This course provides you the basic concepts and advanced models in inventory management. This course discusses issues related to inventory in a supply chain context. It also gives a multidimensional view to approach a problem with case studies.
UNIT I INTRODUCTION TO INVENTORY MANAGEMENT
Inventory in SCM, Cash to cash cycle time, measure of inventory in terms of days, Inventory turnover ratio and its relationship with working capital, Review of models, Q-models and P-models Aggregation of Inventory, Cycle stock concepts, Ordering multiple items in a single order to reduce cycle stock
UNIT II INVENTORY MODELS
Safety stock issues Safety stock with lead time and demand uncertainty (for Q-models), Short term discounting & Forward Buying, Periodic review models with safety stock, Comparison of P and Q systems
UNIT III INVENTORY MANAGEMENT STRATEGIES
Single period models, Inventory management for fashion supply chains, Postponement strategies to reduce inventory, Examples of Fashion supply chains: NFL Reebok, ZARA and Sport Obermeyor Risk Pooling, Applications, Risk pooling in different forms-Substitution, Specialisation, Postponement and Information pooling
UNIT IV INVENTORY OPTIMIZATION
Distribution resource planning techniques, Inventory and transportation integration decisions, Vendor Managed Inventory, Product availability measures, Product fill rate, order fill rate, Cycle service level.
UNIT V LATEST TRENDS IN INVENTORY MANAGEMENT SYSTEMS
Industry initiatives, Efficient consumer Response and Quick response ,CPFR and other industry initiatives, Inventory reduction strategies, Managing inventory in Reverse Logistics and Remanufacturing situations , Best practices in Inventory Management in a Supply Chain
TOTAL: 45 PERIODS
At the end of this course, the students can confidently approach their supply chain inventory issues and they can use different tools appropriately to solve the problems and enhance the performance of their supply chains.