This course offers a comprehensive coverage of the storage and supply of materials from elementary principles and methods to the most sophisticated automated operations. It aims at providing real solutions to all the problems encountered by most stores staff and will assist those who wish to build a successful career in an integrated materials management function.
List the objectives of inventory management and its impact on cost and customer service.
Perform proper classification of inventory and use best practices for item specification/ cataloging.
Use forecasting techniques to predict demand and better manage lead times.
Identify the optimum ordering quantity and determine safety stocks and reorder points.
Conduct cycle counts, improve inventory record accuracy, and find ways to reduce inventories.
List various techniques to reduce inventory, including JIT (Just-In-Time).
Apply Key Performance Indicators (KPIs) to measure and improve inventory performance.
Who Should Attend?
Those new to managing inventory
Owners, operators, and Directors of companies who hold stock and inventory
Those noninventory people who need to gain an awareness of the issues and key drivers of stock control operations Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution
Day One: Introduction to Inventory Management
Objectives of Inventory Management
Reasons to Hold Inventory
Inventory Information System Considerations
Identifying Inventory Costs
Customer Service in Inventory Management
Day Two: Description and Classification of Inventory
Types of Inventory
The ABC Inventory Classification
Uses of the ABC Ranking
Day Three: Forecasting Demand and Lead Time
Dependent versus Independent Demand
Factors Affecting Demand
Factors Impacting Forecast Accuracy
Time-Series Forecasting Methods:
Lead Time Management
Day Four: Inventory Systems
Inventory Holding and Ordering Costs
The Economic Order Quantity Model
Dealing with Quantity Discounts
Objectives of Safety Stocks
Setting Safety Stocks
Determining the Reorder Point
Day Five: Counting and Controlling Inventory and Measuring Inventory Management Performance
Requirements for Accurate Inventory Records
Reporting Record Accuracy
Periodic and Cycle Counting
Reasons for Poor Inventory Management
Key Performance Indicators and Targets
Qualities of the Inventory Specialist
NOT INTERESTED IN THIS COURSE?
We always want to improve the quality of our courses. Please select any reasons why you feel this course is inadequate (check all that apply).