No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm. Like many other things that depend on human interpretation, “control” means different things to different individuals. This is an introductory course for you, the warehouse or stockroom manager, the person in charge of what comes in and goes out of your company. You want a smooth and cost-effective operation, with enough products on hand to satisfy needs without stockpiling too much.
This course will discuss all aspects of inventory management, including common terms, the inventory cycle, how to maintain inventory accuracy, and what some of the latest trends are.
What Topics are Covered?
- What inventory is and types of inventory
- Setting up the warehouse
- What makes a good inventory management system?
- The warehouse inventory cycle
- Identifying demand
- The receiving process and validating inventory
- The put-away process and maintaining accuracy
- The outbound process and industry trends
What Will Students Learn?
- Understand terms that are frequently used in warehouse management
- Identify the goals and objectives of inventory management and measure your process against these goals
- Calculate safety stock, reorder points, and order quantities
- Evaluate inventory management systems
- Identify the parts of the inventory cycle
- Better maintain inventory accuracy
- Lectures 17
- Quizzes 1
- Duration 18 hour
- Students 367
- Assessments Yes
Lesson One: Course Overview
Students will have an opportunity to identify their personal learning objectives.
Lesson Two: What is Inventory?
To begin, students will explore what inventory is and what key concepts (including LIFO, FIFO, backorders, and lead time) mean. Students will also look at the goals and objectives of inventory management and analyze where their system can improve.
Lesson Three: Types of Inventory
This lesson will explore anticipation, fluctuation, lot size, and transportation inventories.
Lesson Four: Key Players
Next, students will discuss what roles customers, top management, and employees play in the inventory management system.
Lesson Five: Setting up the Warehouse
This lesson will discuss the objectives of a warehouse and ways to maintain location accuracy.
Lesson Six: What Makes a Good Inventory Management System?
Next, students will discuss types of inventory management systems and criteria for a good system.
Lesson Seven: The Warehouse Inventory Cycle
This lesson will introduce the warehouse inventory cycle of demand, receiving, validation, and put-away.
Lesson Eight: Identifying Demand
In this lesson, students will learn how to determine order quantities, re-order points, and safety stock through discussion and a case study.
Lesson Nine: The Receiving Process
Next, students will learn what should happen when materials are received into inventory.
Lesson Ten: Validating Inventory
This lesson will explore ways to validate the quality of merchandise.
Lesson Eleven: The Put-Away Process
Students will discuss the five goals of the put-away process.
Lesson Twelve: Maintaining Inventory Accuracy
Next, students will learn ways to keep their inventory organized and controlled.
Lesson Thirteen: The Outbound Process
This lesson will look at the phases of the outbound process: picking, packing, loading, and shipping.
Lesson Fourteen: Industry Trends
To conclude the course, we will explore some of the latest inventory management trends, including online systems and just-in-time principles.
Quick Reference Guide
and 200 students enrolled.