Inventory Control

Inventory Control is the process of ensuring that appropriate amounts of stock are maintained by an organisation, to meet customer demand, whilst keeping inventory costs to a minimum.

In this module you will learn inventory classification and strategies for maintaining the optimum amount of inventory for finished goods and components. Understand how to manage physical inventory and determine what to order, when to order and how to order to provide uninterrupted service at minimum cost. You will also learn how to balance customer service levels with inventory costs.

Following are the eLearning courses for Inventory Control –

Fundamentals of Inventory Control

This course defines key terms enabling your organization to establish a common language in inventory control. Learn about the various types of inventory like raw material, WIP, and finished goods inventory among others. Learn why some inventory is necessary including cycle and safety stock etc., but also why it is important to hold no more inventory than what is necessary. See how to conduct ABC analysis and use it to ensure your inventory control efforts are directed where they will have the greatest impact. Learn about inventory control methods such as periodic review, MRP, and Just in Time (JIT) and when each should be used.

Inventory Control for Finished Goods

Learn how the Order Point Method and Periodic review method work including how to determine how much inventory to keep, when to order, and how much to order.  Determine the right amount of safety stock and learn concrete actions for being able to reduce it. Learn to measure your inventory control with calculating inventory turns, and how to establish a target. Apply the Periodic review method, order point method, and Economic Order Quantity (EOQ) to improve inventory control.

Inventory Control for Components

Learn how MRP and Just In Time (JIT) are two methods used to control component inventory. Learn how MRP works and about each of the inputs into MRP including the Master Production Schedule (MPS), Bill of Materials (BOM), inventory records, and lead times.  Learn how Just In Time (JIT) uses actual production to determine when and how many components to order and the fundamentals of a Kanban system.

Inventory Classification

Learn the various methods for classifying inventory. Go into greater depth in ABC analysis. Go beyond ABC classification to use the inventory risk matrix to determine which inventory control strategy is most appropriate for each item. Learn when to build up seasonal stock, and when to hold strategic stock as part of your inventory control strategies.

Physical Inventory Control

Understand how errors in inventory records typically occur and how to prevent and mitigate them. Learn how to conduct a physical inventory audit, all the way through to finding and correcting the root cause of inventory errors. Understand the importance of accurate inventory records. Learn how to implement a cycle counting program, including determining priorities.

 

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