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Inventory Management Basics - Principles On Demand

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Course only available to current APICS members.
Course valued at $150.00

Topic: Inventory Management

Maintenance Points: 3

Course Overview

Whether you are working in marketing, sales, finance, or operations, understanding the role and proper management of inventories is critical to the creation and on-going maintenance of an enterprise’s competitive advantage. This course answers critical questions such as:

  • What are the objectives of inventory management?
  • How should inventory objectives be balanced with the needs of marketing, sales, and finance?
  • What is the purpose and function of inventory?
  • What decisions must be in place that will enable inventory managers to effectively plan for inventories that meet company objectives?
  • What is the planning process that the materials/operations team should use to guide their replenishment decisions?
  • How is inventory accuracy maintained and why is it so important to effective inventory management?

Course Format

Courses include assigned reading, video highlights and fun, brain-boosting activities to help you retain your learning. You can also track your learning with tests and a self-assessment dashboard. Try it on desktop or mobile—interactive study tools work either way.

Included Units

  • Fundamentals of Inventory Management (PIM02)
  • Purpose and Function of Inventory (PIM03)
  • Inventory Replenishment Management (PIM04)
  • Additional Inventory Replenishment Techniques and Inventory Performance (PIM05)

The purpose of this Unit is to discuss the fundamentals of inventory management. Topics include the definition of inventory and its role in the organization, developing an inventory strategy, balancing the conflicting inventory objectives within an organization, understanding the different classes of inventory, and examining the flow of inventory through the enterprise and the supply chain.

The purpose of this Unit is to discuss the purpose and function of inventory management. Topics include explaining why companies carry inventory, defining the purpose and function of inventory, detailing the components of inventory decision-making, defining elements of inventory cost, performing inventory valuation, and working with inventory cost-benefit trade-off analysis.

The purpose of this Unit is to discuss the basic techniques for managing inventory replenishment in an independent demand environment. Topics include explaining the functions of statistical inventory management, describing the difference between continuous and periodic inventory review, defining the seven inventory replenishment methods, calculating safety stock and the order point, calculating a periodic inventory order method, calculating the economic order quantity (EOQ), and reviewing the inventory planning process.

The purpose of this Unit is to address fundamental issues associated with the efficient management of inventories. Topics include discussing how an inventory planner uses key information (such as inventory turns and ABC classification), describing the impact of inventory on a company’s financial statement, explaining inventory accuracy, defining cycle counting, and reviewing tools available to inventory management personnel.

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