This inventory planning and stock control training course covers all aspects of inventory planning and stock control focusing on information on strategies along with key competency building. The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area. A customised proposal can also be arranged, to suit the training requirement of your team.
By the end of this inventory planning and stock control training, participants will be able to:
- 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
Introduction to Inventory Management
- Objectives of Inventory Management
- Reasons to Hold Inventory
- Inventory Information System Considerations
- Identifying Inventory Costs
- Customer Service in Inventory Management
Description and Classification of Inventory
- Types of Inventory
- The ABC Inventory Classification
- Uses of the ABC Ranking
- Materials Specifications/Cataloguing
Forecasting Demand and Lead Time
- Dependent versus Independent Demand
- Factors Affecting Demand
- Factors Impacting Forecast Accuracy
Time-Series Forecasting Methods:
- Moving Average
- Exponential Smoothing
- Seasonal Demand
- Lead Time Management
- 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
- Counting and Controlling Inventory
- Causes of Inaccurate Inventory
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
Who Should Attend?
Individuals involved in inventory (materials) planning and stock control at the operational and supervisory levels, individuals working in functions of materials management (purchasing, stores, distribution) who need to understand the mechanics of inventory planning and stock control.
- All our courses can be facilitated as Customized In-House Training course.
- Course duration is flexible and the contents can be modified to fit any number of days.
- As for Open Enrolment Courses, we offer our clients the flexibility to chose the location, date, and time and our team of experts who are spread around the globe will assist in facilitating the course.
- The course fee includes facilitation, training materials, 2 coffee breaks, buffet lunch and a Certificate of successful completion of Training.
- FREE Consultation and Coaching provided during and after the course.
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