LOG203 Inventory Management SUSS TMA Assignment Sample

Inventory Management is highly expensive however the fact that it is eternally an essential part of any organization also cannot be neglected. The SUSS students who are pursuing their higher education in the field of business administration need to learn the relevant course i.e. LOG203 Inventory Management. Singapore University of Social Sciences offers the LOG203 course to educate the students about the significance of inventory & managing the appropriate inventory level.

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In conjunction with that, the SUSS LOG203 course also provides the students with various kinds of assignments. The students find different ways to complete the LOG203 assignments such as studying the LOG203 Inventory Management SUSS TMA assignment samples, reading books in the library, etc. However, several students end up looking for reliable help in doing assignments.

Aim of SUSS LOG203 Inventory Management Course

The Inventory management (LOG203) course is introduced to the SG business students. This course aims to train the students with an understanding of the challenge of inventory management. They get to learn how much important inventory is for the organization.

Not only this, but they will also comprehend the different approaches to effective inventory management.

Besides, the SUSS LOG203 course also focuses on coaching the students to learn the skills of dealing with different situations on the basis of the customers’ demands.

Along with all that, the course also aims to enlighten the students with effective learning and comprehension by giving them different LOG203 SUSS assignments that lead the students to review as many LOG203 Inventory Management SUSS TMA assignment samples & gain knowledge.

What is inventory management operations management?

Inventory management is the process to supervise the non-capitalized assets/ inventory, or the stock items. This is an essential part of supply chain management & supervise the flow of goods and services from the manufacturer to the warehouses and from those to the stage of the sale.

Inventory management manages the flow of goods for all kinds of organizations from small to large businesses.

Inventory management doesn’t follow just one method but there are various inventory management techniques available and selecting the appropriate one will lead to making the entire process efficacious. This way all goods and services will be provided at the right amount, place, and time.

Besides, inventory control is a different sector of inventory management which helps in minimizing the total cost of inventory while optimizing the efficiency to deliver the products to the customer on time.

What is the main purpose of Inventory Management?

The basic objective of inventory management is to maintain the flow of stock in an organization i.e. keep the track the stock of goods and services in a way that it is never overstock nor understock.

The purpose of inventory management is operational and financial. Materials and stocks are needed to be available in a sufficient amount in case of operations whereas when we talk about the financial the minimus work capital should be certain.

Here are the major objectives of Inventory management: –

• To avoid understocking as well as overstocking.
• To ensure proper supply of products so that the production won’t suffer during the course of customer demand.
• Maintain the availability of material and stock in the required amount.
• To control the material cost so that the cost of production can be reduced.
• Ensuring the quality of materials at reasonable prices.
• To abolish the duplication in ordering stocks
• Maintain a regular supply of material
• To make stability in price, etc.

And, there are many more goals for inventory management.

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What does the SUSS LOG203 course teach?

Every organization needs to avail the right products at the right time or deliver the correct goods or services to the customer in a timely manner. Keeping a record and track of inventory as well as updating it regularly is important for the firm & it can also be used to track the profit, needs, and sales. This has been proved to be beneficial for all the organizations, however, the inventory management system can sink or swim the ability to maintain the sales and demands for smaller businesses.

The inventory management recommends the suitable inventory level that should be retained for every item/ product stocked in the organization as well as the size and frequency of inventory restoration.

The LOG203 SUSS course teaches Singapore students about all such essential information and skills to evaluate the needs and inventory levels.

This course also familiarizes the students with the importance of inventory in any organization and skills to determine the inventory level needed to manage the supply chain as well as to effectively maintain the organization’s customer service level.

It also educates the students about the cases when the demands of the customers are needed in advance as well as those cases too when the demand is unsure and the ways to estimate the demand are to be discussed.

This course focuses to explore best practices to handle the inventory in the supply chain globally that is becoming progressively complex and uncertain.

SUSS LOG203 Inventory Management Course Topics

The LOG203 SUSS Inventory Management course includes the following topics: –

• Introduction to Inventory Management
• Fundamentals of Inventory Management
• Order Quantities
• Variations of the Economic Order Quantity Model
• Safety Stock and Service Level
• Uncertainty in Demand
• Variations of the Economic Order Quantity Model
• Forecasting in Inventory Management
• Material Requirements Planning
• Innovation in Inventory Management
• Production Planning and Control
• Managing Inventory in Global Supply Chains

Learning Outcomes of LOG203 Inventory Management Course

Pursuing the SUSS LOG203 course train the students with the best knowledge and understanding of the idea and concept of inventory management.

These are some of the basic educational upshots of the LOG203 course: –

• Acknowledge the role of inventory management and inventory systems in any organization
• Evaluate the ideal order quantity when the demand is already known
• Examine the different forecasting techniques in inventory management
• Utilize material requirements planning to get the right material at the right time
• Discuss the need for safety stock
• Analyze the impact of demand uncertainty on the qualities of orders

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