Unlock the secrets of effective material management to optimize your inventory and enhance operational efficiency.

What you'll learn
Fundamentals of Material Management: Gain a foundational understanding of material management concepts, principles, and practices essentials.
Stock Level Management: Understand how to determine optimal stock levels and manage material flows to prevent stockouts and reduce excess inventory.
Economic Order Quantity (EOQ): Learn the EOQ model and its applications, including calculations using various inventory methods like FIFO, LIFO.
Material Pricing Issues: Explore various pricing methods for materials, including FIFO, LIFO, simple average, weighted average, standard price.
Material Management Techniques: Analyze real-world examples of material management and develop skills to address common challenges and issues.
Cost Control: Understand the relationship between effective material management and cost control, emphasizing the impact on overall business performance.
Practical Applications: Engage in practical exercises and case studies to reinforce theoretical knowledge and apply concepts to real-world scenarios.
Strategic Decision-Making: Develop critical thinking and analytical skills to make informed decisions regarding material sourcing, pricing.
By the end of the course, students will be equipped with the skills and knowledge to implement effective material management practices.

Requirements
Basic Understanding of Business Concepts: Familiarity with general business principles and practices will help students grasp material management concepts more easily.
Foundational Knowledge of Accounting and Finance: A basic understanding of accounting principles, financial statements, and cost analysis is beneficial, as material management often involves financial implications.
Mathematical Skills: Proficiency in basic mathematics is necessary for calculations related to inventory management, EOQ, and pricing methods.
Interest in Supply Chain and Operations Management: A genuine interest in supply chain dynamics, logistics, and operational efficiency will enhance the learning experience.
Computer Literacy: Familiarity with spreadsheets and basic data analysis tools is advantageous for performing calculations and analyzing material management scenarios.

https://www.udemy.com/course/material-management-and-cost-control/