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Inventory management warehouse illustration with workers organizing and tracking inventory items on storage shelves using ABC analysis, which uses collected data to determine which items represent the greatest value. 

Inventory Management Essentials

The THORS Inventory Management Essentials course is designed to provide learners with an understanding of inventory management. Learners will be able to identify and define the key terminology used in inventory management as well as gain insights into the various inventory types and control and verification methods. The course also helps learners identify inventory performance metrics and solve formulas. Ready to take the next step? Explore the course details and see everything we’ve packed into this program!

Learning Hours: 2.5

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Course Description

The THORS Inventory Management Essentials course introduces learners to the basics of inventory management. Through visually engaging animations and interactive content, the course covers inventory terminology along with inventory types, inventory control, and inventory verification methods used. Learners will also explore the performance metrics used in inventory management in the industry. 

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Who will benefit from this inventory management course?

Manufacturing Engineers, Supply Chain Personnel, Purchasing, Sales, Warehousing Personnel, Inventory Control Personnel, Product Management

Course Classification

This manufacturing course by THORS eLearning Solutions covers identification of key terms and understanding of key concepts.

*THORS uses the Bloom’s Taxonomy Methodology for our course development.

Certificate Awarded for Inventory Management Essentials

Example of certificate awarded upon successful completion of the course.

*upon successful completion

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Learning Objectives

  1. Define the key terminology related to inventory management.
  2. Classify inventory items and availability and inventory control items.
  3. Categorize various inventory principles in inventory management.
  4. Compare the inventory categories and control methods used in inventory management.
  5. Explain the verification methods used in inventory management.
  6. Make use of inventory performance metrics in inventory management.
Inventory management illustration showing a warehouse with main inventory of 1,000 bolts and 300 bolts safety stock, which is extra inventory that   protects against unexpected demand changes or supply delays.
Inventory Management Essentials Course

Table of Contents

  1. Inventory Terminology
    1. Inventory Items and Availability
      1. Stock Keeping Unit (SKU)
      2. Lead Time
        1. Calculation
        2. Example
      3. Stockout
    2. Inventory Control
      1. Costs
        1. Purchasing Cost
        2. Holding Cost
        3. Ordering Cost
      2. Order Quantity (Q)
      3. Economic Order Quantity (EOQ)
        1. Calculation
        2. Example
      4. Cycle Stock
      5. Safety Stock
      6. Reorder Point (ROP)
  2. Inventory Principles
    1. Inventory Types
      1. Raw Materials Inventory
      2. Work-in-Process (WIP) Inventory
      3. Finished Goods Inventory
      4. Maintenance, Repair, and Operations (MRO) Inventory.
      5. Excess and Obsolete (E&O) Inventory
    2. Inventory Control Methods
      1. ABC Analysis
        1. Classification
        2. Application
      2. Stock Rotation Methods
        1. FIFO (First In, First Out)
        2. LIFO (Last In, First Out)
        3. FEFO (First Expired, First Out)
      3. Just-in-Time (JIT)
      4. Vendor-Managed Inventory (VMI)
    3. Inventory Verification Methods
  3. Inventory Performance Metrics
    1. Days in Inventory (DII)
    2. Inventory Turns
    3. Fill Rate
    4. Excess and Obsolete Percentage (E&O%)

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