Operations Management

1. Inventory Management
   1. Types of Inventory
      1. Raw Materials
         1. Definition and role in production
         2. Sourcing and storage considerations
         3. Impact on production efficiency and cost
      2. Work-in-Progress (WIP)
         1. Techniques for monitoring and reducing WIP
         2. Balancing production stages to minimize WIP
         3. Implications for cash flow and inventory carrying costs
      3. Finished Goods
         1. Storage and distribution strategies
         2. Demand forecasting and its impact on finished goods inventory
         3. Customer fulfillment and inventory turnover rate
      4. Maintenance, Repair, and Operations (MRO)
         1. Importance of having spare parts and supplies on hand
         2. Procurement strategies for MRO goods
         3. Impact on operational continuity and downtime
   2. Inventory Control Systems and Techniques
      1. Just-In-Time (JIT)
         1. Principles and benefits of JIT
         2. Challenges of implementing JIT
         3. Case studies and examples of JIT in practice
      2. Economic Order Quantity (EOQ)
         1. Calculation and assumptions behind EOQ
         2. Cost trade-offs analyzed in EOQ models
         3. Applications and limitations of EOQ
      3. ABC Analysis
         1. Classification of inventory into categories
         2. Strategies for managing A, B, and C categories
         3. Advantages of ABC analysis in resource allocation
      4. Reorder Point (ROP) Systems
         1. Determining optimal reorder points
         2. Integration with lead time and safety stock levels
         3. Role in continuous inventory control
      5. Material Requirement Planning (MRP)
         1. MRP system components and inputs
         2. Lot sizing techniques and scheduling with MRP
         3. Benefits and challenges of MRP implementation
   3. Inventory Optimization
      1. Goals of inventory optimization
         1. Minimizing costs while maintaining service levels
         2. Balancing inventory investments with returns
      2. Techniques
         1. Safety stock calculations and strategies
         2. Inventory turnover ratio analysis
         3. Demand forecasting methods
         4. Multi-echelon inventory optimization
      3. Technology in inventory optimization
         1. Role of software and data analytics
         2. Use of predictive analytics and AI in inventory planning
         3. Integration of inventory systems with supply chain and ERP systems
   4. Inventory Costs
      1. Types of inventory costs
         1. Holding costs, ordering costs, and shortage costs
         2. Impact of inventory costs on financial performance
      2. Strategies to manage and reduce inventory costs
         1. Bulk purchasing and supplier negotiations
         2. Efficient logistics and transportation management
   5. Safety Stock and Buffer Inventory
      1. Importance of safety stock in supply chain resilience
      2. Calculating optimal safety stock levels
         1. Variability in demand and lead time factors
      3. Strategies for buffer stock management
   6. Inventory Auditing and Control
      1. Importance of regular inventory audits
      2. Techniques for conducting inventory audits
         1. Physical counts, cycle counts, and blind counts
      3. Use of technology in inventory tracking and control
   7. Strategic Inventory Management
      1. Aligning inventory strategy with business objectives
      2. Risk management in inventory practices
      3. Collaborative inventory management with suppliers and partners
   8. Challenges in Inventory Management
      1. Dealing with excess and obsolete inventory
      2. Impact of market volatility and demand fluctuations
      3. Navigating supply disruptions and geopolitical events