Undergraduate Certificate in Economic Order Quantity Method
-- ViewingNowThe Undergraduate Certificate in Economic Order Quantity Method is a comprehensive course that equips learners with the essential skills needed to excel in inventory management and supply chain optimization. This certificate program focuses on the Economic Order Quantity (EOQ) model, a critical concept in operations management that helps businesses determine the optimal order quantity to minimize inventory costs.
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⢠Introduction to Inventory Management: Understanding the basics of inventory management and the importance of the Economic Order Quantity (EOQ) method.
⢠Inventory Costs and their Impact: Identifying and analyzing the different costs associated with inventory management, including holding, ordering, and stock-out costs.
⢠Calculating EOQ: Learning the EOQ formula and its components, including annual demand, ordering cost, and holding cost.
⢠EOQ Applications: Applying the EOQ method to real-world scenarios and making data-driven decisions to optimize inventory levels.
⢠EOQ Variations: Exploring variations of the EOQ model, including the quantity discount model and the fixed order cost model.
⢠Inventory Control Systems: Understanding the various inventory control systems and their impact on the EOQ method.
⢠Supply Chain Management: Examining the role of the EOQ method in supply chain management and its relationship with other supply chain metrics.
⢠Technology and EOQ: Evaluating the impact of technology on the EOQ method and its role in automating inventory management processes.
⢠EOQ Limitations and Challenges: Understanding the limitations and challenges of the EOQ method and potential solutions for overcoming them.
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