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Course Description

Obsolescence and expiration are less of a concern with long life cycle products, such as books and bicycles, than with short life cycle products. Yet there are costs associated with obtaining and storing inventory. If you place orders too frequently, you risk spending too much time and money on negotiation and shipping. Buying more product but doing so less frequently, on the other hand, may result in significant carrying costs. How, then, can you balance carrying costs and maintain “just enough” inventory? In this lesson, you’ll build and use an EOQ decision support tool. You will examine the base stock model and compare it to the EOQ model. You will also explore a third inventory management model called just-in-time (JIT). For the best experience, complete this lesson after taking "Inventory Management Analysis: Determine Service Levels and Product Type" and "Inventory Management Analysis: Long Life Cycle Products and the EOQ Model."

Benefits to the Learner

  • Build and use an EOQ decision support tool
  • Compare the EOQ and the base stock models
  • Examine the just-in-time (JIT) model
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Type
self-paced (non-instructor led)
Dates
Feb 03, 2022 to Dec 31, 2030
Total Number of Hours
2.0
Course Fee(s)
Regular Price $0.00
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