Inventory exists because the lead time to provide products to customers is longer than many customers are willing to wait. Inventory can be expensive; therefore, an organization must determine the correct levels to maintain. There are several approaches to balance this challenge. With dynamic business environments, ongoing demand changes can create problems. In this ISM supply management course, you will use forecasting and planning tools that comprehend such variables and ensure the needs of the customer, business and suppliers are met.
Member Price: $135.00
- Understand Inventory Analysis Terminology:
- Learn several key terms in inventory analysis.
- Conduct a Basic Inventory Analysis:
- Learn how to review and analyze levels of inventory over time and how Inventory analysis enables controlled inventory management.
- Understand Inventory Drivers:
- Understand what drives inventory and the interrelationship between service levels, lead time and demand variability.
- Work in the Inventory Analysis Matrix:
- Gain knowledge for how to populate data in the inventory analysis matrix.
- Learn how to use several formulas for inventory optimization.
- Plan for inventory fluctuations:
- Learn how to prepare for fluctuations in demand and supply by calculating cycle stock and safety stock.
Who should attend:
New procurement and supply management professionals, as well as more experienced professionals who want to refresh and update their skills. Also, any company employee who interacts with supply management and suppliers.