This course is part of the International Logistics ExpertTrack
Inventory Management and Economic Order Quantity
Explore the key principles of inventory management and discover savings and efficiencies through better inventory management.
Duration
2 weeksWeekly study
5 hoursIncluded in an ExpertTrack
Course 3 of 5
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.
Syllabus
Week 1
Inventory management
Welcome to Short Course 3
Welcome to a new week in this international logistics module.
Introduction to inventory
Here, we define the role of inventory in logistics. We'll also look at why inventory is kept and the costs associated with this.
Principles of inventory management
In this activity, we'll examine two key issues related to inventory management -- the trade-offs associated with high and low levels of inventories, and how companies analyse their inventory.
A summary of the week
A chance for you to reflect on your learning this week.
Week 2
Economic Ordering
Welcome back
Welcome to a new week of International Logistics.
Economic Order Quantity
In this activity, we’ll explore how to determine an Economic Order Quantity (EOQ) – a way of calculating an optimal order size as part of inventory management by considering ordering and holding inventory costs.
Review systems and the Bullwhip Effect
In this activity, we explore two review systems used in inventory – Fixed Order Quantity (FOQ) and Fixed Order Cycle (FOC). We’ll also consider the Bullwhip Effect and how this can cause problems along the supply chain.
VMI and ECR
In this activity, we introduce you to the concepts of Vendor-Managed Inventory (VMI) and Efficient Consumer Response (ECR), and how these can be applied to improve the performance of a supply chain.
Test your understanding
In this activity, you will put into practice and test your understanding of the concepts covered over this short course.
Summary of the week
A chance for you to review and reflect on your learning.
Prove you're job ready
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.
Download a PDF
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.
Who developed the course?
Coventry University
Coventry secured gold in the UK Government’s 2017 Teaching Excellence Framework (TEF) and is University of the Year for Student Experience in The Times & The Sunday Times Good University Guide 2019.
Established
1992Location
Coventry
Start learning today - free 7-day trial
After your free trial you can:
- 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
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps, but you can complete them as quickly or slowly as you like
- 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
- Complete 90% of course steps and all of the assessments to earn your certificate
Want to know more about learning on FutureLearn? Using FutureLearn
