About This Chapter
Inventory Management - Chapter Summary and Learning Objectives
The video lessons in this Inventory Management chapter aims to teach you about inventory decisions and the various costs associated with inventory ownership. You'll discover the purpose of inventory systems as well as methods for recording the cost of purchases. After you have completed this chapter, you could understand more about:
- Basic economic order quantity models
- The ABC classification system
- Inventory drivers
- Periodic inventory systems
|Items that Make Up Merchandise Inventory||Learn about merchandise in transit as well as obsolete or damaged goods.|
|What is Inventory? - Definition, Example and Quiz||Explore the different roles of inventory.|
|Inventory Cost: Definition, Methods and Types||Explain inventory shortage and ordering processes.|
|What is Inventory Management? - Demand vs. Cost||Compare dependent and independent demand inventory.|
|Inventory Control Systems: Types and Purpose||Learn about the characteristics of different systems.|
|Economic Order Quality Model and the Reorder Point||Discuss discounts for large-volume orders and the use of reorder points.|
|Accounting for Inventory Purchases||Learn about trade discounts and ownership transfer.|
|How Inventory Decisions Affect Other Areas of the Supply Chain||Explain inventory positioning concerns and the bullwhip effect.|
1. Items that Make Up Merchandise Inventory
In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.
2. Inventory Cost: Definition, Methods & Types
Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.
3. What Is Inventory Management? - Demand vs. Cost
Inventory management is about making sure that there is enough product to meet the demand of the customers. But, what exactly is involved in inventory management? Watch this video lesson to find out.
4. Inventory Control Systems: Types & Purpose
Managing inventory is essential for the success of many businesses. In this lesson, you'll learn about different types of inventory control systems. We'll take a look at continuous and periodic systems as well as the ABC classification system.
5. Accounting for Inventory Purchases
A merchandising company must purchase inventory, and it has to be accounted for in the accounting records. In this lesson, you will learn how to calculate inventory purchase amounts as well as how to record them in the accounting journals.
6. How Inventory Decisions Affect Other Areas of the Supply Chain
Inventory decisions can affect the supply chain in more ways than just a simple flow. In this lesson, we examine how three different inventory decisions can wreak havoc on your supply chain.
7. What Is Inventory? - Definition & Example
Most businesses carry some inventory. In this lesson, you'll learn about what inventory is, some related concepts and be provided examples along the way. A short quiz follows the lesson.
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Other chapters within the Business 112: Operations Management course
- Introduction to Operations & Supply Chain Management
- Quality in Operations & Supply Chain Management
- Six Sigma & Operations
- Monitoring & Controlling Quality
- Project Management
- Product Design
- Service Design
- Operations Processes & Technology
- Capacity & Facilities Design
- Facility Location Models
- Supply Chain Strategy & Design
- Global Supply Chain Procurement & Distribution
- Lean Systems
- Forecasting in Operations Management
- Sales & Operations Planning
- Resource Planning in Operations Management
- Scheduling in Operations Management