The Center for Supply Chain Management Studies at the John Cook School of Business will hold a hold two-day workshop, Inventory Management for Increasing Profitability, Thursday and Friday, Feb. 20-21.
Attendees can register for this event online.
About the workshop
Inventory management is a science primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.
The scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an on-going process as the business needs shift and react to the wider environment.
Management of the inventories, with the primary objective of determining and controlling stock levels within the physical distribution system, functions to balance the need for product availability against the need for minimizing stock holding and handling costs.
- Importance of inventory as an Investment
- Functions of inventory
- Sales and operations planning
- Inventory Stratification and Analysis
- Service Levels and Safety Stock
- Performance metrics
- Current Topics Affecting Inventory Management
What participants will learn:
- The importance of inventory to the enterprise
- Describe the critical functions of inventory in the supply chain
- Apply sales and operations planning concepts to optimize supply chain performance
- Understand methods and value of inventory stratification
- Gain an understanding of selected ‘tools' for managing inventory management
- How to use metrics in managing inventory