Inventory Management: Optimizing Efficiency and Profitability

This course is designed to provide you with the comprehensive knowledge and skills needed to effectively manage inventory in a business setting. From understanding the basics of inventory and its management to implementing advanced Product Management strategies, this course is your ultimate guide to optimizing efficiency and profitability through effective Product Management.

Learning Outcome: Upon completing this course, participants will:

• Understand the fundamental concepts of inventory and Product Management.
• Apply mathematical models, such as Little’s Law, in Product Management.
• Develop strategies to minimize costs associated with inventory in Product Management.
• Utilize various metrics to evaluate the performance of Product Management.
• Implement advanced Product Management strategies to optimize efficiency and profitability.

• Welcome to Inventory Management Course 00:37

  • 1: Product Management: Welcome to Inventory Management Course Preview 00:37

• Module 01: What is Inventory Management 11:00

  • 2: Product Management: What is Inventory Management 11:00

• Module 02: Introduction to Little’s Law Inventory Management 13:00

  • 3: Product Management: Introduction to Little’s Law Inventory Management 11:00
  • 4: Module 02: MCQ 02:00

• Module 03: Understanding the Costs of Inventory 12:00

  • 5: Product Management: Understanding the Costs of Inventory 12:00

• Module 04: Metrics in Inventory Management 14:00

  • 6: Product Management: Metrics in Inventory Management 12:00
  • 7: Module 04: MCQ 02:00

• Module 05: Part Classification and Analysis 14:00

  • 8: Product Management: Part Classification and Analysis 13:00
  • 9: Module 05: MCQ 01:00

• Module 06: Inventory Dynamics 15:00

  • 10: Product Management: Inventory Dynamics 15:00

• Module 07: Economic Order Quantity (EOQnd Price Break Models 14:00

  • 11: Product Management: Economic Order Quantity (EOQnd Price Break Models 14:00

• Module 08: Order Timing and Inventory Control 13:00

  • 12: Product Management: Order Timing and Inventory Control 12:00
  • 13: Module 08: MCQ 01:00

• Module 09: Safety Stock Calculations and Risk Management 11:00

  • 14: Product Management: Safety Stock Calculations and Risk Management 11:00

• Module 10: Advanced Inventory Management Strategies 12:00

  • 15: Product Management: Advanced Inventory Management Strategies 10:00
  • 16: Module 10: MCQ 02:00

This course dives deep into the world of inventory and Product Management, offering a blend of theoretical knowledge and practical insights. Whether you are a business owner, a supply chain professional, or someone keen on learning about Product Management, this course is tailored to equip you with the skills necessary to manage inventory effectively and profitably.

Course Curriculum:

• Module 1: What is Inventory Management?

  • Introduction to inventory and its importance in Product Management.
  • Different types of inventory in Product Management.
  • The significance of holding inventory in Product Management.
  • Understanding the role of Product Management in inventory control.

• Module 2: Introduction to Little’s Law in Product Management

  • The Mathematics behind Little's Law in Product Management.
  • Real-life applications of Little’s Law in Product Management.
  • Analyzing a business case example in Product Management.

• Module 3: Understanding the Costs of Inventory in Product Management

  • The financial view of inventory in Product Management.
  • Operational costs of inventory in Product Management.
  • Strategies for reducing inventory costs through effective Product Management.

• Module 4: Metrics in Product Management

  • Business perspectives on inventory performance in Product Management.
  • Calculating inventory turns and days on hand in Product Management.
  • Control charts and their application in Product Management.

• Module 5: Part Classification and Analysis in Product Management

  • The concept of part classification in Product Management.
  • Implementing ABC analysis in Product Management.
  • Understanding Material Requirements Planning (MRP) in Product Management.

• Module 6: Inventory Dynamics in Product Management

  • Understanding the flow of inventory in Product Management.
  • Strategies for optimizing inventory dynamics through Product Management.

• Module 7: EOQ and Price Break Models in Product Management

  • Understanding Economic Order Quantity (EOQ) in Product Management.
  • A step-by-step guide to calculating EOQ in Product Management.
  • Case Study: EOQ in action through effective Product Management.

• Module 8: Order Timing and Inventory Control in Product Management

  • Basics of order timing in Product Management.
  • Inventory control systems and techniques in Product Management.
  • Case Study: Effective order timing strategies in Product Management.

• Module 9: Safety Stock Calculations and Risk Management in Product Management

  • The concept of safety stock in Product Management.
  • Balancing safety stock and service level goals in Product Management.
  • Case Study: Safety stock management best practices in Product Management.

• Module 10: Advanced Product Management Strategies

  • Inventory reduction techniques and lean inventory in Product Management.
  • Implementing a Just-in-time (JIT) inventory system in Product Management.
  • The role of technology in modern Product Management: ERP and AI.
  • The future of Product Management: Trends to watch.

This Product Management course is designed for:

• Business owners looking to optimize their inventory management.
• Supply chain professionals aiming to enhance their Product Management skills.
• Individuals passionate about learning the intricacies of Product Management.

This Product ManagementTraining does not have any prerequisites or formal requirements.

Taking Product Management Course will open up a variety of career options for you.

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Reed Courses Certificate of Completion

Digital certificate - Included