Inventory management is the process of planning, organizing and controlling the flow of goods and services from suppliers to customers. It involves the management of inventory levels, production schedules, and logistics to ensure that materials and products are available to meet customer demand.
Beginner competence definition
Beginners understand the basic concepts of inventory management, such as the importance of managing inventory levels and production schedules to ensure the timely delivery of goods and services to customers.
Intermediate competence definition
Intermediate professionals understand the different components of inventory management, such as inventory planning, production scheduling, and logistics management, and are able to apply these concepts to real-world situations. They also have knowledge of basic inventory management tools and methodologies.
Advanced competence definition
Advanced-level professionals understand the strategic implications of different inventory management decisions and can create and execute complex inventory management plans that support the overall goals and objectives of the organization. They have the ability to identify and implement advanced inventory management tools and methodologies such as inventory optimization, demand forecasting, and logistics optimization.
Supply chain management
Production planning and scheduling