Essential Concepts and Analytical Techniques for Manufacturing Professionals

What you'll 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

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