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Paul Jan
Inventory is a strategic asset for organizations. The effective management of inventory can minimize a company’s spending while dramatically increasing its profit. In this course, we will explore how to use data science to manage inventory in uncertain environments, how to set inventory levels based on customer service requirements, and how to calculate inventory for products that have short sales cycles.
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What's inside
Syllabus
Steady-State Demand: No Demand Variability
Welcome to Module 1, Steady-State Demand: No Demand Variability. In this module, we will begin by discussing demand behavior, specifically steady-state demand. Next, we will explore lead time and gather lead time information from multiple stakeholders. The module will close with a demonstration of how to calculate a reorder point within Excel.
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Syllabus
Steady-State Demand: No Demand Variability
Welcome to Module 1, Steady-State Demand: No Demand Variability. In this module, we will begin by discussing demand behavior, specifically steady-state demand. Next, we will explore lead time and gather lead time information from multiple stakeholders. The module will close with a demonstration of how to calculate a reorder point within Excel.
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Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Explores inventory management concepts which are standard in industry
Taught by experts in supply chain management
Develops foundational knowledge and skills for inventory management
Covers various inventory management scenarios, from steady-state to dynamic demand
Emphasizes data-driven approaches to inventory management
Provides tools and techniques for calculating inventory levels and safety stock
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Reviews summary
Practical inventory management fundamentals with excel
Learners say this course provides a solid foundation in inventory management, with a strong practical focus. Many found the instructor's explanations clear and the Excel demonstrations highly useful, particularly for understanding reorder points and the Newsvendor model. It's often highlighted as incredibly valuable for beginners or those new to supply chain. However, some students with advanced analytical backgrounds found the Excel-based calculations too basic and hoped for deeper coverage or more advanced data science applications beyond what was offered. The course is seen as well-structured and well-paced for busy professionals.
Useful for practical calculations but could be more advanced.
"The Excel demonstrations were particularly helpful for understanding reorder points and safety stock."
"I found the Excel-based calculations a bit basic."
"While the Excel demos are helpful, integrating more advanced tools or software would make it even stronger for data-driven professionals."
Course structure and delivery are suitable for professionals.
"The modules were well-structured, and I found the content on customer service level and its link to inventory particularly useful. The pace was just right for me."
"The course is well-paced for busy professionals."
"The pacing was good, and the instructor was easy to follow."
Ideal for new learners or those needing a fundamental overview.
"As someone new to supply chain, this course was incredibly valuable."
"Good overview of inventory. The explanations of demand variability and lead time were very clear."
"Excellent course for getting a solid grasp on inventory fundamentals."
Focuses on real-world applicability with clear, actionable insights.
"This course provided an excellent foundation in inventory management principles. The instructor's explanations were clear, and the Excel demonstrations were particularly helpful for understanding reorder points and safety stock."
"I learned a lot of practical tools and strategies I can use immediately."
"The real-world applicability of the Newsvendor model was a highlight. Highly recommend for anyone looking to optimize inventory."
Lacks depth in advanced quantitative methods and data science.
"For someone with a strong analytics background, I was hoping for more advanced quantitative methods or programming examples (e.g., Python/R)."
"The content feels a bit introductory, and I was hoping for more rigorous mathematical or statistical treatments of the topics."
"The 'data science' aspect mentioned in the description felt minimal."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Inventory Management with these
activities:
Read 'Inventory Management for Dummies'
Show steps
Gain a foundational understanding of inventory management concepts and practices.
View
Neurologic Rehabilitation, Second Edition:...
on Amazon
Show steps
-
Read the book.
-
Take notes.
-
Review the key concepts.
Join a Study Group
Show steps
Engage in peer discussions to strengthen understanding of course concepts and support learning.
Show steps
-
Find a study group to join.
-
Attend study group sessions.
-
Participate in discussions.
Calculate Reorder Point
Show steps
Practice calculating reorder point to strengthen understanding of steady-state demand.
Browse courses on
Inventory Management
Show steps
-
Review the formula for reorder point.
-
Gather data on demand and lead time.
-
Substitute the data into the reorder point formula.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Follow Tutorials on Supply Chain Management
Show steps
Expand understanding of how inventory management is integrated within supply chain management.
Browse courses on
Supply Chain Management
Show steps
-
Identify relevant tutorials.
-
Follow the tutorials.
-
Take notes.
Create a Simulation Model
Show steps
Build a simulation model to explore the impact of demand variability on safety stock requirements.
Show steps
-
Choose a simulation software.
-
Design the simulation model.
-
Run the simulation.
-
Analyze the results.
Attend an Inventory Management Workshop
Show steps
Gain practical insights and hands-on experience in inventory management techniques.
Browse courses on
Inventory Management
Show steps
-
Identify relevant workshops.
