Personal impact:

• How to analyses stock and inventory
• How to make productivity improvements
• Understand the role on inventory in the supply chain
• Balancing cost and service requirements
• A framework for continual improvement
• Best in class practices

Organizational impact:

• To examine the links on inventory in the company supply chain operations and activities
• To analyze the key areas of operations
• To identify and understand key performance indicators
• To succeed in improving operations

Competencies:

• Analysis
• Planning
• Improvement

• To give knowledge of effective inventory operations in the supply chain
• To enable analysis & examination of current operations
• To make organizational improvement

• Those new to managing 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 Supervisors/Managers
• Owners, Operators and Directors of companies who hold stock and inventory

• Interactive and participation
• Pragmatic and “what will work”
• Discussions, flip chart and Power Point presentations
• Exercise and action times
• Case studies and best practice examples
• Checklist for later reference/reinforcement/application of main points

Day 1- Supply Chain

The Supply chain definitions, history and key aspects

• Definitions
• History and development
• Key aspects
• Benefits of supply chain approach

Relationships and materials flows in the chain

• Integrating the supply chain
• Lead-times
• Costumer service
• Adding value
• Tradeoffs
• Power of information
• Sharing and collaboration in the supply chain

Day 2-Products & Stock

Product classification

• Supply/ demand variables
• Dependent and independent demand
• Patterns of demand
• ABC Analysis or the 80/20 rule
• Product coding

Inventory costs and service

• Why hold the stock?
• Inventory costs
• Service levels from inventory
• Cost/service trade offs
• Understanding Lead time
• Lead time variability and uncertainty
• Inventory and statistics 

Day 3- Replenishment Methods

How much stock should be held?

• Stock time curve
• Determining the reorder level
• Determining the reorder point
• Carrying Safety stock
• Fixed and variable time periods
• Fixed and variable order quantities

Replenishment methods for independent demand

• When to order
• How much to order
• Economic order quantities
• Two bin methods
• Minimum – maximum methods
• Comparing continuous review and periodic review methods                

Other replenishment methods

• When to order for dependent demand
• How much to order for dependent demand
• Materials Planning (MRP and MRPII)
• For spare parts

Day 4 – Forecasting and Stock Control

Demand Forecasting

• Sales forecasts
• Statistical forecasts
• When forecasting is easier
• When forecasting is harder

Stock Coding

The method by which stock is coded is important in the overall management process, this session will examine:

• Different methods
• Understanding of all involved
• Checklist to help on deciding the best option

Stock Recording

This session looks at stock recording, critical aspect of stock control and if done incorrectly is the source of many subsequent errors

• Separation of powers
• Legal issues
• How do we get inaccuracies?

Stock Checking

Much time can be spent on this activity, but there are methods to both minimize the time and at the same time increase checking accuracy. This session examines such aspects

• Roles and Responsibility
• Requirements
• Job Descriptions
• Authority levels
• Tolerances and approvals
• The program
• Options
• Reconciliation’s/discrepancies

Day 5- Improvements

Model for planning inventory

• Managing inventory by value and by volume
• Questions to ask about inventory
• Model for inventory planning
• What to implement now

BTS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.