Inventory management can be a very challenging task, especially when dealing with a complicated supply chain. While every company strives to maintain a healthy inventory level, the approaches adopted may differ from one another. Depending on demand patterns and product characteristics, companies need to adapt their strategies to ensure products reach them at the right time and place.
This course will equip you with the fundamental knowledge and strategies in inventory management. You will also get to learn how to set up a Microsoft Excel template to calculate order quantities, safety stock, and re-order point.
Through this course, you can even put your knowledge to practice by participating in a hands-on, fun, and meaningful simulation game which will enhance your inventory management skill.
Learning Objectives
By the end of the course, participants will be able to:
- Recognise the important role of inventory management in a supply chain
- Classify the major types of inventory and inventory costs
- Determine the order quantity, safety stock, and reorder point for an ordering process via Microsoft Excel
- Explain the various inventory ordering policies and their characteristics
- Experience the bullwhip effect in a typical supply chain via a simulation game
- Identify the Key Performance Indicators (KPIs) for inventory management
Who Should Attend?
Managers, analysts, professionals, executives and start-up owners who are interested in understanding the inventory ordering and replenishment process to achieve better inventory control.
Entry Requirement
Participants are expected to have basic knowledge on inventory and the usage of Microsoft Excel.
Certification
Participants will be awarded a certificate of completion upon meeting the 75% course attendance requirement.
For courses with formal assessment component, participants will be awarded the certification of completion upon passing the assessment. Otherwise, a certification of attendance will be issued instead upon meeting the 75% course attendance requirement.
Trainer's Profile
Ms. Jin Jing excels in various inventory management projects ranging from material planning and purchasing to inventory network optimisation. Her seven years’ experience in consulting firms and four years’ in manufacturing industry enable her to solve complicated issues with data analysis and mathematical modelling.
She joined Republic Polytechnic (RP) in 2015 and has been teaching both full-time and part-time courses. She has been actively contributing in industrial projects to optimise the inventory management strategies with RP Centre Of Innovation for Supply Chain Management (COI–SCM). Jin Jing obtained her master’s degree in Industry and Systems Engineering in 2008 from National University of Singapore. Currently, she is in charge of the Inventory Management module at RP.
Ms. Wu Liping holds a master’s degree in Industrial & Systems Engineering, National University of Singapore. Prior to joining Republic Polytechnic in 2007, she was responsible for the Enterprise Resource Planning (ERP) system implementation, process reengineering, and project implementation for petrochemical industry. To date, Liping has more than 10 years of teaching experience for both full-time and part-time courses. She is also active in teaching and learning practices, industry projects, educational research, professional certification workshop, and other supply chain related involvement.
Please click on the "Register" button to view the updated course schedule and fees on the Skills Training & Enhancement Portal (STEP).
Please click on the "Register" button to view the updated course schedule and fees on the Skills Training & Enhancement Portal (STEP).