Join Eddie Davila for an in-depth discussion in this video What is inventory? Why do companies need it?, part of Operations Management Foundations.
- Inventory, most people think of inventory…as stuff that stores buy,…put on their shelves and then sell.…Yeah, that's inventory but there are…so many other types of inventory too.…Inventory that companies never…really intend to sell.…Banks, landscapers, cleaning companies,…hotels, schools, they all have inventory.…Not quite sure what I'm talking about?…Well, let's think of ourselves.…Even you, those of you that don't sell anything…at all, at your house, you have inventory.…
What kind of inventory?…Clothes, furniture, appliances,…electronic devices, cleaning supplies,…food, that's your stuff.…That's your inventory.…Why do you have that stuff?…Some of it because you need it now.…Some of it because you'll need it soon.…Some of it you have just in case you need it.…I mean, what happens if you need to staple something?…Good thing you had a stapler and staples.…What happens if friends drop by…and they're hungry or thirsty?…Good thing you had lemonade and snacks.…
What happens if your kid scrapes their knee?…Not a problem because you have band-aids.…
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- Understanding operations management
- Making key inventory decisions
- Balancing holding costs and ordering costs
- Choosing a production strategy and facility layout
- Managing waiting-line systems
- Defining quality and improving quality
- Managing business processes
Skill Level Appropriate for all
1. Introduction to Operations
2. Managing Inventory
3. Managing Production of Products and Services
4. Managing Waiting Lines
5. Managing Quality
6. Operations at the Office
Wrap up2m 52s
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