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University of California, Irvine
Inventory Management
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  3. Business Strategy
University of California, Irvine

Inventory Management

This course is part of Leverage Data Science for a More Agile Supply Chain Specialization

Paul Jan

Instructor: Paul Jan

14,000 already enrolled

Included with Coursera Plus

•Learn more
4 modules
Gain insight into a topic and learn the fundamentals.
4.6

(203 reviews)

Intermediate level

Recommended experience

Recommended experience

Intermediate level

At least 1-2 years of supply chain management experience is recommended.

5 hours to complete
Flexible schedule
Learn at your own pace

4 modules
Gain insight into a topic and learn the fundamentals.
4.6

(203 reviews)

Intermediate level

Recommended experience

Recommended experience

Intermediate level

At least 1-2 years of supply chain management experience is recommended.

5 hours to complete
Flexible schedule
Learn at your own pace
  • About
  • Outcomes
  • Modules
  • Recommendations
  • Testimonials
  • Reviews

What you'll learn

  • Manage inventory in an uncertain environment.

  • Analyze historical data to determine inventory levels in steady and uncertain demand situations using Excel.

  • Quantify the inventory needs for single-period items using the newsvendor model.

Skills you'll gain

  • Forecasting
  • Operations Research
  • Customer Demand Planning
  • Inventory Control
  • Supply Chain Management
  • Inventory Management System
  • Cost Management
  • Service Level
  • Statistical Methods
  • Demand Planning

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

4 assignments

Taught in English

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Build your subject-matter expertise

This course is part of the Leverage Data Science for a More Agile Supply Chain Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
  • Learn new concepts from industry experts
  • Gain a foundational understanding of a subject or tool
  • Develop job-relevant skills with hands-on projects
  • Earn a shareable career certificate

There are 4 modules in this course

Inventory is a strategic asset for organizations. The effective management of inventory can minimize a company’s spending while dramatically increasing its profit. In this course, we will explore how to use data science to manage inventory in uncertain environments, how to set inventory levels based on customer service requirements, and how to calculate inventory for products that have short sales cycles.

Welcome to Module 1, ​​Steady-State Demand: No Demand Variability. In this module, we will begin by discussing demand behavior, specifically steady-state demand. Next, we will explore lead time and gather lead time information from multiple stakeholders. The module will close with a demonstration of how to calculate a reorder point within Excel.

What's included

1 video3 readings1 assignment1 discussion prompt

1 video•Total 13 minutes
  • Reorder Point•13 minutes•Preview module
3 readings•Total 15 minutes
  • Demand Behavior•5 minutes
  • Steady-State Demand•5 minutes
  • Gather Lead Time Information•5 minutes
1 assignment•Total 30 minutes
  • Module 1 Knowledge Check•30 minutes
1 discussion prompt•Total 30 minutes
  • Activity•30 minutes

Welcome to Module 2. After discussing steady-state demand in Module 1, we will explore the more common situation of demand variability. Specifically, we will focus on sources of variability, strategies for countering variability, and lead time calculations to maintain a safety stock.

What's included

1 video2 readings1 assignment1 discussion prompt

1 video•Total 16 minutes
  • Reorder Point and Safety Stock•16 minutes•Preview module
2 readings•Total 10 minutes
  • Sources of Variability•5 minutes
  • Ways to Counter Variability•5 minutes
1 assignment•Total 30 minutes
  • Module 2 Knowledge Check•30 minutes
1 discussion prompt•Total 30 minutes
  • Activity•30 minutes

Welcome to Module 3. In this module, we will discuss customer service level, its relationship to inventory, and how to calculate safety stock to maintain a desired customer service level.

What's included

1 video1 reading1 assignment1 discussion prompt

1 video•Total 9 minutes
  • Safety Stock and Customer Service Level•9 minutes•Preview module
1 reading•Total 10 minutes
  • Relationship Between Inventory and Customer Service Level•10 minutes
1 assignment•Total 30 minutes
  • Module 3 Knowledge Check•30 minutes
1 discussion prompt•Total 30 minutes
  • The Optimal Customer Service Level•30 minutes

Welcome to Module 4. In this module, we will cover the newsvendor model, examples of single-period products, and calculating the order quantity to mitigate product underages or overages.

What's included

1 video3 readings1 assignment1 discussion prompt

1 video•Total 14 minutes
  • Newsvendor Model•14 minutes•Preview module
3 readings•Total 20 minutes
  • History of the Newsvendor Model•5 minutes
  • Underage / Overage Costs•10 minutes
  • Applications of the Newsvendor Model•5 minutes
1 assignment•Total 30 minutes
  • Module 4 Knowledge Check•30 minutes
1 discussion prompt•Total 30 minutes
  • How Can Newsvendor Model Improve Your Forecast and Inventory Management?•30 minutes

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Instructor

Instructor ratings

Instructor ratings

We asked all learners to give feedback on our instructors based on the quality of their teaching style.

4.3 (55 ratings)
Paul Jan
Paul Jan
University of California, Irvine
3 Courses•27,004 learners

Offered by

University of California, Irvine

Offered by

University of California, Irvine

Since 1965, the University of California, Irvine has combined the strengths of a major research university with the bounty of an incomparable Southern California location. UC Irvine’s unyielding commitment to rigorous academics, cutting-edge research, and leadership and character development makes the campus a driving force for innovation and discovery that serves our local, national and global communities in many ways.

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Learner reviews

4.6

203 reviews

  • 5 stars

    66.82%

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    24.39%

  • 3 stars

    6.34%

  • 2 stars

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  • 1 star

    1.46%

Showing 3 of 203

C
CB
4

Reviewed on Oct 14, 2024

Had to search for others showing the formulas used in this course. I felt the instructor was all over the place and didn't stick to what we were learning.

D
DS
5

Reviewed on Nov 30, 2022

i like this course and it is very knowledgeable thanks coursera

T
TW
5

Reviewed on Sep 26, 2024

Very clear lecture material and relevant reading material. I learned a lot.

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