Effective and efficient inventory management is key to all kinds of businesses. Too much or insufficient inventory can adversely impact the profitability of a company. The essence of inventory management is to decide when, where and how much inventory should be kept for which customer, in order to balance the trade-off between costs and service level.

This course is tailor-made for companies to manage their inventory effectively and efficiently. The course covers the fundamental concepts, models and principles of inventory management. Through various industry cases and hands on exercises, the course equips the participants with knowledge, techniques and skills vital for inventory management. 

Learning Objectives: 

Fundamental Concepts, Models, Principles of Inventory Management 

• Lot sizing models with decision rules 
• Deterministic inventory models with optimal decision rules 
• Probabilistic inventory models with optimal decision rules 
• Dynamic programming in inventory management 
• Case studies and hands-on exercises 

Optimal Demand Forecasting and Inventory Network Optimisation 

• Optimal demand forecast and intelligent forecasting system 
• Independent and dependent demand inventory systems 
• Inventory network planning and optimisation 
• Case studies and hands-on exercises