Fundamentals of Inventory Management Using Microsoft Excel

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
Description:
Unlock the secrets to effective inventory management with our comprehensive online course, "Fundamentals of Inventory Management Using Microsoft Excel." Designed for manufacturing professionals of all educational and experience backgrounds, this course offers a deep dive into the essential concepts, analytical techniques, and practical tools needed to excel in inventory management.What You'll Learn:Business Accounting Basics: Gain a solid understanding of business accounting as it relates to inventory management, including balance sheet and income statement analysis, calculating Cost of Goods Sold (COGS), and valuation methods such as FIFO, LIFO, and Weighted Average Cost (WAC).Data Visualizations: Master the use of saw tooth diagrams and histograms to visualize and interpret inventory data effectively.Demand Forecasting: Learn about normal distributions in simple demand forecasting and predictive analytics, including time series analysis methods for addressing growth trends and seasonality.Total Cost of Inventory: Explore the components of total inventory cost, including holding and ordering costs, with an in-depth look at the Economic Order Quantity (EOQ) model.Further Topics in Inventory Management: Gain tremendous insight into topics for your further study with lectures on ABC Analysis, Vendor Managed Inventory, Just in Time inventory, and Inventory Control Policies. Plus, learn how inventory management relates to other disciplines like Capacity Analysis, Supply Chain Management, and Quality Management.Course Features:Case Studies: Analyze real-world scenarios to understand the practical applications of inventory management concepts.Quizzes and Practice Exercises: Test your knowledge and apply what you've learned through interactive quizzes and hands-on practice exercises.Downloadable Course Notes and Glossary of Terminology.Microsoft Excel Integration: Learn how to leverage Microsoft Excel for inventory management tasks, enhancing your analytical skills with practical, spreadsheet-based solutions.Almost 7 hours of engaging and informative video content, providing a thorough education in the basics of inventory management principles and practices.Who Should Enroll:Manufacturing professionals seeking to improve their inventory management skills.Newcomers to inventory management looking for a solid foundation in key concepts and techniques.Experienced practitioners aiming to enhance their analytical abilities and apply intermediate inventory strategies.Benefits of Taking This Course:Enhanced Inventory Control: Learn how to manage inventory levels effectively to meet customer demand while minimizing costs.Improved Decision-Making: Utilize data visualization and forecasting techniques to make informed inventory decisions.Practical Skills: Apply your learning immediately with practice exercises and case studies that reflect real-world challenges.In addition to all of these course materials, when you enroll in Fundamentals of Inventory Management Using Microsoft Excel, you also get:LIFETIME ACCESS to all course materials AND all other materials we may add later.A Certificate of Completion with your name, the course's name, and the time duration of the course (useful for fulfilling the need of some CEU requirements)Q&A access through the Udemy platform to a 30+ year manufacturing, quality, engineering, and business professional. Enroll now in Fundamentals of Inventory Management Using Microsoft Excel and take the first step toward mastering inventory control and optimization. Whether you're just starting out or looking to refine your skills, this course provides the knowledge and tools you need to succeed.Enroll Today to Transform your Inventory Management Skills!
Who this course is for:
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
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