-
Register for the workshop.
-
Attend the workshop.
Implement an Inventory Management System
Show steps
Develop and implement an inventory management system to improve customer service levels.
Show steps
-
Gather requirements.
-
Design the system.
-
Implement the system.
-
Test the system.
-
Deploy the system.
Develop an Inventory Management Plan
Show steps
Apply course concepts to develop a comprehensive inventory management plan for a specific organization.
Browse courses on
Inventory Management
Show steps
-
Gather data.
-
Analyze the data.
-
Develop the plan.
-
Implement the plan.
Read 'Inventory Management for Dummies'
Show steps
Gain a foundational understanding of inventory management concepts and practices.
View
Neurologic Rehabilitation, Second Edition:...
on Amazon
Show steps
Show steps
Show steps
- Read the book.
- Take notes.
- Review the key concepts.
Join a Study Group
Show steps
Engage in peer discussions to strengthen understanding of course concepts and support learning.
Show steps
Show steps
Show steps
- Find a study group to join.
- Attend study group sessions.
- Participate in discussions.
Calculate Reorder Point
Show steps
Practice calculating reorder point to strengthen understanding of steady-state demand.
Browse courses on
Inventory Management
Show steps
Show steps
Show steps
- Review the formula for reorder point.
- Gather data on demand and lead time.
- Substitute the data into the reorder point formula.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Follow Tutorials on Supply Chain Management
Show steps
Expand understanding of how inventory management is integrated within supply chain management.
Browse courses on
Supply Chain Management
Show steps
Show steps
Show steps
- Identify relevant tutorials.
- Follow the tutorials.
- Take notes.
Create a Simulation Model
Show steps
Build a simulation model to explore the impact of demand variability on safety stock requirements.
Show steps
Show steps
Show steps
- Choose a simulation software.
- Design the simulation model.
- Run the simulation.
- Analyze the results.
Attend an Inventory Management Workshop
Show steps
Gain practical insights and hands-on experience in inventory management techniques.
Browse courses on
Inventory Management
Show steps
Show steps
Show steps
- Identify relevant workshops.
- Register for the workshop.
- Attend the workshop.
Implement an Inventory Management System
Show steps
Develop and implement an inventory management system to improve customer service levels.
Show steps
Show steps
Show steps
- Gather requirements.
- Design the system.
- Implement the system.
- Test the system.
- Deploy the system.
Develop an Inventory Management Plan
Show steps
Apply course concepts to develop a comprehensive inventory management plan for a specific organization.
Browse courses on
Inventory Management
Show steps
Show steps
Show steps
- Gather data.
- Analyze the data.
- Develop the plan.
- Implement the plan.
Career center
Learners who complete Inventory Management will develop knowledge and skills
that may be useful to these careers:
Inventory Manager
Inventory Manager
An Inventory Manager is responsible for overseeing the inventory of a company. This includes managing the flow of goods, from采购 to storage and distribution. The goal of an Inventory Manager is to minimize costs while ensuring that there is always enough product on hand to meet customer demand. This course can help you build a foundation in inventory management, including how to use data science to make better decisions about inventory levels.
Supply Chain Manager
Supply Chain Manager
A Supply Chain Manager is responsible for overseeing the entire supply chain of a company. This includes managing the flow of goods, from采购 to manufacturing and distribution. The goal of a Supply Chain Manager is to ensure that the company has the right products, in the right place, at the right time. This course can help you build a foundation in supply chain management, including how to use data science to make better decisions about inventory levels.
Logistician
Logistician
A Logistician is responsible for planning and coordinating the movement of goods and people. This includes managing the flow of goods from采购 to storage and distribution. The goal of a Logistician is to ensure that goods are delivered to the right place, at the right time, and at the lowest possible cost. This course can help you build a foundation in logistics, including how to use data science to make better decisions about inventory levels.
Demand Planner
Demand Planner
A Demand Planner is responsible for forecasting demand for products and services. This information is used to make decisions about production levels, inventory levels, and marketing campaigns. The goal of a Demand Planner is to ensure that the company has the right products, in the right place, at the right time. This course can help you build a foundation in demand planning, including how to use data science to make better predictions about demand.
Data Scientist
Data Scientist
A Data Scientist is responsible for using data to solve business problems. This includes using data to make predictions, identify trends, and develop new products and services. The goal of a Data Scientist is to help companies make better decisions. This course can help you build a foundation in data science, including how to use data to make better decisions about inventory levels.
Operations Analyst
Operations Analyst
An Operations Analyst is responsible for analyzing the operations of a company. This includes analyzing data to identify inefficiencies and develop solutions to improve performance. The goal of an Operations Analyst is to help companies improve their profitability. This course can help you build a foundation in operations analysis, including how to use data science to make better decisions about inventory levels.
