Introduction to Inventory Process Management — SFEDI Enterprises Ltd. T/A SFEDI Awards Vocationally-Related Qualification Warehousing & Logistics Revision

    Inventory process management encompasses the systematic oversight of inventory from receipt, storage, and movement to final dispatch, ensuring optimal stoc

    Topic Synopsis

    Inventory process management encompasses the systematic oversight of inventory from receipt, storage, and movement to final dispatch, ensuring optimal stock availability to meet demand while minimising holding costs and waste. In practice, it underpins efficient warehouse operations, balancing supply with customer requirements through rigorous control, forecasting, and the application of modern technologies such as barcode scanning and real-time tracking systems.

    Key Concepts & Core Principles

    Exam Tips & Revision Strategies

    Common Misconceptions & Mistakes to Avoid

    Examiner Marking Points

    Introduction to Inventory Process Management

    SFEDI ENTERPRISES LTD. T/A SFEDI AWARDS
    vocational

    Inventory process management encompasses the systematic oversight of inventory from receipt, storage, and movement to final dispatch, ensuring optimal stock availability to meet demand while minimising holding costs and waste. In practice, it underpins efficient warehouse operations, balancing supply with customer requirements through rigorous control, forecasting, and the application of modern technologies such as barcode scanning and real-time tracking systems.

    14
    Learning Outcomes
    40
    Assessment Guidance
    42
    Key Skills
    14
    Key Terms
    43
    Assessment Criteria

    Assessment criteria

    SFEDI Awards Level 3 Certificate in Introduction to Supply Chain Management (IoSCM)
    SFEDI Awards Level 3 Award in Introduction to Supply Chain Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Supply Chain Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Logistics and Transport Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Ports and Shipping Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Manufacturing and Production Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Procurement Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Business Management(IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Warehousing Management (IoSCM)
    SFEDI Awards Level 3 Diploma in Introduction to Leadership and Management (IoSCM)
    SFEDI Awards Level 3 Extended Diploma in Introduction to Supply Chain Management (IoSCM)

    Topic Overview

    The SFEDI Awards Level 3 Certificate in Introduction to Supply Chain Management (IoSCM) provides a comprehensive foundation in the principles and practices of supply chain management within the warehousing and logistics sector. This qualification covers key areas such as procurement, inventory management, transportation, and distribution, emphasizing the integration of these functions to achieve efficiency and customer satisfaction. Students will explore how supply chains operate in both domestic and global contexts, including the impact of technology, sustainability, and risk management.

    This certificate is designed for individuals seeking to enter or progress within the logistics and supply chain industry. It equips learners with the knowledge to understand the end-to-end flow of goods, information, and finances, from raw material sourcing to final delivery. By studying this qualification, students gain insights into the strategic importance of supply chain management in reducing costs, improving service levels, and supporting business competitiveness. The IoSCM framework ensures that content is aligned with current industry standards and practices.

    Within the broader subject of warehousing and logistics, this certificate serves as a stepping stone to more advanced studies and professional roles. It bridges operational and managerial perspectives, enabling students to appreciate how individual functions like warehousing fit into the larger supply chain network. Mastery of this content is essential for careers in logistics coordination, supply chain analysis, and warehouse management, making it a valuable asset for anyone aiming to excel in this dynamic field.

    Key Concepts

    Core ideas you must understand for this topic

    • →Supply Chain Integration: Understanding how procurement, inventory, transportation, and warehousing must work together seamlessly to optimize flow and reduce costs.
    • →Inventory Management Techniques: Including Just-In-Time (JIT), Economic Order Quantity (EOQ), and safety stock calculations to balance service levels with holding costs.
    • →Transportation Modes and Routing: Evaluating road, rail, sea, and air options based on cost, speed, capacity, and environmental impact, plus route optimization principles.
    • →Warehouse Operations and Layout: Designing efficient storage systems, picking methods (e.g., zone, wave), and using technology like WMS and barcoding to improve accuracy.
    • →Performance Measurement: Using Key Performance Indicators (KPIs) such as on-time delivery, inventory turnover, and order accuracy to monitor and improve supply chain effectiveness.

    Learning Objectives

    What you need to know and understand

    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • Evaluate the stages of the inventory management process and their interdependencies.
    • Analyse stock control techniques to determine optimal stock levels in varying demand scenarios.
    • Assess the economic impact of inventory holding, ordering, and stock-out costs on business performance.
    • Compare modern inventory systems and recommend appropriate solutions for specific operational contexts.

