MGT 269 - Introduction to Inventory Management

Credit(s) 3.00
Lecture Hours: 3.00
This course focuses on the role of inventory management in the supply chain. Students will be exposed to the concepts, principles, problems and procedures of inventory management. The crucial role of inventory and materials management in the efficiency, competitiveness and profitability of a business will be examined. The importance of inventory management, material requirements planning, and “just-in-time” systems will also be emphasized.

SLOs:
Upon successful completion of this course, students will be able to:

Define Inventory Management.
Identify the key planning aspects of inventory management.
Apply basic formulas to calculating inventory quantities.
Utilize basic formulas to compute breakeven points, profit margins, markups and markdowns, as well as setting price and margin settings.
Examine the role of forecasting in inventory management.
Examine basic Ordering Systems and Material Requirements Planning.
Employ basic problem-solving techniques to issue resolution.
Integrate workplace skills to include improved communication skills and problem-solving skills.