Inventory Management

Go to Course: https://www.coursera.org/learn/inventory-management

Introduction

### Course Review: Inventory Management on Coursera In today's fast-paced business environment, effective inventory management has emerged as a critical factor for organizational success. The "Inventory Management" course on Coursera offers a comprehensive exploration of this field, focusing on the intersection of inventory strategies and data science. As businesses face ever-increasing complexities due to demand variability and customer expectations, this course equips professionals with the skills to navigate these challenges effectively. #### Course Overview This course emphasizes the strategic nature of inventory as an asset and underlines how effective management can minimize costs while maximizing profits. Over the span of four detailed modules, students will delve into data science concepts related to inventory management and understand how to make informed decisions in uncertain environments. #### Detailed Syllabus Breakdown 1. **Module 1: Steady-State Demand: No Demand Variability** - In the first module, students gain foundational knowledge of demand behavior in a stable environment. The module introduces concepts like lead time and encompasses interactive discussions to gather essential lead time information. Learners also receive practical experience through an Excel demonstration on calculating reorder points, crucial for maintaining optimal inventory levels. 2. **Module 2: Inventory Management with Demand Variability** - Transitioning to more common scenarios, Module 2 addresses the challenges posed by demand variability. Here, the course explores the multiple sources of variability and effective strategies to manage them, emphasizing the role of safety stock in maintaining service levels. This module equips learners with robust methods to counter fluctuations in demand, a vital skill for any inventory manager. 3. **Module 3: Inventory as a Strategic Tool to Meet Customer Service Level** - The third module elevates the discussion, linking customer service levels directly to inventory management strategies. Students learn how to calculate safety stock to achieve desired service levels and explore the balance between inventory investment and customer satisfaction. This module is critical for understanding how inventory can be a strategic tool rather than just an operational necessity. 4. **Module 4: Newsvendor Model (One-Period Decision Model)** - The final module delves into the newsvendor model, a decision-making framework for single-period products. Through real-world examples and case studies, learners discover how to calculate order quantities and mitigate the risks of overstocking or stockouts. This practical approach solidifies the course's emphasis on data-driven decision-making. #### Who Should Take This Course? This course is ideal for supply chain professionals, inventory managers, and business analysts looking to enhance their skills in inventory optimization and strategic management. It is also beneficial for students in business-related programs seeking a comprehensive understanding of inventory dynamics. #### Recommendations Having completed the course, I highly recommend it for anyone interested in honing their inventory management skills. The blend of theoretical knowledge and practical application sets this course apart. The modules are well-structured, making complex concepts accessible, while the use of Excel in real-world scenarios helps reinforce learning. Additionally, the course encourages interactive engagement with peers and instructors, fostering a collaborative learning environment. Whether you're aiming for a career in supply chain management or seeking to improve your current organization's inventory practices, this course will provide the tools and insights necessary to succeed. In conclusion, Coursera's "Inventory Management" course stands as a valuable resource for anyone committed to mastering the intricacies of inventory as a strategic asset. Enroll today to enhance your expertise and drive impactful decisions within your organization!

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.

Welcome to Module 2. After discussing steady-state demand in Module 1, we will explore the more common situation of demand variability. Specifically, we will focus on sources of variability, strategies for countering variability, and lead time calculations to maintain a safety stock.

Welcome to Module 3. In this module, we will discuss customer service level, its relationship to inventory, and how to calculate safety stock to maintain a desired customer service level.

Welcome to Module 4. In this module, we will cover the newsvendor model, examples of single-period products, and calculating the order quantity to mitigate product underages or overages.