Inventory Management Foundations

The success of a business can hinge on how its inventory is managed. There are costs to having too little—or too much—inventory on hand. In this course, instructor Steven Brown equips you with tools and strategies that can help you get inventory control right. Steven begins by going over the different types of inventories and highlighting both the traditional and hidden costs of inventory. He then dives into inventory management, discussing reasons to hold inventory, as well as how to approach production inventory, finished goods inventory, and service inventory. He also goes over control systems, and shares tools and management methods that can help you effectively analyze and control your inventory.

Learning objectives
Describe what takt time is and why it’s used.
Explain how using standardized parts reduces costs.
Summarize the importance of quality at the source.
Cite who should manage lean inventory.
Describe how to create a lean culture in your business.