Ordering Basics

Focus:

Supply Chain Management, Inventory Management, Business Studies, EOQ, Retail Management, Finance, Entrepreneurship.

Used in:

Ordering simulations find application in undergraduate and postgraduate courses, as well as corporate training programs for freshers, offering practical insights into inventory management, stocking strategies, and cost optimization in dynamic market scenarios.

Case scenario:

The participant steps into the role of a senior manager at a start-up specializing in selling unique, elegant, and affordable artistic and home decor items. Despite having a strong vision and market plan, the company faces a significant challenge in selling a specific product. Despite using strategies to attract customers, sales are lower than expected, resulting in high missed sales opportunities. Upon analysing sales data and inventory, the research team discovered the issue: the product has a large inventory but lacks organization. To fix this, the company aims to introduce an effective inventory system. This system would track inventory levels in real-time, making it easier to manage stock and reorder products when needed. The participant is responsible for determining the right levels to reorder and the quantity to order, ensuring efficient inventory management.

Participant tasks:

Participants are tasked with examining sales trends, lead time, and customer demand to determine the optimal reorder level and order quantity. They are encouraged to evaluate key performance indicators (KPIs) or cost metrics and apply specific inventory control methods. Replenishment decisions should be made based on diverse demand patterns, and strategies should be devised to handle holding costs and ordering costs while preventing stockouts.

Key learning areas:

Imparts essential knowledge on applying selective inventory control techniques and managing inventory levels to accommodate diverse demand patterns. Participants gain insights into executing these activities with a profound awareness of the critical role played by Economic Order Quantity (EOQ) in achieving optimal efficiency in inventory management.

Key success factors:

Success is dependent on participants achieving proficiency in effective inventory management, streamlining supply chain operations, improving order fulfilment, and designing a more cost-effective and responsive logistics system.

Expected outcome:

Participants will emerge with enhanced skills in ordering, equipped with a strategic understanding of inventory management, cost optimization, and effective decision-making in dynamic market environment.

Adaptability:

The platform offers powerful user-level customization options where the educator can change the storyline, parameters, difficulty level, languages, and currency for different target groups and experience levels. The platform provides a tool where participants' feedback and assessments can be done by AI. In addition, the platform also has the capability of recording engagement, conducting quizzes, and a forum for doubt-solving.

Available languages:

English, Hindi, Tamil, Telugu, Kannada, Marathi, Bengali, Malayalam, Odia, Gujarati, Punjabi.

Focus:

Used in:

Case scenario:

Participant tasks:

Key learning areas:

Key success factors:

Expected outcome:

Adaptability:

Available languages:

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