This program is consisted of planning and controlling of stock, by focusing on info that allow improved competency building strategies.This training program has been planned out keeping in mind both the traditional and up to the minute trends and requirements of the given field. This makes the course an ideal learning opportunity for all of its participants. Please make a note that a custom proposal can also be acquired, if you have different training requirements for your team.

 

Who is this Course For?

This course is fitting for people involved in inventory (materials) planning and stock control at the operative and supervisory levels, persons working in functions of materials management (purchasing, stores, distribution) who must understand the mechanics of stock control and inventory planning.

 

Course Objectives:

As this training program will come to an end, as a delegate you’ll be able to:

  • List the aims of inventory management and its influence on cost and customer service
  • Apply KPIs to improve inventory performance and to also measure it properly
  • Classify the finest ordering quantity and figure out safety stocks and reorder points
  • Carry out organization of inventory and make use of best practices for item specification/classification
  • Use estimating methods to predict demand and better manage lead times
  • Conduct cycle counts, improve the accuracy of inventory records, and be aware of ways to decrease inventories
  • List numerous techniques to cut down inventory, including JIT AKA Just-In-Time

 

Course Outline:

Intro to Inventory Management

  • Objectives of Inventory Management
  • Why Hold Inventory?
  • Inventory Info System Considerations
  • Classifying Inventory Costs
  • Customer Service in Inventory Management

Description and Organization of Inventory

  • Inventory Types
  • The ABC Inventory Classification
  • Uses of the ABC Ranking
  • Materials Specifications/Cataloguing

Forecasting Demand and Lead Time

  • Dependent against Independent Demand
  • Factors Affecting Demand
  • Factors Impacting Forecast Accuracy

Time-Series Forecasting Methods:

  • Moving Average
  • Exponential Smoothing
  • Seasonal Demand
  • Lead Time Management

Inventory Systems

  • Inventory Holding and Ordering Costs
  • Counting and Controlling Inventory
  • Causes of Inaccurate Inventory
  • The Economic Order Quantity Model
  • Dealing with Quantity Discounts
  • Objectives of Safety Stocks
  • Setting Safety Stocks
  • Determining the Reorder Point

Requirements for Accurate Inventory Records

  • Reporting Record Accuracy
  • Periodic and Cycle Counting
  • Reducing Inventory Investment
  • Identification and Disposal of Surplus

Just-In-Time (J.I.T.) Method

  • Measuring Inventory Management Performance
  • Reasons for Poor Inventory Management
  • Key Performance Indicators and Targets
  • Qualities of the Inventory Specialist

 

Course Curriculum

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PRIVATE COURSE
  • PRIVATE
  • 10 Days
0 STUDENTS ENROLLED
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