    Assessment Criteria

    Key criteria assessors look for in your portfolio

    • Award credit for demonstrating understanding of the full inventory flow, including receiving, put-away, picking, packing, and shipping, with clear links to documentation and system updates.
    • Award credit for correctly explaining at least two stock control techniques (e.g., reorder point, safety stock, EOQ) with worked examples relevant to a warehousing context.
    • Award credit for evaluating the economic impact of inventory decisions, such as contrasting holding costs versus stockout costs and their effect on working capital.
    • Award credit for clearly explaining the difference between inventory management and stock control, linking each to distinct operational activities.
    • Award credit for accurately describing at least two stock control techniques (e.g., Economic Order Quantity, Just-In-Time) with relevant application examples.
    • Award credit for demonstrating thorough understanding of holding costs, ordering costs, and shortage costs, and their impact on profitability.
    • Award credit for identifying and comparing at least two modern inventory systems (e.g., RFID, WMS, barcoding) and explaining how they improve accuracy or efficiency.
    • Award credit for evaluating the economic consequences of poor inventory management, using a practical scenario or case study.
    • Award credit for demonstrating a clear understanding of the inventory management process cycle, including ordering, receiving, storing, and issuing stock.
    • Award credit for accurately explaining at least two stock control techniques (e.g., ABC analysis, EOQ) with reference to their advantages and limitations.
    • Award credit for evaluating the economic impacts of holding too much or too little inventory, citing concepts like holding costs, stockout costs, and obsolescence.
    • Award credit for describing modern inventory systems such as ERP or RFID and their role in enhancing real-time visibility and accuracy.
    • Award credit for demonstrating a clear understanding of the inventory management process, including receipt, storage, picking, and dispatch, with reference to relevant documentation.
    • Credit should be given for accurate application of stock control techniques, such as reorder point calculation or ABC analysis, to a given scenario.
    • Recognise evidence that evaluates the economic implications of inventory holding costs, stockouts, and overstocking, linking to overall business profitability.
    • Award credit for accurately defining inventory process management and explaining its stages (e.g., receiving, storage, order picking, dispatch) within a ports and shipping context.
    • Credit provided for demonstrating the application of stock control techniques, such as calculating reorder points or economic order quantity (EOQ), to plan stock levels effectively.
    • Assessors should look for a clear analysis of the economic impact of inventory management, including carrying costs, stockout costs, and the effect on cash flow and profitability in maritime logistics.
    • Evidence of understanding a range of modern inventory systems, such as radio-frequency identification (RFID), barcoding, and enterprise resource planning (ERP) systems, with examples of their use in port operations.
    • Award credit for demonstrating a clear understanding of the key stages in the inventory process cycle (e.g., ordering, receiving, storage, issuing) and their interdependencies.
    • Expect evidence of applying stock control techniques such as reorder level calculation or economic order quantity (EOQ) to plan and maintain optimal stock levels in a given scenario.
