Inventory Management: Safety Stock Calculation and Control

Partner: Udemy
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Description: This MBA style course prepares and empowers you to calculate and control your Safety Stock. A crucial area of Inventory Management.The eternal question: How to balance the risk of stock-outs with the quantity of safety stock inventory held?. ..We cover 3 methods to calculate your Safety Stock - from super simple to advanced statistics:Method 1: Number of Days of Safety - A fast and very basic method to get a quick decision Method 2: HiHi-AvAv (my own name for a very established method ;)  Finding the difference between our high "Lead Time Demand" and the average to determine the level of cover we want from periods of high demand during a slow replenishment lead time.Method 3 : Statistical Method - The most rigorous method. We model our "Lead Time Demand" as a "Normal Distribution", determine our desired "Service Level" (acceptable risk of a stockout) and use a little help from some excel formulas to calculate our required Safety Stock and Re-Order Point quantity.  Course Sections:1. Inventory Control Introduction 2. Safety Stock Background 3. Inventory Dynamics4. Simple Safety Stock Calculations5. Calculating Safety Stock using Statistics6. Getting Your Data 7. Assumptions and Limitations of the Statistical Method8. Fixed Lead Time, Variable Demand: Method 3 Continued9. Variable Lead Time and Demand: Method 3 Continued10. Choosing your Service Level - Your Tolerance for Risk11. Probability of a Stockout Over Time - Calculating Risk12. Optimizing Safety Stock Levels13. Conclusion14. Bonus and AppendixThis course is for dedicated operations manager, the ambitious procurement professionals, the stri
Category: Business > Operations > Stock Control
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Price: 149.99
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Source: Impact
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