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Inventory Management and Economic Ordering

Analyse inventory management and recognise the economic order quantity.

  • Duration

    2 weeks

  • Weekly study

    8 hours
Overview
Requirements
Educators

Explore inventory management and economic order size

This short course aims to consider inventory concepts, including their classification, costs and benefits, as well as the ABC analysis. We’ll also explore the Economic Order Quantity (EOQ) method and will introduce the bullwhip effect with the aim of analysing its drivers and results. Finally, we’ll introduce the Vendor-Managed Inventory (VMI) and Efficient Consumer Response (ECR), together with their respective challenges.

What topics will you cover?

• The meaning of inventory

• The principles of inventory management

• Concept of the economic order quantity

Learning on this course

On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.

What will you achieve?

By the end of the course, you‘ll be able to...

  • Assess the necessity of the inventory and its analysis
  • Explore the classification of inventories
  • Identify the concept and the method of determining the economic order quantity
  • Recognise the bullwhip effect, its drivers and results in the supply chain

Who is the course for?

This course is designed for practitioners looking to develop their understanding of international logistics and its concepts.

Please note that the staff described in the ‘Who will you learn with?’ section below may be subject to change.

Who will you learn with?

Mario Cuevas

Who developed the course?

Coventry University

Coventry secured 5 QS Stars for Teaching and Online Learning in the QS World University Ranking 2020 and has received No. 1 in the world for Massive Open Online Courses in MoocLab’s World University Ranking 2021.

  • Established

    1992

  • Location

    Coventry

Learning on FutureLearn

Your learning, your rules

  • Courses are split into weeks, activities, and steps to help you keep track of your learning
  • Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
  • Stay motivated by using the Progress page to keep track of your step completion and assessment scores

Join a global classroom

  • Experience the power of social learning, and get inspired by an international network of learners
  • Share ideas with your peers and course educators on every step of the course
  • Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others

Map your progress

  • As you work through the course, use notifications and the Progress page to guide your learning
  • Whenever you’re ready, mark each step as complete, you’re in control

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