MGMT19125 Inventory Management - Central Queensland University (CQU)
This under graduation level course of management is offered at Central Queensland University (CQU), Australia. In many cities like Branyan, Brisbane, Cairns, Emerald, Mackay, Melbourne, Noosaville, Rockhampton, Sydney this university has opened its campuses.
The Definition Of Inventory Management
Inventory management (MGMT19125) is the part of supply chain management with a clear aim. As an element of supply chain management, inventory management includes aspects such as controlling and overseeing the order inventory. Also, it governs the storage of inventory and controls the amount of product for sale. These factors are mandatory to control as they are very delicate and plays a crucial role in the sustainable development of the inventory in the market. The aim of this approach is to always have the right products in the right quantity for sale, at the right time. It is the key principle around which all the factors of inventory management are revolving. When done effectively, it can be observed that businesses reduce the costs of carrying excessive inventory while maximising sales. Therefore, a good inventory management system can help you to track your inventory in real time to streamline this process. This affects your business in a positive manner providing it a boost to stand neck to neck with its competitors in the market. Therefore, effective management of your inventory can help you achieve the right products in the right quantity. Moreover, it can avoid situations like products getting out of stock and funds being tied up in the case of excess stock. You can also be assured that your products will be sold in time to avoid spoilage or devolution, or wasting money on a worthless stock for it to rest in a warehouse or stockroom.
Moreover, Inventory Management (MGMT19125) is the scientific method to keep tracks of the shape and percentage of all the stocked goods. This course is dedicated to increase awareness of good inventory management practices including the use of packaged computer systems without concerning the mathematical methods. This subject explicates about all the aspects of inventories like, which are, what they are, why they are held, how they behave, and of course how they are managed.
Challenges Faced by Students in MGMT19125 Inventory Management? in Writing Dissertation Assignment Essay
Importance of this course for Australian students
Once the course is successfully completed, the students of inventory management can easily deliver an exceptional management system which is required in selected inventory situation, because every inventory situation demands its own system of management. The students can successfully learn the key components of inventory management and their importance in an organization.
Common Challenges Faced by Students
Every inventory situation in an organisation demands its own system of management and is also necessary for the smooth functioning of the business. So, when an inventory situation occurs, the inventory manager should step up responsibly with a unique management system which perfectly suits the circumstance. It should also benefit the business in a sustainable manner and boost the confidance of its employee's as well. Also, it is very hard to solve a certain inventory situation because of the conflicting expectations of the providers and the users of those inventories. So, the students of inventory management must possess a great skill set for the adaptness of tools and techniques to provide a quick solution for those problem areas. In inventory management, the students are required to identify and critically discuss the strategic aspects of the principles. All these principles and philosophy needs to be identified regarding the inventory management and the ways to manage inventories in a manufacturing situation where demand is dependent.
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