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Inventory analysis is the process of understanding the stock/product mix combined with the knowledge of the demand for stock/product. It is the technique to determine the optimum level of inventory for a firm.
This course offers 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.
What Do Participants Learn?
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 Non Inventory 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
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
Section 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
Section Two: Description And Classification Of Inventory
Types Of Inventory
The Abc Inventory Classification
Uses Of The Abc Ranking
Section Three: Forecasting Demand And Lead Time
Dependent Versus Independent Demand
Factors Affecting Demand
Factors Impacting Forecast Accuracy
Time-series Forecasting Methods:
Lead Time Management
Section 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
Section Five: Counting And Controlling Inventory And Measuring Inventory Management Performance