Course Details
Your Growth, Our Mission
Course Description
Inventory Management Techniques is an intensive course 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 the needed changes to methods to improve customer service whilst achieving reductions in inventory; eliminate wasteful costs; avoid d internal problems that limits performance; obtain added value for money.
The Training Course Will Highlight ?
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
Training Objective
- To give knowledge of effective inventory operations in the supply chain
- To enable analysis & examination of current operations
- To make organizational improvement
Target Audience
- 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
Training Methods
- 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
Daily Agenda
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
Accreditation
BTS attendance certificate will be issued to all attendees completing minimum of 80% of the total course duration.
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