Inventory Replenishment and Ordering Decision

About course

Course description

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 practise by participating in a hands-on, fun, and meaningful simulation game which will enhance your inventory management skill.

Course 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

Target audiences

Managers, analysts, professionals, executives and start-up owners who are interested in understanding the inventory ordering and replenishment process to achieve better inventory control.

Course completion requirements
Achieve at least 75% attendance and pass the required assessments.