Module Code - Title:
MG4041
-
PRINCIPLES OF INVENTORY MANAGEMENT
Year Last Offered:
2020/1
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
Ireland has a proven track record in the growth of Inventory Management. In a complex and challenging Inventory Management environment, ensuring a strong knowledgebase of Inventory Management and Control requirements is vital to maintaining this growth and safeguarding the reputation of Ireland as best in class business partner and business destination globally, leading the way in innovation and seamless management.
The aim and objective of this module is to provide learners with an understanding of the key principles underlying Inventory Management within the EU and globally. The purpose is to also provide learners with an understanding of the Objectives of Inventory Management, Managing Inventory Classes and Levels, Decoupling/Buffering Inventories, Inventory Cost and Inventory Replenishment.
We need to ensure that learners will get a more in-depth understanding of the framework and processes necessary for successful and efficient compliance within the Supply Chain Inventory Management process. The purpose is for them to fully understand the role of Inventory Management personnel to be able to apply Inventory Management expertise within their organisation.
Syllabus:
Objectives of Inventory Management. Learners will be introduced to the functions charged with the ordering, control and disbursement of inventory to production, the supply channel and the customer base.
Managing Inventory Classes and Levels. Learners will be introduced to the different categories of inventory, such as raw materials, work in progress, finished goods and transit inventory. They will also be introduced to the concept of ABC classification and valuation.
Decoupling/Buffering Inventories. Learners will be introduced to concepts such as inventory decoupling (a shock absorber which insulates the plant against in-process inventory variations) and buffering (managing component availability difficulties inbound from suppliers, and finished goods on outbound sales to customers).
Inventory Cost: Learners will be introduced to five categories of costs associated with inventory (item cost, carrying cost, ordering cost, stock-out cost and capacity related costs)
Inventory Replenishment. Learners will be introduced to the goals of ensuring high levels of customer service (internal and external) and to minimise the cost of inventory using tools such as lot-for-lot, fixed order quantities and economic order quantities.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
Upon successful completion of the module you will be able to:
1. Demonstrate an understanding of the procedures and processes of the Inventory Management function
2. Describe the key principles and requirements for Inventory Management, Planning and Control.
3. Outline Inventory Management techniques such as assigning Inventory Classes and determining optimum Inventory levels to maximise business performance and minimise costs
4. Demonstrate an understanding of Decoupling Inventory, Buffering Inventory, Inventory Cost methods and implications and the objectives and techniques of Inventory Replenishment
Affective (Attitudes and Values)
Upon successful completion of the module you will be able to:
1. Become aware of the importance of Inventory Management within the Supply Chain
2. Appreciate the inter-linking elements in this module in relation to managing and controlling Inventory
Psychomotor (Physical Skills)
None
How the Module will be Taught and what will be the Learning Experiences of the Students:
The module will be delivered through a blended distance learning format. The students will receive lectures and carry out assignments in their place of employment.
Delivery will be supported through the UL learning management system and related technologies.
Research Findings Incorporated in to the Syllabus (If Relevant):
Prime Texts:
Arnold, J.R,Tony, Stephen N. Chapman, and Lloyd M. Clive (2011)
Introduction to Materials Management
, 7th Edition Pearson
APICS Inventory Management Committee. ()
Inventory management reprints : articles
, American Production and Inventory Control Society
Other Relevant Texts:
Bozarth et al. (2013)
Introduction to operations and supply chain management.
, Pearson
Programme(s) in which this Module is Offered:
BSSCMAUPA - Supply Chain Management
Semester - Year to be First Offered:
Module Leader:
Yvonne.Delaney@ul.ie