Inventory Management

Synopsis

Maintaining inventory is costly. The challenge of inventory management is to recommend the appropriate inventory level to be held for each item stocked by the organisation as well as the size and frequency of inventory replenishments. The aim is to determine the inventory level needed to manage the supply chain and support the organisation’s customer service level. LOG203 Inventory Management provides students with an understanding of the importance of inventory in an organisation and different approaches for effective management of inventory. It considers cases when customer demand is known in advance as well as when demand is uncertain and discusses ways to forecast the demand in these cases. The course explores best practices to manage inventory in global supply chains that have become increasingly complex and uncertain.

Level: 2
Credit Units: 5
Presentation Pattern: EVERY JULY

Topics

Introduction to Inventory Management
Fundamentals of Inventory Management
Order Quantities
Variations of the Economic Order Quantity Model
Safety Stock and Service Level
Uncertainty in Demand
Forecasting in Inventory Management
Inventory Performance Measurement
Production Planning and Control
Material Requirements Planning
Managing Inventory in Global Supply Chains
Innovation in Inventory Management

Learning Outcome

Recognise the role of inventory management and inventory systems in an organisation.
Solve for the optimal order quantity when demand is known in advance.
Analyse the need for safety stock and impact of demand uncertainty on order quantities.
Discuss the importance of forecasting techniques in inventory management and different performance measures.
Apply material requirements planning to have the right material in the right quantities available at the right time.
Review best practices and innovative solutions to manage inventory in global supply chains.

Full-time Programmes Part-time Programmes / CET Courses

Singapore University of Social Sciences

Inventory Management