Inventory Management Techniques: Planning, Replenishment and Activities Control

These inventory management techniques will improve your inventory turnover ratio and transform frozen assets into cash. This workshop will teach participants on how to explore the latest inventory management methods for saving money, satisfying customers and speeding up the flow of inventory.

CONTENT

*The Strategic role of Inventory Management

- Inventory Management

- Inventory Cycle/Supply Chain

- Inventory Management Strategy

- Measurements for Inventory and other associated costs

*Front-End Optimizing of Inventory levels

- Optimum Inventory levels

- Forecast Demand for Inventory

- Calculate Demands from forecasting models

- Calculate safety stock

*Just-in-Time and Inventory Process Improvement

- JIT System

- Benefit of a JIT System approach

- Reducing Inventory carrying costs

*Systems for Inventory Planning and Replenishment

- Various types of replenishment techniques

- Average Inventory level

- Lead time on Inventory level

- Surplus/Obsolescent Inventory

- Material Requirement Planning (MRP) method

*Inventory Accuracy and Audits

- Inventory Control and Accuracy

- Physical Inventory vs. Cycle counting

- Work-in-process Inventory Audit

- Using A.B.C. Analysis

FOR WHOM:

Stores Purchasing and Logistics Personnel in the Public and Private Sectors

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.