Inventory Management Part-1 covers all the aspects related to types of inventory, functions of inventory, nature of demand and other classifications of inventory. By going through this online program, the participants can master the fundamentals of inventory management. The program also introduces you to 100+ terminologies associated with Inventory Management Part-1 with short definitions which you can quickly grasp and enhance your supply chain vocabulary.
This module is part of Certified Inventory Optimization Professional (CIOP), an end-to-end supply chain training and certification program. For more details related to CIOP, please visit https://pages.fhyzics.net/ciop
Program Designed and Developed By:
Venkadesh Narayanan, CIOP, CSCP, CPIM
Principal Consultant, Fhyzics Business Consultants Pvt. Ltd.
Recognised Instructor of APICS, USA and CIPS, UK.
Click here for Profile
This program is an online module delivered through Fhyzics’ Learning Management System (LMS) and accessible for 30 days. The program duration is 60 minutes. Due to high demand, the program access will be delivered within two business days. On completion of the program and the mandatory quiz, the participants will receive the course completion certificate.
Agenda of the Program
Types of Inventory: Raw Materials, Work-In-Process, Finished Goods, Distribution Inventory and MRO
Define Raw Materials
Differentiate Raw Materials & Components
Nomenclature for Raw Materials and Components
Stakeholders of Raw Materials
The two types of Work-In-Process
Nomenclature of Work-In-Process
Stakeholders of Work-In-Process
Define Finished Goods
Nomenclature of Finished Goods
Stakeholders of Finished Goods
Define Distribution Inventory
Nomenclature of Distribution Inventory
Stakeholders of Distribution Inventory
Nomenclature of MRO
Stakeholders of MRO
Functions of Inventory: Safety Stock, Cycle Stock, Anticipation Inventory, Buffer Inventory, Hedge Inventory and Decoupling Inventory
Define Safety Stock
Factors influencing Safety Stock
Define Cycle Stock
Define Anticipation Inventory
Situations demand Anticipation Inventory
Define Buffer Inventory
Why Buffer Inventory is necessary in a manufacturing plant?
Define Hedge Inventory
Industries that typically plan for Hedge Inventory
Define Decoupling Inventory
Benefits of Decoupling Inventory
Nature of Demand: Independent Demand and Dependent Demand
Define Independent Demand
How Independent Demand is arrived?
Define Dependent Demand
How Dependent Demand is arrived?
Other Classifications of Inventory
Purchase Return Inventory
Sales Return Inventory