Finance On-Line Curriculum
Working Capital Management: Inventory Management
Working capital is a critical factor in the sustainability and viability of any business. At the same time, financing working capital can be very costly, so the proper management of working capital is of vital importance. This training course is designed to provide managers with the skills necessary for developing an effective Working Capital Management strategy.
Prerequisites
A basic understanding of financial statements, principles and ratios.
Global Objectives
After this course the student should be able to:
- Define working capital understand the different needs for working capital.
- Demonstrate an awareness of the costs of financing working capital.
- Demonstrate an awareness of different ways of financing working capital.
- Describe the principal considerations of inventory management.
- Calculate the different types of cost associated with holding inventory.
- Determine the optimal quantities to order or manufacture.
- Determine when to order more inventory.
- Explain the concept of Just-in-Time inventory management.
- Describe the three main elements of a cash management strategy.
- Describe the five ways of shortening the receivables conversion period.
- List what is involved in the credit control of new and existing customers.
- Explain how to manage your payables to maximize the credit period without affecting supplier goodwill.
Target Audience
This course is designed for managers and prospective managers, particularly those requiring more significant experience in the general financial aspects of business.
Target Time
2 hours
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