Professional Certificate in Inventory Management
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⢠Introduction to Inventory Management: Understanding the fundamentals of inventory management, including the importance of inventory control and common inventory management objectives.
⢠Types of Inventory: Exploring different types of inventory such as raw materials, work-in-progress, finished goods, and maintenance, repair, and operating supplies (MRO).
⢠Inventory Control Systems: Learning about various inventory control systems, including periodic and perpetual systems, and their advantages and disadvantages.
⢠Inventory Valuation Methods: Understanding different inventory valuation methods, such as FIFO, LIFO, and weighted average.
⢠Forecasting and Demand Management: Analyzing demand patterns and forecasting techniques, including statistical and qualitative methods, to manage inventory levels effectively.
⢠Inventory Replenishment Strategies: Examining various inventory replenishment strategies, including safety stock levels, economic order quantities, and just-in-time (JIT) inventory management.
⢠Supplier Relationship Management: Managing relationships with suppliers to ensure timely delivery of goods and services, including negotiating contracts and establishing performance metrics.
⢠Inventory Performance Metrics: Measuring inventory performance using key metrics, such as inventory turnover, stockout rates, and carrying costs.
⢠Technology in Inventory Management: Exploring the role of technology in inventory management, including barcoding, RFID, and inventory management software.
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