To a finance manager, inventory refers to the value of raw materials, consumables, spares, work in progress, finished goods and scrap in which the company's funds have been invested. Good Inventory Management is good Finance Management. And an efficient management of inventory should ultimately result in the maximization of the owners' wealth.
This course will give you knowledge related to Inventory Management and its techniques. It aims to explain the nature of inventory, its purpose, the various types of inventories and the costs associated with them. It also explains the various techniques used for Inventory Control. The course is highly informative and interactive with several practice questions.
Course Duration: Approximately 90 minutes.
By the end of this course, you will be able to:
- Explain the nature of Inventory and its purpose
- List the various types of inventories
- Describe the costs associated with inventories
- No previous knowledge about the concept is required.