    • Assessment should show analysis of the economic impact of inventory decisions, including holding costs, ordering costs, and stockout costs, on overall business profitability and cash flow.
    • Credit for accurately describing and comparing modern inventory systems (e.g., JIT, MRP, RFID-based tracking) and evaluating their suitability for different manufacturing contexts.
    • Award credit for demonstrating a clear understanding of inventory process flows, including receiving, put-away, picking, packing, and shipping.
    • Award credit for accurately applying stock control techniques such as Economic Order Quantity (EOQ) and reorder point calculations to given scenarios.
    • Award credit for evaluating the financial implications of inventory management, including holding costs, ordering costs, and stockout costs.
    • Award credit for comparing modern inventory systems, highlighting features like real-time tracking, RFID, and integration with procurement software.
    • Award credit for demonstrating a clear understanding of inventory types (raw materials, work-in-progress, finished goods) and their role in the supply chain.
    • Award credit for accurately explaining at least two stock control techniques (e.g., reorder point, economic order quantity, just-in-time) and their application scenarios.
    • Award credit for analysing the economic impact of inventory management, including holding costs, ordering costs, and stockout consequences, with relevant examples.
    • Award credit for identifying and comparing modern inventory systems (e.g., barcoding, RFID, WMS, ERP) and their benefits for real-time tracking and accuracy.
    • Award credit for clearly explaining the components of an inventory management process, including ordering, receiving, storage, picking, and dispatch.
    • Assessor should look for evidence of applying stock control techniques such as Economic Order Quantity (EOQ) or Reorder Point (ROP) to given scenarios.
    • Credit should be given for demonstrating an understanding of the total cost of inventory, including holding, ordering, and stockout costs, and how these impact business profitability.
    • Candidates must show familiarity with modern inventory systems, such as barcode scanning, RFID technology, and Warehouse Management Systems (WMS), and discuss their benefits.
    • Award credit for demonstrating a clear understanding of the inventory process flow, including key stages such as goods receipt, quality inspection, put-away, order picking, and dispatch, with appropriate documentation and system updates.
    • Award credit for accurately calculating inventory parameters such as reorder levels, reorder quantities, and minimum/maximum stock levels using given data, and explaining how these prevent stockouts and overstocking.
    • Award credit for analysing the economic impact of inventory management, identifying and quantifying holding costs (e.g., storage, insurance, obsolescence), ordering costs, and shortage costs, and linking these to overall business profitability.
    • Award credit for comparing modern inventory systems, such as barcode scanning, RFID, and warehouse management systems (WMS), and justifying their selection based on factors like cost, accuracy, speed, and integration capabilities for a given warehousing scenario.
    • Award credit for accurately mapping the inventory process flow from procurement to dispatch, including key control points.
    • Look for application of stock planning techniques (e.g., reorder point, EOQ) with clear justification of assumptions.
    • Demonstrate understanding of inventory carrying costs, opportunity costs, and service level trade-offs in financial reasoning.
    • Credit should be given for evaluating at least two modern inventory systems (e.g., RFID, barcode, WMS) with relevance to scenario.

