Lean Inventory Systems
Participant Profile: Employees involved in processes that require significant inventory to operate. Inventory can be raw materials, work-in-process, or finished goods
Duration: 4-8 hours
Course Size: 8-12 participants
Course Description: Inventory is one of the most expensive investments companies make, but necessary to satisfy customer demand and process requirements. Proper inventory management can return 25-50% of inventory value directly to your cash account without sacrificing service level. Students will learn to design and optimize lean inventory systems that minimize inventory cost and quantity, reduce working capital, and create flexibility. Course topics include trigger-based Kanban inventory systems, time-based Supermarket inventory systems, hybrid inventory systems, ABC analysis, Reorder Point (ROP), Economic Order Quantity (EOQ) and service level optimization.
Learning Objectives: Upon satisfactory completion, participants will:
- Determine the appropriate inventory system for a given inventory
- Design and optimize the appropriate inventory system
- Run model simulations and create implementation controls
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