What Does An Inventory Analyst Do
Inventory analysts use advanced mathematical and analytical methods to help organizations solve problems and make better decisions.
Job responsibilities typically include the following:
- Identify and solve real-world problems in areas such as business, logistics, healthcare, or other fields
- Collect and organize information from a variety of sources, such as computer databases, sales histories, and customer feedback
- Gather input from workers involved in all aspects of a problem or from others who have specialized knowledge, so that they can help solve the problem
- Examine information to figure out what is relevant to a problem and what methods might be used to analyze it
- Use statistical analysis, simulations, predictive modeling, or other methods to analyze information and develop practical solutions to business problems
- Advise managers and other decision makers on the impacts of various courses of action to take in order to address a problem
- Write memos, reports, and other documents explaining their findings and recommendations for managers, executives, and other officials
Operations research analysts are involved in all aspects of an organization. They help managers decide how to allocate resources, develop production schedules, manage the supply chain, and set prices. For example, they may help decide how to organize products in supermarkets or help companies figure out the most effective way to ship and distribute products.
Analysts must first identify and understand the problem to be solved or the processes to be improved. Analysts typically collect relevant data from the field and interview clients or managers involved in the business processes being examined. Analysts show the implications of pursuing different actions and may assist in achieving a consensus on how to proceed.
Operations research analysts use sophisticated computer software, such as databases and statistical programs, and modeling packages, to analyze and solve problems. Analysts use these mathematical programs to simulate current and future events and evaluate alternative courses of action. Analysts break down problems into their various parts and analyze the effect that different changes and circumstances would have on each of these parts. For example, to help an airline schedule flights and decide what to charge for tickets, analysts may take into account the cities that have to be connected, the amount of fuel required to fly those routes, the expected number of passengers, pilots’ schedules, maintenance costs, and fuel prices.
There is no one way to solve a problem, and analysts must weigh the costs and benefits of alternative solutions or approaches in their recommendations to managers.
Because problems are complex and often require expertise from many disciplines, most analysts work on teams. Once a manager reaches a final decision, these teams may work with others in the organization to ensure that the plan arrived at is successful.
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