Inventory Management StrategiesCornell Course

Inventory levels impact operational performance, customer service, and the cost structure that delivers a product or service. Carrying inventory is costly because it ties up cash and creates risk of obsolescence. Therefore, an inventory management policy aligned to deliver the organization's objectives needs to be in place. In this course, you will explore the drivers of inventory strategy and compare product life cycles. You will practice using the appropriate models and approaches to match levels of inventory with demand in a way that maximizes profit, and you will determine the optimal policies to manage two types of inventory in a given scenario. Finally, you will recommend strategies to improve operations management in your organization based on the principles of the Toyota Production System. This course requires the use of Microsoft Excel (desktop or online). While advanced skills aren't necessary, students should be familiar with formatting cells, using simple functions and formulas, and creating basic charts. The following courses are required to be completed before taking this course: Process Analysis in Operations Improving Operations Quality Control Systems