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Procurement and Inventory Management

Introduction

As the global division of work is still increasing in all industries in order to improve speed, process integration and customer satisfaction there is a growing need for a modern sourcing system. Procurement and inventory management form the interfaces between different value chain members in today’s product as well as service supply chains. As spending in procurement is often one of the biggest parts of a company’s budget and accurately managing inventory offers cost cutting as well as service improvement potential, procurement and inventory management become integral to effectively managing any supply chain.

This module will put the emphasis on the design and management of processes and control systems of the inbound supply chain. The contents covered in this module include procurement processes and strategies, risk pooling and multi-stage inventory control systems, value of collaboration and streamlined information and financial flow in supply chains, supplier relationship management as well as elementary and advanced methods for analysis and planning.

The Procurement and Inventory Management module aims to provide learners with the ability to assess and evaluate different strategies, concepts, processes, methods and technical systems in the areas of procurement and inventory management to design procurement networks and multistage inventory control systems. This module also aims to enable learners to manage the precise synchronisation of supply and demand within a value chain through balancing purchases and inventories with sales and customer demand to deliver high service levels.

Objectives

On completion, participants will be able to:

  • Critically evaluate different procurement and inventory management strategies, processes, and organizational concepts and their links to further areas of the logistics system.
  • Appraise and adapt the supplier selection process under different supply chain scenarios within the procurement and inventory management processes.
  • Implement advanced techniques to calculate adequate stock levels for different stock categories considering logistics and financial aspects
  • Manage procurement and inventory risks arising from changes in customer markets and their impact on demand and supply along multiple stage of the supply chain.

Syllabus

  • Procurement and inventory management basics and their role in the supply chain
  • Basic methods for analysis and planning in procurement and inventory management
  • Strategic and operational procurement processes
  • Static and dynamic stock-keeping and replenishment policies
  • Supplier relationship management and collaboration in the supply chain
  • Supplier evaluation and performance management
  • Information flow and financial flow in procurement processes
  • Advanced optimisation tools for sourcing organisations

Assessment

UK Full-time Masters Courses:

In-module oral assessment & presentation (20%) & Written post module assignment (80%).

Duration

1 week (15 hours of lectures, 15 hours of seminars)

This is a course module on MSc Supply Chain and Logistics Management.

Please note: the details of this module are correct for the current year of study and may be subject to change for future years.