Inventory Management – Economic Order Quantity

Overview

Purpose:

The purpose of the Inventory Management - Economic Order Quantity (EOQ) course is to impart the necessary skills that help minimise the overall cost of inventory, comprising the cost of ordering and carrying.

Scope:

In this course, you will find detailed explanations of the concepts, formulas and calculations related to economic order quantity.

Benefits

Upon completion of the EOQ training, students will be able to apply the principles of Economic Order Quantity to determine the batch size for procurement and manufacturing that results in the lowest overall inventory costs. These principles are readily applicable to business, with demonstrable results.

Features

Below are some of the main features of this course:

• Online delivery
• Flexible schedule
• Affordable cost
• Relevant content

Target Audience

The EOQ course is intended for supply chain professionals, especially those dealing with inventory, purchasing and manufacturing, since the EOQ principles apply to each environment.

Course Content

The Inventory Management – Economic Order Quantity course has been developed following the ADDIE methodology of curriculum development. BRASI’s Programme Advisory Group (BRASI PAG) is responsible for the development, assessment, and continuous improvement of BRASI’s training programmes, following the guidelines contained in the standard ASTM E-2659.

The EOQ course provides fundamental knowledge in the key areas of economic order quantity, including the following:

• Understanding the basics of inventory management and the importance of economic order quantity (EOQ)
• Familiarising oneself with the concepts, formulas and calculations related to economic order quantity
• Learning about the purpose and benefits of implementing economic order quantity in supply chain management
• Exploring the challenges and assumptions associated with economic order quantity
• Developing a comprehensive understanding of the principles and applications of economic order quantity in inventory management
• Gaining knowledge about different inventory control policies
• Learning how to calculate economic order quantity using the EOQ formula
• Exploring the future trends and potential software solutions related to economic order quantity
• Acquiring practical skills in implementing economic order quantity in purchasing and manufacturing environments
• Understanding the factors that can affect economic order quantity

Schedule

Inventory Management – Economic Order Quantity is a self-paced online training course and can be started at any time.

Delivery Mode

Students would gain 24/7 online access to self-paced learning modules and tests through the BRASI Learning Management System.

Learning Resources:

• Online interactive training modules
• Downloadable content
• Print-ready handbooks
• Examples, exercise files and a quiz for each module

Note: Live Q&A sessions are held to answer any specific questions and explain key concepts as needed. Participation in the Q&A sessions is optional and is not taken into account for the passing score.

Additional Info

Assessment

Students would be required to take a final assessment after completing the course review.

Certification

In order to receive the certificate for this course students must obtain a minimum score of 70% in the final assessment. Certificates for all of the BRASI courses are issued centrally by BRASI and are downloadable.

Each BRASI certificate carries a unique ID for verification, and is valid for life.

Note: An EOQ certificate holder has a deep understanding of the principles involved in securing and maintaining inventory and how to balance both to achieve the lowest combined cost.

Registration

Step 1: Students are required to create a free user account on the BRASI web site (no payment information is needed to create the account).

Step 2: Select the course(s) you would like to sign up for from the courses page (you can get more details about each course from this page)

Step 3: Proceed to checkout and be sure to enter the CTS College discount code BRASI-CTS to get 10% off (acceptable modes of payment include major credit cards and PayPal)

Note: The course is designed to be completed within three months. However, extensions are allowed upon request.

Fees & Payment

The course fee is posted on the BRASI website and is subject to change without notice. Cancellation is allowed within three days from the date of access to the course. Full refund is made within one week of cancellation.

Registration for BRASI courses can be done directly on the BRASI website. Training is conducted utilising BRASI online learning management system, and the certificate is issued by BRASI.

Coupon Code

Use this code to get 10% off: BRASI-CTS

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Student Support

Please contact Brasi if you require any further information or support.