    Assessment Guidance

    Guidance for achieving higher grades

    • 💡When discussing modern inventory systems, go beyond listing technologies: explain how they integrate with stock control procedures to improve accuracy and efficiency, using terms like real-time visibility and exception management.
    • 💡In scenario-based questions, show your working methodically—state assumptions, apply formulas step-by-step, and link outcomes to business implications (e.g., reduced capital tie-up or improved service levels).
    • 💡Use industry-specific examples (e.g., retail, manufacturing) when discussing stock control techniques to demonstrate contextual understanding.
    • 💡Always show the calculation steps for Economic Order Quantity or reorder points where applicable, and interpret the result in practical terms.
    • 💡In questions about economic impact, structure your answer around the three main cost categories (holding, ordering, shortage) and link to real business outcomes.
    • 💡When comparing inventory systems, mention implementation considerations such as cost, training, and integration with existing ERP platforms.
    • 💡Read scenario-based questions carefully to identify the specific inventory challenge — tailor your response to the context given rather than providing generic definitions.
    • 💡When answering assignment questions, use real-world examples or case studies to illustrate theoretical concepts, as this demonstrates applied understanding.
    • 💡Structure your responses to cover all learning outcomes; for instance, link stock control techniques to economic impacts and modern systems.
    • 💡For calculations (e.g., EOQ), show all steps clearly and explain the business implications of the result, not just the numerical answer.
    • 💡Use diagrams such as inventory flow charts or cost graphs to support your explanations and make your evidence more compelling.
    • 💡In assignments, always relate inventory models to real-world business examples, demonstrating how they reduce costs or improve service levels, as this shows application of theory.
    • 💡When discussing modern inventory systems, ensure you compare their advantages and disadvantages, such as JIT’s reliance on supplier reliability versus its cost savings.
    • 💡When explaining stock control techniques, always relate them to practical port scenarios, e.g., calculating reorder levels for container spare parts or bunker fuel to demonstrate real-world relevance.
    • 💡In assessments on economic impact, use comparative examples to show how poor inventory management can lead to demurrage charges, lost contracts, or increased working capital requirements.
    • 💡For modern inventory systems, describe both the technology and its implementation benefits and limitations, referencing industry case studies like automated container tracking or JIT in ship chandlery.
    • 💡Ensure diagrams or flowcharts of inventory processes are clearly labelled and illustrate the specific flow within a port environment to achieve higher marks for clarity and contextual application.
    • 💡Always integrate real-world examples or industry case studies to ground your responses in practical application and demonstrate depth of understanding.
    • 💡Use quantitative data and calculations (e.g., EOQ, safety stock formulas) to support your analysis and show competence in stock control techniques.
    • 💡Structure your answers to explicitly connect inventory management decisions to broader business outcomes such as cost efficiency, customer satisfaction, and lean operations.
    • 💡When evaluating modern inventory systems, critically assess their strengths and limitations in the specific manufacturing context presented, avoiding generic descriptions.
    • 💡Use real-world examples from manufacturing, retail, or logistics to contextualise theoretical concepts like JIT and EOQ.
    • 💡Differentiate clearly between types of inventory (raw materials, work-in-progress, finished goods) when explaining process flows.
    • 💡Quantify economic impacts by including sample cost figures in your answers to strengthen evaluative points.
    • 💡Stay updated on emerging technologies such as IoT sensors and AI-driven forecasting to demonstrate a forward-looking perspective.
    • 💡When addressing case studies, explicitly link inventory decisions (e.g., buffer stock levels) to their financial and operational impacts, such as cash flow and customer satisfaction.
    • 💡Use precise terminology like 'cycle stock', 'safety stock', and 'lead time' to demonstrate depth of understanding and meet assessment criteria.
    • 💡If calculations are required (e.g., EOQ or reorder point), show all workings step-by-step and explain the rationale behind each figure to earn full marks.
    • 💡Compare traditional and modern systems by referencing specific technologies (e.g., RFID vs. barcodes) and their effect on inventory accuracy and labour efficiency.
    • 💡Anticipate essay-style questions by structuring answers around the four learning objectives, ensuring each is addressed with practical, industry-relevant examples.
    • 💡When answering assignment questions, always relate inventory concepts to the specific warehousing context provided in the scenario—generic answers will not achieve high marks.
    • 💡Use real-world examples or case studies to illustrate the economic impact of inventory decisions, showing cause-and-effect relationships.
    • 💡For questions on modern inventory systems, structure your response to describe the system, its application in warehousing, and the operational and financial benefits.
    • 💡Ensure that all calculations, such as EOQ or safety stock, are clearly laid out step-by-step to earn full marks for method.
    • 💡When explaining stock control techniques, always link them to a practical warehousing example (e.g., a food distributor using FIFO) to demonstrate applied understanding and gain higher marks.
    • 💡For the economic impact learning outcome, clearly distinguish between direct and indirect inventory costs, and use precise financial terminology such as 'working capital' and 'carrying cost percentage'.
    • 💡In assignments, structure comparisons of modern inventory systems by evaluating them against criteria such as implementation cost, accuracy improvement, and scalability, rather than just listing features.
    • 💡Use real-world examples to demonstrate understanding of inventory trade-offs, such as safety stock vs. stock-out risk.
    • 💡Structure answers to clearly show a logical progression from inventory theory to practical application in supply chain scenarios.
    • 💡Refer explicitly to economic order quantity calculations or inventory valuation methods where marks are allocated for numeracy.
    • 💡Use real-world examples to illustrate supply chain concepts, such as how Amazon uses cross-docking or how a supermarket manages perishable goods. This demonstrates applied understanding.
    • 💡When discussing performance measurement, always link KPIs to specific supply chain objectives (e.g., cost reduction, service improvement) and explain how they drive decision-making.
    • 💡In answers about integration, explicitly show how changes in one area (e.g., transportation delays) affect others (e.g., inventory levels, customer satisfaction) to highlight systemic thinking.

