Effective inventory management plays a crucial role in the smooth and efficient running of any organization. Reducing excess inventories and investing in the right inventories lead to better customer service, better investor turnover and more profits. Fundamentals of Inventory Management and Control will equip you with the fundamental tools and techniques you need to analyze and control inventory from cost-cutting techniques to day-to-day management to the latest developments in inventory handling, including managing total inventories and materials management.

Learn how to:

• Purchase, plan, manage, and control inventories and materials
• Evaluate inventory methods, make improvements to your current system, determine optimum inventory levels, design and implement a cycle-counting program, and analyze replenishment policies.
• Reduce excess inventories and invest in the right inventories for better customer service, better investment turnover and greater profits.
• Calculate optimal order quantities for such special cases as quantity discounts and price increases
• Locate your minimum-total-cost point, control inventory loss, and determine ideal safety stock levels.
• Answer the question: What is the real cost of being out-of-stock?

Course Objective:

Purchase, plan, manage, and control inventories and materials.

About This Course:

As one course among many offered in our curriculum, Fundamentals of Inventory Management and Control, Second Edition, has been designed specifically for the practicing manager and the future manager. It provides private, self-paced, individualized study.

Richard E. Ward offers both an academic and practical perspective on the management of inventories, with a combined career in teaching, research, industrial employment, and consulting that spans more than 25 years. He is a frequent speaker at conferences and has a national reputation as a leader of short courses and seminars dealing with inventory management. Dr. Ward is a former faculty member of the Department of Industrial Engineering at West Virginia University. He holds a B.S. degree in Industrial Engineering from Pennsylvania State University and M.S. and Ph.D. degrees in the same field from West Virginia University. In 1975 Dr. Ward was the recipient of a research fellowship sponsored by the British Science Research Council. This enabled him to spend 15 months in the Center for Computer Studies at the University of Leeds, England.

Dr. Ward's professional activities are equally broad. He has served as  National Director of the Institute of Industrial Engineers' (IIE) Transportation and Distribution Division and as the newsletter editor for IIE's Production and Inventory Control Division. At the present time he is Staff Vice President for Education of the Material Handling Institute, Inc. Dr. Ward is a registered Professional Engineer in Pennsylvania and West Virginia and remains very active at the local level in several professional organizations, including the IIE, the American Production and Inventory Control Society (APICS), and the National Society of Professional Engineers  (NSPE).

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