Process Engineer
Process Engineer
A Process Engineer is responsible for designing and improving processes. This includes analyzing data to identify inefficiencies and develop solutions to improve performance. The goal of a Process Engineer is to help companies improve their productivity. This course can help you build a foundation in process engineering, including how to use data science to make better decisions about inventory levels.
Financial Analyst
Financial Analyst
A Financial Analyst is responsible for analyzing the financial performance of a company. This includes analyzing data to identify trends and make recommendations for investment. The goal of a Financial Analyst is to help companies make better financial decisions. This course can help you build a foundation in financial analysis, including how to use data science to make better decisions about inventory levels.
Actuary
Actuary
An Actuary is responsible for assessing and managing risk. This includes analyzing data to develop insurance policies and risk management strategies. The goal of an Actuary is to help companies and individuals protect themselves from financial loss. This course can help you build a foundation in actuarial science, including how to use data science to make better decisions about inventory levels.
Retail Manager
Retail Manager
A Retail Manager is responsible for the day-to-day operations of a retail store. This includes managing inventory, sales, and customer service. The goal of a Retail Manager is to maximize profitability and customer satisfaction. This course can help you build a foundation in retail management, including how to use data science to make better decisions about inventory levels.
Warehouse Manager
Warehouse Manager
A Warehouse Manager is responsible for the day-to-day operations of a warehouse. This includes managing inventory, shipping, and receiving. The goal of a Warehouse Manager is to maximize efficiency and minimize costs. This course can help you build a foundation in warehouse management, including how to use data science to make better decisions about inventory levels.
Purchasing Manager
Purchasing Manager
A Purchasing Manager is responsible for managing the procurement of goods and services for a company. This includes negotiating with suppliers, placing orders, and tracking deliveries. The goal of a Purchasing Manager is to get the best possible prices and terms for the company. This course can help you build a foundation in purchasing management, including how to use data science to make better decisions about inventory levels.
Production Manager
Production Manager
A Production Manager is responsible for the day-to-day operations of a production facility. This includes managing inventory, scheduling production, and maintaining equipment. The goal of a Production Manager is to maximize productivity and minimize costs. This course can help you build a foundation in production management, including how to use data science to make better decisions about inventory levels.
Transportation Manager
Transportation Manager
A Transportation Manager is responsible for managing the transportation of goods and people for a company. This includes negotiating with carriers, scheduling shipments, and tracking deliveries. The goal of a Transportation Manager is to get the best possible prices and terms for the company. This course can help you build a foundation in transportation management, including how to use data science to make better decisions about inventory levels.
Quality Assurance Manager
Quality Assurance Manager
A Quality Assurance Manager is responsible for ensuring that the products and services of a company meet quality standards. This includes inspecting products, testing materials, and developing quality control procedures. The goal of a Quality Assurance Manager is to prevent defects and ensure customer satisfaction. This course can help you build a foundation in quality assurance, including how to use data science to make better decisions about inventory levels.
For more career information including salaries, visit:
OpenCourser.com/course/dt9jtx/inventory
Reading list
We've selected eight books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Inventory Management.
This comprehensive textbook provides a thorough foundation in inventory management principles and their application in supply chain management. It is an excellent resource for students and professionals seeking a deeper understanding of the subject.
Provides a comprehensive and technical treatment of quantitative methods for supply chain management. It covers a wide range of topics, from basic inventory models to more advanced topics such as stochastic modeling and inventory optimization.
Delves into the statistical techniques used in inventory management, such as forecasting, safety stock calculation, and inventory optimization. It valuable resource for those seeking a more analytical approach to inventory management.
This practical guide focuses on inventory optimization techniques to reduce costs while maintaining customer satisfaction. It valuable resource for those seeking to improve their inventory management practices and make data-driven decisions.
Provides a practical guide to inventory management. It covers topics such as inventory planning, inventory control, and inventory performance measurement.
This comprehensive textbook provides a broad overview of supply chain management, including inventory management. It covers topics such as supply chain strategy, inventory planning, and inventory control.
A broad examination of supply chain management that includes coverage of inventory management as a key component of the supply chain. It good read for those seeking a wider perspective on inventory management within the context of overall supply chain optimization.
This widely used textbook provides a comprehensive overview of operations management, including a chapter dedicated to inventory management. It valuable resource for students and professionals seeking a foundational understanding of the subject.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/dt9jtx/inventory
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Effort
4 weeks of study, 2-3 hours/week
Level
Intermediate
Via
Coursera
Institution
University of California, Irvine
Instructor
Paul Jan
Language
English
Transcripts
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This course belongs to a
collection
called
Leverage Data Science for a More Agile Supply Chain. It's comprised of two courses:
- Supply Chain Optimization
- Inventory Management (viewing)
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