Effective Inventory Management Techniques and Control

This is an intensive workshop for those who want to understand and implement the essential tools for managing inventory in the supply chain Participants are shown how to evaluate procedures and make needed changes to methods to improve customer service whilst achieving restrictions in inventory; eliminate wasteful costs; avoid internal problems that limit performance and obtain added value for money.

CONTENT:

*The Supply Chain

- Definitions                                                                                                          

- Benefits of supply chain approach

- Integrating the supply chain

- Relationships and material flows in the chain

*Product Classification

- Supply/demand variables

- Dependent and independent demand

- ABC analysis

- Inventory costs and service

- Why hold stock?

- Inventory costs

- Inventory and statistics

- Service levels from inventory

*Replenishment Methods for Independent demand

- Economic order quantities

- How much to order

- Minimum=maximum methods

- Continuous review and periodic review methods

*Forecasting and stock control

- Sales forecasts

- Statistical forecasts

- When forecasting is easier or harder

*Stock coding

- Different methods

- Understanding all involved

- How do we get inaccuracies?

*Model for Planning Inventory

- Managing inventory by value and by volume

- Model for inventory planning

- What to implement now.

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.