Master course in Inventory management and Inventory Control: In inventory management, you order and store supplies for your business. A company’s inventory management department orders supplies and houses supplies and finished products. An overview makes inventory management sound easy. You’d think ordering supplies and putting them in a warehouse would be pretty easy, wouldn’t you? Inventory management, however, keeps track of all supplies so a company can quickly identify when it’s time to reorder something. Buying supplies depends entirely on the demand for the end products a company makes.
Inventory management: how does it work?
There are two ways to look at end-product demand: independent demand and dependent demand. First of all, independent demand is when the amount required isn’t dependent on another supply. Customers usually buy these finished goods. In inventory management, independent demand comes from previous sales history, forecasts, educated estimates, and purchased orders.
Dependent demand, by contrast, is needed when one supply is predicated on another. In dependent demand, raw materials are used to make finished goods and end products.
Concept of Inventory Control:
Inventory control refers to a lot of different things that are related only in that both require adequate inventory records and receipts and issues corresponding to these two functions. Control over accounting and control over operations are interpreted as one.
Inventories are controlled by properly recording receipts and consumption of materials, as well as the flow of goods through the factory and to the customer.
Besides raw materials, work-in-progress, and semi-finished products, it also protects the undertaking’s property. In inventory control, inventory levels are maintained at an optimum level based on operational needs and financial resources.
The 5 major topics I want to cover in this master’s course are:
1. Introduction and the importance of inventory management and inventory control
2. Inventory formula, benefits, purpose and types of inventory management
3. Process of Inventory Management and Techniques for Small Businesses
4. Best practices, advantages, processes and types of inventory control
5. Inventory control techniques and methods of operations management and cost accounting
Master course in Inventory management and Inventory Control:
In inventory management, you order and store supplies for your business. A company’s inventory management department orders supplies and houses supplies and finished products. An overview makes inventory management sound easy. You’d think ordering supplies and putting them in a warehouse would be pretty easy, wouldn’t you? Inventory management, however, keeps track of all supplies so a company can quickly identify when it’s time to reorder something. Buying supplies depends entirely on the demand for the end products a company makes.
Inventory management: how does it work?
There are two ways to look at end-product demand: independent demand and dependent demand. First of all, independent demand is when the amount required isn’t dependent on another supply. Customers usually buy these finished goods. In inventory management, independent demand comes from previous sales history, forecasts, educated estimates, and purchased orders.
Dependent demand, by contrast, is needed when one supply is predicated on another. In dependent demand, raw materials are used to make finished goods and end products.
Concept of Inventory Control:
Inventory control refers to a lot of different things that are related only in that both require adequate inventory records and receipts and issues corresponding to these two functions. Control over accounting and control over operations are interpreted as one.
Inventories are controlled by properly recording receipts and consumption of materials, as well as the flow of goods through the factory and to the customer.
Besides raw materials, work-in-progress, and semi-finished products, it also protects the undertaking’s property. In inventory control, inventory levels are maintained at an optimum level based on operational needs and financial resources. This course cover the content of Inventory Management, Inventory Control, Logistics management, Supply Chain and Stocks management, Warehouse management and Droposhipping process.
The 5 major topics I want to cover in this master’s course are:
1. Introduction and the importance of inventory management and inventory control
2. Inventory formula, benefits, purpose and types of inventory management
3. Process of Inventory Management and Techniques for Small Businesses
4. Best practices, advantages, processes and types of inventory control
5. Inventory control techniques and methods of operations management and cost accounting