    Common Mistakes

    Common errors to avoid in your coursework

    • Confusing periodic and perpetual inventory systems, leading to unrealistic assumptions about stock accuracy and timing of updates.
    • Failing to account for all cost components in economic calculations—overlooking carrying costs, obsolescence, or administrative expenses when assessing inventory management performance.
    • Confusing inventory management (the overarching process) with stock control (a subset focusing on stock levels).
    • Overlooking the financial impact of stockouts, focusing only on overstocking as a problem.
    • Misapplying the Economic Order Quantity formula by ignoring real-world constraints like demand variability or supplier lead times.
    • Assuming that modern inventory systems such as barcodes and RFID are interchangeable, without recognising their distinct technological and operational differences.
    • Failing to connect inventory management decisions to broader supply chain performance, treating it as a standalone function.
    • Confusing stock control with inventory management; stock control is a subset focusing on stock levels, while inventory management covers broader processes including forecasting and supplier management.
    • Oversimplifying the economic impact by ignoring the cost trade-offs between ordering, holding, and shortage costs.
    • Assuming modern systems automatically solve all inventory problems without addressing underlying process issues and data accuracy.
    • Misapplying formulas like EOQ without considering assumptions such as constant demand and lead time.
    • Students often confuse stock control with inventory management, failing to recognise that inventory management encompasses the broader strategic process, including demand forecasting and supplier coordination.
    • A frequent error is miscalculating safety stock by ignoring lead time variability or demand fluctuations, leading to unrealistic stock level recommendations.
    • Confusing stock control techniques with broader inventory management principles, often treating them as synonymous rather than complementary tools.
    • Overlooking hidden costs of inventory, such as obsolescence, insurance, and warehousing, when assessing economic impact.
    • Assuming that modern inventory systems universally suit all port operations without considering scale, cost, or integration challenges.
    • Failing to link inventory processes to the specific demands of ports and shipping, such as customs clearance, bonded warehousing, and transshipment.
    • Confusing stock control with warehouse management, not recognizing that stock control is specifically about planning, monitoring, and controlling inventory levels to meet demand.
    • Overlooking hidden costs such as obsolescence, insurance, or opportunity cost when calculating the true economic impact of holding inventory.
    • Assuming that higher stock levels automatically prevent stockouts without balancing against the increased holding costs and risks of overstocking.
    • Misapplying inventory classification methods like ABC analysis by not linking categories to demand variability, item criticality, or supply chain risks.
    • Confusing lead time with cycle time, leading to incorrect reorder point calculations.
    • Miscalculating safety stock by ignoring demand variability or using average rather than maximum lead time.
    • Overlooking the trade-off between inventory holding costs and customer service levels, resulting in inefficient stock policies.
    • Assuming all modern inventory systems (e.g., ERP, WMS) offer identical functionality without considering organisational needs.
    • Misinterpreting inventory solely as a cost rather than a strategic buffer that supports production and sales.
    • Confusing 'inventory' with 'stock', overlooking that inventory encompasses all goods at various production stages, not just finished items.
    • Assuming perpetually high stock levels always prevent stockouts, ignoring the carrying costs and risk of obsolescence.
    • Misapplying the economic order quantity formula without adjusting for real-world constraints like demand variability or bulk discounts.
    • Believing that just-in-time inventory is universally suitable, without considering supplier reliability or the need for safety stock in volatile markets.
    • Overlooking the integration requirements between physical inventory systems and digital management software, leading to data discrepancies.
    • Confusing reorder level with reorder quantity, leading to miscalculations in stock replenishment.
    • Focusing solely on inventory reduction without considering the risk of stockouts and their impact on customer service levels.
    • Overlooking the integration of inventory systems with other business functions, such as procurement and sales, resulting in siloed analysis.
    • Misunderstanding the difference between periodic and perpetual inventory systems, often assuming periodic is outdated.
    • Confusing reorder level with economic order quantity (EOQ), leading to inappropriate stock replenishment strategies.
    • Failing to account for demand variability and lead time fluctuations when setting safety stock levels, resulting in unrealistic stock plans.
    • Overlooking indirect holding costs such as insurance, depreciation, and opportunity cost of capital, leading to an incomplete economic analysis.
    • Assuming that all automated identification technologies (e.g., barcodes, RFID) offer the same benefits without considering read range, cost, and data capacity differences.
    • Confusing stock control methods like JIT and JIC and applying them inappropriately without demand pattern analysis.
    • Overlooking the total cost concept by focusing solely on purchase price, ignoring holding and ordering costs.
    • Failing to link inventory systems to specific operational requirements, resulting in generic technology descriptions.
    • Misconception: Supply chain management is only about logistics and transportation. Correction: It also encompasses procurement, supplier relationships, inventory planning, and demand forecasting, all of which are critical to overall efficiency.
    • Misconception: Holding more inventory always improves customer service. Correction: Excessive inventory increases holding costs and risk of obsolescence; effective management balances service levels with cost minimization using techniques like JIT.
    • Misconception: The cheapest transportation mode is always the best choice. Correction: While cost is important, factors like transit time, reliability, and product characteristics (e.g., perishability) must be considered to meet customer requirements.

    Frequently Asked Questions

    Common questions students ask about this topic

    Before You Start

    Prior knowledge that will help with this topic

    • •Basic understanding of business operations and the flow of goods from production to consumption.
    • •Familiarity with fundamental logistics terms such as warehousing, inventory, and transportation.
    • •Numeracy skills for interpreting data like lead times, order quantities, and cost calculations.

    Key Terminology

    Essential terms to know

    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • 1. Understand inventory process management2. Understand stock control and the techniques used to plan stock levels3. Understand the economic impact of inventory management4. Understand a range of modern inventory systems
    • Inventory lifecycle and process flow
    • Stock control techniques and demand planning
    • Economic implications of inventory decisions
    • Modern inventory technologies and systems

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