Successful inventory management involves more than knowing what products are in stock and in what quantities. Inventory managers must also know what to stock, how to position and present each product, and how to replenish inventory. Forecasting product trends and understanding current inventory management technology are also important.
At the end of this course students will be able to:
- Define Inventory Concepts.
- Explain Ordering and Costs involved.
- Determine and forecast demand for Inventory.
- Understand Inventory planning
- Discuss Stores / Warehousing locations and Layout.
- Explain Standardization, Rationalization and Variety Reduction.
- Understand how Stock Checking in done for records and accounts purposes.
- Explain equipment handling and management in Inventory Management.
- Appreciate Computer application in Inventory Management.