Fundamentals of Inventory Management Using Microsoft Excel

Essential Concepts and Analytical Techniques for Manufacturing Professionals

Created by: Ray Harkins, The Manufacturing Academy
Senior Manufacturing Professional, Online Educator

What Will I Learn?

• The costs and benefits of inventory
• Types of inventory
• Overview of cycle stock, pipeline stock, and safety stock
• Data visualizations useful to inventory management and analytics
• Inventory on Hand calculations
• Common inventory metrics
• The basics of inventory acounting
• Overview of Cost of Goods Sold (COGS)
• Inventory Turnover Ratio and Days of Outstanding Inventory Ratio
• Basics of demand forecasting
• Why accurate forecasts are necessary
• Utilizing the normal distribution to make simple demand forecasts
• The basics of time series analysis
• Baseline, seasonality, linear trends, and randomness
• Total cost of inventory calculations
• Understanding ordering and holding costs
• The Economic Order Quantity (EOQ)
• Topics in inventory management such as Vendor Managed Inventory (VMI) and Just in Time (JIT)
• Inventory classification using ABS analysis
• Common inventory management terminology
• An overview of inventory control policies
• Related fields of study

Requirements

• Basic knowledge of manufacturing
• Basic knowledge of Microsoft Excel

Target audience

• Inventory Analysts, Inventory Managers, Buyers, Production Planners
• Supply Chain Analysts, Supply Chain Managers
• Manufacturing Managers, Operations Managers, Operations Analysts
• Planning and Fulfillment Professionals, Logistics and Transportation Professionals