Singapore University of Social Sciences

Inventory Management (LOG203)

Applications Open: 01 April 2020

Applications Close: 14 June 2020

Next Available Intake: July 2020

Course Types: Modular Undergraduate Course

Language: English

Duration: 6 months

Fees: $1378 View More Details on Fees

Area of Interest: Business Administration

Schemes: Alumni Continuing Education + (ACE+), Lifelong Learning Credit (L2C)

Funding: SkillsFuture


Synopsis

Every organisation holds stocks of materials to allow for variations and uncertainty in supply and demand. Stocks are replenished by deliveries from suppliers and reduced to meet demands from customers. Inventory management is responsible for all aspects of stock control. High stock buffer comes at a high price and organisations are continually looking for ways of reducing their inventory costs without affecting service. This course provides students with an understanding of the principles, processes and methods for the effective management of inventory in relation to other activities in the supply chain. The course examines both the independent demand and dependent demand methods. Attention is given to the information needed to support these methods, including information from the inventory management information system, forecasts of demand and planned operations.

Level: 2
Credit Units: 5
Presentation Pattern: Every July

Topics

  • Stocks and Inventories
  • Stocks within an Organisation
  • Economic Order Quantity
  • Models for Known Demand
  • Models for Uncertain Demand
  • Sources of Information
  • Forecasting Demand
  • Planning and Stocks
  • Material Requirements Planning
  • Just-In-Time

Learning Outcome

  • Explain the importance of stocks in the supply chain and within an organisation.
  • Solve the inventory problem when demand is independent, variables are fixed and known in advance.
  • Analyse the inventory problem when demand is independent, variables are not known exactly, but follow known probability distributions.
  • Describe the importance of information in inventory management.
  • Examine the methods for forecasting demand in inventory management.
  • Outline how resource plans are designed at different levels and how they affect stock.
  • Apply material requirements planning (MRP) to schedule orders and operations.
  • Implement the just-in-time (JIT) method to manage inventory and production.
  • Relate the strategies and techniques in inventory management to the work environment.
  • Develop the essential knowledge and interpersonal skills to work effectively in a team.
  • Demonstrate written proficiency.
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