One of the most common challenges for businesses is to know exactly how much inventory to keep. If production exceeds demand, a business will end up paying high storage costs; too little inventory, however, and it may not be able to meet consumer demand. That's why an operations strategy needs to find a way to strike the right balance. In this course, you'll learn about different operations management techniques, including how to value inventories and calculate economic order quantities and reorder points. You'll explore common ordering and holding costs. And you'll discover popular inventory management tools, including ABC analysis, MRP, ERP, and JIT management.

Operations management is crucial for organizational success. It involves designing, planning, directing, and controlling all the processes in an efficient way to transform resources into quality goods or services. Operations include all the activities used to create and deliver goods or services. In this course, you'll learn the basics of operations management and how it can improve efficiency. You'll also learn about organizational strategy, Lean processes, and the transformation model. You'll be introduced to the general characteristics of operations in the manufacturing and service sectors, as well as common operations strategies. You'll also learn about a process for formulating organizational strategy, and about the main types of transformations.

It's a fact that market trends are constantly changing. Failure to adapt to these changes may result in your organization losing its competitiveness - and, ultimately, customers. To take advantage of these shifting forces, businesses must implement an effective operations management strategy that matches market demands. In this course, you'll learn about demand forecasting and capacity management, two techniques that can optimize your organization's operations to handle market trends and meet the challenges of supply and demand. You'll also learn about demand patterns, a process for forecasting demand, and strategies for managing your organization's capacity.

To succeed in competitive markets, all organizations need to strategically plan and manage their products and services. Much of the responsibility for doing this lies with operations management. An organization's operations section deals with managing products and services and delivering quality using efficient processes. In this course, you'll learn about the product and service life cycle, the process for developing new products, and strategies to manage the sale of existing and mature products. You'll also learn about a process and best practices to improve efficiency for new product or service development. Finally, you'll learn about strategies, such as Lean processes, for managing existing and mature products and services.

A few basic supply chain management (SCM) concepts can really improve delivery and cost management while enhancing how you provide value to customers. In this course, you'll explore the components of a supply chain and the key objectives of SCM, such as cost reduction and delivery optimization. You'll learn how organizations combine SCM strategies. And you'll explore the components of the supply chain, including the role of the supplier, and cover the key drivers that impact its efficiency. You'll also consider the characteristics of service supply chain management, and learn about related strategies.