| What is meant by the various types of inventory (Raw materials, finished goods, work in progress.
What it requires to protect against uncertainty.
How inventories are used to support the strategic plans.
How inventories are used to take advantage of economies of scale.
The functions of inventory.
The objectives of inventory control.
What is meant by the holding and carrying cost of inventories.
What is meant by the "Set-up or ordering cost".
What is meant by stock out or shortage cost.
The reasons for holding inventories.
The reasons for not wanting to hold inventories (carrying cost, cost of customer responsiveness, cost of coordinating production, cost of diluted return on investment, reduced capacity cost, cost of production problems).
The basic nature of inventories.
The fundamental issues that underlie inventory planning (How much to order of each material and when to place orders).
The sources of demand.
The sources of supply.
Individual item management (order policies: Lot for lot, period order, fixed order quantities, economic order quantities, cycle replenishment, safety stock levels).
What a good inventory counting system looks like (perpetual inventory system, two bin system, universal product coding etc).
The impact of procurement on inventory management.
The various inventory stock types and the appropriate ways of controlling the inventory (vendor held stock, consignment stock).
The need for proper demand forecasting and lead time information (Lead time systems, point of sale systems).
The impact of inventory cost on inventory management.
The use of effective classification systems (A-B-C approach, cycle counting, etc).
The fixed order quality and fixed time period system.
The basic economic order quantity model (Fixed order quantity model) (EOQ).
The fixed order quantity model with usage.
Fixed time period model.
Quantity discount model.
Economic production quantity model (EPQ).
The impact of inventory on service levels.
How much to order using the fixed order interval model.
How to use the single period model (continuous stocking levels, discrete stocking levels).
How the economic order quantity models work in relation to the real world.
Planning inventory when working with perishable inventory.
The single period inventory model.
The working of inventory management in a services environment (Yield management and revenue management).
How to determine realistic costs.
ABC inventory planning.
How to ensure inventory accuracy.
The latest trends in inventory management.
What materials requirements planning (MRP) and master production scheduling (MPS) is and what the relationship between them are.
The purpose, objective and philosophy of MRP.
The benefits of MRP.
Where MRP can be used.
The structure of an MRP system (Demand for products: Available to promise and the demand for spare parts and supplies - bill of materials file, inventory record file, inventory transaction file, the MRP computer programme, output reports).
The fundamentals of capacity requirements planning (CRP).
The fundamentals of manufacturing resources planning (MRP II).
The use of MRP in services.
Lot sizing in MRP systems.
What CRP is and how it works.
The link between MRP and CRP.
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