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Level 4 Diploma in Logistics and Supply Chain Management

Principles of Inventory Management

LSC403 · Operations and Logistics Management — Week 7 of 16

CourseLSC403
Week7 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Principles of Inventory Management

  1. Inventory carrying costs
  2. ABC inventory classification
  3. Stock turn and holding trade-offs
  4. Economic Order Quantity (EOQ)
  5. Inventory Control (part 1) The EOQ Formula- ACCA Management Accounting (MA)

What you will be able to do

  • 3.3 Explain the key principles of inventory management.

Activity

Start with this week’s video, then: Seminar, guided reading and a short written task: explain the key principles of inventory management.

Study materials

Videos

  • Inventory Control (part 1) The EOQ Formula- ACCA Management Accounting (MA) · YouTube · OpenTuition · 24 min · for registered students
  • Inventory Control (part 2) Quantity Discounts - ACCA Management Accounting (MA) · YouTube · OpenTuition · 12 min · for registered students
  • Inventory Control (part 4) - Reorder Level - ACCA Management Accounting (MA) · YouTube · OpenTuition · 16 min · for registered students
  • Inventory (Stock) Control Charts · YouTube · tutor2u · 8 min · for registered students
  • Inventory Control (part 3) - Economic Batch Quantity - ACCA Management Accounting (MA) · YouTube · OpenTuition · 15 min · for registered students

Further resources

  • Operations Management (Fanshawe), ch. 13: Inventory Management · Reading · Other, textbook chapter; PDF pp. 565–600 · for registered students
  • MIT OCW ESD.260J Logistics Systems (Fall 2006), Inventory management I: EOQ · PDF · MIT OpenCourseWare, slides · for registered students
  • MIT OCW ESD.260J Logistics Systems (Fall 2006), Inventory management IV: probabilistic demand, safety stock · PDF · MIT OpenCourseWare, slides · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 6Midterm
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Fundamentals of Operations Management
  • Week 2: Operations Planning and Resource Constraints
  • Week 3: Logistics Management and Business Alignment
  • Week 4: Logistics Network Planning and Supply Chain Integration
  • Week 5: Warehouse Management Principles
  • Week 6: Warehouse Operational Processes
  • Week 7: Principles of Inventory Management
  • Midterm: Midterm evaluation
  • Week 9: Inventory Management Processes and Replenishment
  • Week 10: Transport Management and Modal Selection
  • Week 11: Transport Planning and Contemporary Issues
  • Week 12: Applying Operations and Logistics Management in practice: c…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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