Institute of Logistical Management

Objectives:

1. Explain the significance of inventory management in the context of the current business environment.
2. Learn the techniques of accurately managing inventories.
3. Understand the significance and benefits of cycle counting.
4. Discover and understand various inventory metrics and how they can be used to improve your own inventory management effectiveness.
5. To describe inventory analysis techniques which can be used to facilitate the tight management of inventories.
6. Understand the technologies currently available for streamlining and automating the management of inventories.

Learning Outcome:

Upon successful completion of this course, the student will have an overall understanding of the principles of inventory management. The tight management of inventory has been one of the most significant business initiatives of the past 20 years. It has also been one of the most successfully implemented ones. Just-in-time is not about “theory” but a reality for many companies. This course will illustrate the principles of managing inventory effectively and accurately. For any business to be successful in the hyper-competitive environment in which we work today, their inventories must be optimized. This course will show you how to achieve this.

Clock Hours:

140hrs Estimated, 3 Credits

Textbooks:

1. Muller, Max, Essentials of Inventory Management. New York: AMACOM, 2003. (IM) ISBN: 0-81440751-X
2. Piasecki, David J., Inventory Accuracy: People, Processes & Technology. Kenosha, WI: Ops Publishing, 2003. (IA) ISBN: 0-9727631-0-4