Inventory Management in Education - Australis Institute of Technology & Education

Operation
Management

Introduction – Operation
Management
■ Operation Management is considered to be an area of management which is
related with various procedures concerning business operations such as
production design and control, supervising the contexts of production and
provision of various services (Kang and Kim, 2010).
■ Effective management of operations can be useful in reducing the costs at
various levels and make business to function more efficient.
Operation
Managem
ent

Introduction – Operation
Management
■ Some of the significant areas in operations management are – (Barratt, Choi
and Li, 2011)
 Goods and Service design
 Human Resource and Job design
 Supply Chain Management
 Inventory Management
 Sales and Operations Planning.

Introduction – Inventory
Management of Australis Institute of
Technology & Education
■ Inventory Management is defined as the process of ordering, storing,
and using of organisation inventory such as raw materials,
components and finished products (Park and Dickerson, 2009).
■ There are various benefits of Inventory management which constitute
an important aspect of OM such as improving delivery performance,
shorter lead times, lower costs, accurate planning, decreased stocks-
out and increased inventory turnover.