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Inventory Management and Economic Order Quantity
Analyse inventory management and learn about the economic order quantity
On this two-week course, you’ll learn key inventory concepts including their classification, costs, and benefits.
You’ll also learn about the ABC analysis and how this crucial technique can help in your inventory management.
Explore the Economic Order Quantity and the bullwhip effect
Understanding the concept of the Economic Order Quantity (EOQ) method will help you minimise inventory costs such as order costs and holding costs.
You’ll be introduced to the EOQ concept as well as the bullwhip effect. You’ll analyse the drivers and results of these concepts and learn how the bullwhip effect can help you reduce the impacts it can cause throughout your supply chain.
Identify the challenges of Vendor Managed Inventory and Efficient Consumer Response
You’ll also explore Vendor Managed Inventory (VMI) and the Efficient Consumer Response (ECR).
You’ll explore the challenges of using them in-depth and learn how to develop a customer-orientated approach to your supply chain.
By the end of the course, you’ll be confident in inventory management techniques and how to apply them to your supply chain to deliver the best outcomes.
Highlight the new, job-relevant skills you’ve gained and supplement existing qualifications with a hard-earned, industry-specific digital certificate – plus one for every course within your ExpertTrack.
- Learn the latest in your chosen industry or subject.
- Complete each course and pass assessments.
- Receive certificates validated by the educating organisation.
- Impress employers with learning outcomes you can add to your CV.
- Make your career dreams a reality.
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Learning on this course
You can take this self-guided course and learn at your own pace. 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.
This course from Coventry University is part of the International Logistics ExpertTrack, exploring the importance of international logistics from a strategic perspective.
- Pay $39 per month to keep learning online
- Have complete control over your subscription; you can cancel any time
- Work at your own pace and set your own deadlines at every stage
- Only pay while you’re learning; the subscription will cancel automatically when you finish
- Complete online assessments to test your knowledge and prove your skills
- Earn digital course certificates and a final award that you can share online, with potential employers, and your professional network
- Keep access to the content of courses you complete even after your subscription ends