It is crucial for organizations to realize that meeting customer expectations for ever-faster delivery requires monitoring all aspects of your supply chain.
Maintaining excess inventory is expensive; however, insufficient inventory can turn away valuable customers and even stop production. This puts your organization in the middle of a dangerous balancing act.
This program gives you the essentials of inventory management and useful decision making models you can apply to better manage inventory in your organization.
You’ll have the opportunity to examine the distinction between independent and dependent demand inventory (MRP – Material Requirements Planning) and will come away from the program equipped with useful methods for controlling inventories in your area.
Managing inventory is part of the larger practice of supply chain management, which has been widely adopted in recent years by companies worldwide. Your company is as strong as the weakest link in its supply chain. Today, competition is supply chain against supply chain, rather than company against company.
In this seminar, you will learn the basics of supply chain and how to mitigate problems that commonly accompany an integrated supply chain. You’ll also have the opportunity to see supply chain play out in a simulated environment through the widely recognized MIT “Beer Game” which helps illustrate critical supply chain concepts.
- Types of inventory
- Inventory cycle
- Inventory costs
- ABC analysis
- EOQ model
- MRP model
Supply chain management
- Critical decisions
- Bullwhip effect
The MIT Beer Game
- Game rules
- Play the game
- Collect data
- Analyze the data
- Discuss the results
“The class was very well put together…The program as whole was great! The format, the staff to greet us, the lunch…I’m excited to attend again. Dr. Sue was great! She would stop to answer questions, apply the examples to real life, and explain in a way that I could not only remember but use later in my work setting. The booklet made of PowerPoint slides was perfect! I was able to take notes and also bring back to work with me to share with my team. I like the idea of the certificate programs and the huge benefit they can provide for me professionally.”
Lacey Holtz, The Coleman Company, Wichita, Kansas
“The game allows me to see a whole new perspective of how orders(s) can affect the rest of the chain if one person did poor planning, unless one of the chain planners was able to detect the false hike in the order to keep the inventory well stocked, to cover what is needed rather than the constant backlog, then overages in the end. Dr. Sue is very approachable and her teaching method is very easy to understand. I really like the fact that we get to take home the flash drive, that way I can review as needed to refresh myself from the lecture.”
Dao Tran, Mid-Continent Instruments And Avionics, Wichita, Kansas
“It was great working out problems that could come up in my job. I have been in purchasing for 9 years and I still learned a few new things. Dr. Sue is wonderful! Never a dull moment, thank goodness! You actually learn real life skills that can be used everyday.”
Haylie Gardner, Mid-Continent Instruments and Avionics, Wichita, Kansas
“The CMD staff is top notch; none better in the state of Kansas! Dr. Sue has a wealth of knowledge in this area, and she makes it fun. The game was very revealing and quite fun. This was a great learning experience.”
Ellen Abbey, Director, WSU – Administration & Finance, Wichita, Kansas
“I really enjoy Dr. Sue. She explains things well and I always gain value from attending her classes. My “ah-ha” moment was the bullwhip effect and how this can dramatically effect the supply chain and dollars tied up in inventory.”
Greg Leonard, T&E Production Supervisor, BG Products, Derby, Kansas
Substitutions are free and must be done prior to the start of the class or certificate program.
Cancellations or rescheduling must be received in writing and full refunds will be given up to four business days prior to the start of class.
Any cancellation or reschedule submitted with three or less business days notice is subject to a $35 charge on 1 or 2 day classes and a $75 charge on certificate programs.
No refunds after the first day of the class or certificate program.