10182104Inventory Management
Course Information
Description
Provides an operational knowledge and understanding of inventory management principles and techniques, sourcing strategies, the fundamental role of purchasing, purchase order management, ordering and stocking techniques, roles and responsibilities, and the impact inventory has on a business. The course provides practical examples and exercises, giving participants an opportunity to learn and practice inventory management techniques and concepts to minimize cost of inventory while meeting customer demand.
Total Credits
3
Course Competencies
  1. Identify the objectives of inventory management
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Define the objectives of inventory management
    Summarize the role of inventory management and working relationship with other functional areas
    Describe tools used to support used to work collaboratively with other functional areas
    Describe the impacts of with working procurement in identifying number of vendors, lead times, delivery frequency, and quality specifications/inspection
    Describe the impacts of working with sales in identifying product life cycles and new product launches
    Describe inventory management’s impact on production schedules, order fulfillment and customer service/experience
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  2. Calculate inventory investments
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Interpret a balance sheet
    Define average inventory, inventory turnover, and days of supply
    Calculate average inventory, inventory turnover, and days of supply
    Perform ABC classification and analysis
    Relevant facts are identified, utilized and or analyzed
    Formulas and calculations are applied properly
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  3. Examine the principles for setting safety stock levels and the tradeoffs for the different strategies
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Describe the factors to consider when determining safety stock levels
    Perform calculations using the formulas for setting and adjusting safety stock
    Perform correct calculations of carrying costs and annual costs of different safety stock levels
    Define and calculate average inventory, inventory turnover, and days of supply
    Relevant facts are identified, utilized and or analyzed
    Formulas and calculations are applied properly
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  4. Apply key concepts for setting reorder points and determining reorder quantities
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Summarize different systems for demand ordering
    Identify the role of MRP systems in this process
    Perform calculations for item replenishment points and economic order quantities for different scenarios
    Relevant facts are identified, utilized and or analyzed
    Formulas and calculations are applied properly
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  5. Analyze the effects different inventory tracking/control systems and reverse logistics system on the business
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Summarize tools used to capture and transmit data
    Identify different ways of tracking inventory and at which points ownership is transferred
    Summarize the purpose of reverse logistics and ways it can be handled
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  6. Evaluate inventory storage methods
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Identify the different methods for storing inventory
    Describe how inventory is stored and moved throughout a warehouse
    Explain which methods are best for which types of environments
    Determine the costs and benefits for different storage methods
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  7. Evaluate the application of lean principles and wastes to inventory management
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Describe the lean principles and wastes as it applies to inventory management
    Summarize the pros and cons of just in time delivery
    Explain the impact Lean has had on an industry or specific company
    Develop strategies to implement to positively impact inventory management
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  8. Analyze various methods for conducting inventory accuracy audits and addressing inventory loss
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Describe the process and purpose of the periodic inventory audit
    Explain the process and purpose of cycle counting
    Evaluate different methods of cycle counting and which methods best suit different types of inventory and organizations
    Identify sources of loss
    Describe the impact and importance of inventory accuracy
    Explain how organizations may attempt to prevent or minimize loss
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  9. Examine the role of inventory in an organization’s supply chain
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Identify the different types of inventories that can exist in an organization including raw materials inventory, maintenance, repair and operations (MRO) inventory, work-in-process inventory, and finished-goods inventory
    Describe the types of costs related to inventory that an organization can incur including purchase costs, ordering costs, setup costs, holding or carrying costs, and stock-out costs
    Identify the reasons why organizations hold excess inventory in their supply chains
    Relevant facts are identified, utilized and or analyzed
    Submission response is written from a business perspective
    Submission includes proper capitalization and grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of requirements

  10. Describe quantitative techniques of forecasting for supply chain and operations
    Assessment Strategies
    Case study, project, written test/quiz, and/or written product
    Criteria
    Summarize quantitative techniques of forecasting
    Identify pros and cons of different types of quantitive techniques of forecasting
    Describe the different components needed to forecast supply chain
    Describe the different components needed to forecast for operations
    Identify, utilize, and analyze relevant facts
    Submission response is written from a business perspective
    Submission includes proper capitalization an grammar
    Submission includes persuasive arguments supported by data when requested
    Submission meets or exceeds 70% of the requirements