • Finished goods: This is what we call the inventory that’s ready to be passed on to customers.
  • Service inventory: Comprises spare parts and tools used after the sale or in service businesses.
  • In-transit inventory: Which is inventory being moved from one point to another by road, rail, sea, or air (as opposed to riding a conveyor between adjoining warehouses for example—this would not be classed as in-transit inventory).

The scope of an inventory system can cover many needs, including valuing the inventory, measuring the change in inventory and planning for future inventory levels. The value of the inventory at the end of each period provides a basis for financial reporting on the balance sheet. Measuring the change in inventory allows the company to determine the cost of inventory sold during the period. This allows the company to plan for future inventory needs.

  • Certification valid for life
  • Lifelong e-learning access
  • Free Practice Tests
  • Hard copy – Study material
  • Online e Learning Access (LMS)
  • 24*7 Support
  • Online sessions covering Store,Inventory,Purchase & Forecasting.

Course Curriculum

Inventory Management
Introduction To Inventory Systems 00:00:00
Functions Of Inventory 00:00:00
Classification Of Inventory Systems 00:00:00
Selective inventory management 00:00:00
Exchange curve and aggregate inventory planning 00:00:00
Deterministic Inventory Models 00:00:00
Probabilistic Inventory Models 00:00:00
Inventory Control Of Slow Moving Items 00:00:00
Recent Developments In Inventory Management 00:00:00
Stores Management
Introduction 00:00:00
Stores Functions 00:00:00
Stores Organization 00:00:00
Stores Systems And Procedures 00:00:00
Stores Accounting And Verification Systems 00:00:00
Stores Address System 00:00:00
Store Location And Layout 00:00:00
Store Equipment 00:00:00
Automated Storage/Retrieval 00:00:00
Standardisation, Codification And Variety Reduction
Introduction 00:00:00
Classification Of Materials 00:00:00
Codification 00:00:00
Standardisation and Variety Reduction 00:00:00
Facilities Location
Introduction 00:00:00
When Does A Location Decision Arise? 00:00:00
Steps In The Facility Location Study 00:00:00
Subjective, Qualitative And Semi-Quantitative Techniques 00:00:00
Locational Break-Even Analysis 00:00:00
Some Quantitative Models For Facility 00:00:00
Some Case Examples 00:00:00
Facilities Layout And Materials Handling
Introduction 00:00:00
Basic Types Of Plant Layouts 00:00:00
Plant Layout Factors 00:00:00
Layout Design Procedure 00:00:00
Flow And Activity Analysis 00:00:00
Space Determination And ‘Area Allocation 00:00:00
Computerised Layout Planning 00:00:00
Evaluation, Specification, Presentation And Implementation 00:00:00
Materials Handling Systems 00:00:00
Materials Handling Equipment 00:00:00
Purchase System And Procedure
Introduction: Role Of Purchasing Function 00:00:00
Inputs 00:00:00
Restraints And Factors 00:00:00
Purchasing Decisions 00:00:00
Purchasing Organization 00:00:00
Procedures, Forms, Records And Reports 00:00:00
Evolution Of Departmental Procedures And Vendors 00:00:00
Vendor Evaluation And Rating 00:00:00
Computerized Purchasing System 00:00:00
Purchasing In Government Organizations 00:00:00
Forecasting Demand
Methods of Forecasting 00:00:00
Judgmental Forecasts 00:00:00
Time Series 00:00:00
Causal Forecasting 00:00:00
Planning Forecasts 00:00:00
Principles of Just-in-time 00:00:00
Achieving Just-in-time operations 00:00:00
JIT Implementation Design 00:00:00
Benefits and Disadvantages 00:00:00
Extending JIT 00:00:00
Comparisons With Other Methods 00:00:00

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