Inventory Management and Economic Order Quantity

On this two-week course, you’ll learn key inventory concepts including their classification, costs, and benefits.

You’ll also learn about the ABC analysis and how this crucial technique can help in your inventory management.

Understanding the concept of the Economic Order Quantity (EOQ) method will help you minimise inventory costs such as order costs and holding costs.

You’ll be introduced to the EOQ concept as well as the bullwhip effect. You’ll analyse the drivers and results of these concepts and learn how the bullwhip effect can help you reduce the impacts it can cause throughout your supply chain.

You’ll also explore Vendor Managed Inventory (VMI) and the Efficient Consumer Response (ECR).

You’ll explore the challenges of using them in-depth and learn how to develop a customer-orientated approach to your supply chain.

By the end of the course, you’ll be confident in inventory management techniques and how to apply them to your supply chain to deliver the best outcomes.