Inventory Optimization

What you'll learn
Deciding about economic order quantity that minimizes the overall cost.
Deciding about safety stock to handle uncertainties.
Deciding about economic lot size in batch production system.
Optimization under some special situations related to inventory control.
Deciding under mutually conflicting objectives.
Street smart approach in decision making.
Requirements
None. Basic understanding of differential calculus can be advantageous
Description
In quantitative inventory management, values and behavior of various variables like demand, costs etc. are estimated based on data and mathematical modelling techniques. There is always some doubt in the mind of managers about the accuracy of estimated values. This course provides intuitive solution to these aspects by deriving some thumb rules to understand whether a decision moves the system towards optimal or away from it. This course discusses about costs in inventory management, optimization of costs, does some post optimal analysis and derives some street smart approach to take optimization decisions without getting into much mathematical calculations. The focus is mainly on single item deterministic model with constant demand and lead time. Then, it builds other important concepts for inventory management and improvises to deal with uncertainty in demand. This course doesn't discuss about any logistics or materials management software tool. Tool specific learning makes one understand the features of a software tool instead of understanding the core concept of inventory management. Features of the tool keep changing from tool to tool making the acquired knowledge very specific to the tool. A student with proper understanding of concept can easily related the features of the tool with these concepts and can use them smartly. So, join and enjoy the concepts.
Overview
Section 1: Inventory Control -- Basics and Costs
Lecture 1 Inventory control -- Basic
Lecture 2 Reasons for Inventory Build-up
Lecture 3 Types of Costs Involved in Inventory Control
Lecture 4 Inventory Carrying Cost and Ordering Cost
Lecture 5 Decisions and Costs Involved in Inventory Control
Lecture 6 Deterministic and Probabilistic Models
Section 2: Optimization of Cost
Lecture 7 Economic Order Quantity
Lecture 8 The EOQ formula
Lecture 9 Some Numericals for practice
Lecture 10 Answers of practice questions (Involves Quantity Discount)
Section 3: Post Optimization
Lecture 11 Some analysis on EOQ formula
Lecture 12 Inventory Control- Insensitivity of Total Cost near Optimum
Section 4: Some Thumb Rules and Managing Uncertainty
Lecture 13 Behaviour of Cost Near Optimal - A Street Smart Approach
Lecture 14 Post Optimally Analysis
Lecture 15 Revision Questions with Solutions
Lecture 16 Managing Uncertain Demand - Safety Stock
Section 5: Examination Question with Answer
Lecture 17 Exam Question (Cost Comparision)
Students of Production and Operations Management.,People Aspiring for Jobs Needing Operations Research Knowledge.,Practicing Production Managers.,Someone Interested in Optimization Techniques.,Finance Students


Homepage

https://www.udemy.com/course/inventory-control-concepts-for-managers-t/

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