Inventory Management Master Class

Monday 28 Dec 2020

  • Duration: One Week
  • City: London
  • Fees: 3800 GBP

Introduction

This course intended to provide understanding how inventory management techniques can be used in a wide variety of situations, particularly in stores where the inventory can be anything from fast moving products to slow moving spares.

Objectives

• Understand and discuss distribution warehousing and manufacturers’ operations.
• Explore the inventory control aspects included in the courses for the DPIM, COM, DLM, CPIM and other professional and academic qualifications.
• Build up comprehending of stock control by seeing the techniques explained logically.
• Understand how inventory structuring, individual item control, forecasting and co-ordination provide the base for logistics management.
• Understand the vital role of inventory & the role it plays in the profitability of the company.
• Examine the most appropriate method for managing an item.
• Comprehend the value chain in inventory management.
• Apply best methods to optimise the investment in inventory.
• Examine the appropriate inventory management technique for each type of item.

Course Outline

Day 1

Inventory in the Value Chain

• The purpose of inventory in the value chain.
• Classification of inventory.
• Procedure for eliminating obsolete inventory.
• Pareto Law in identifying product Classification.
• Location of inventory.
• Using Economic Order Quantity on managing inventory order levels.

Demand Planning

• Basic forecasting methods.
• Customer segmentation.
• Hierarchy of planning.
• Aggregate planning.
• Maintenance & Inventory planning meeting.
• Master Scheduling.

Day 2

Forecasting

• Principles of forecasting.
• Effect of lead time on the forecasting process.
• Quantitative forecasting.
• Qualitative forecasting.
• Tracking forecast accuracy.
• Determining safety stock.

Inventory Recording

• Period stock take.
• Cycle counting.
• Perpetual recording.
• Utilizing Bar-cades to manage inventory and movements.
• The use of Radio Frequency Identification (RFID) for recording inventory movement.
• Inventory accounting.

Day 3

Performance Measurement

• Stock turnover rate.
• Customer service.
• Cost of operations.
• Measuring the effectiveness of your system.
• How to use the measurements.
• Class exercise on selective inventory management.

Setting the right stock levels

• Simple assessment of review levels.
• Managing lead times.
• Target stock levels.
• The changing role of purchasing.

Modern supply practice

• Supply partnerships.
• The ordering processes.
• Order quantities.
• Purchasing processes.
• Forecasting demand.

Day 4

Options for assessing demand

• Causes of forecasting techniques.
• Methods of improving forecasts.
• Historical forecasting techniques.

Basic forecasting techniques

• Weighted averages.
• Choosing the best forecast.
• Monitoring forecasts.
• Advanced forecasting methods.

Day 5

More forecasting tools

• Forecasting for seasonal sales.
• Other methods.
• Material requirements planning – an alternative to forecasting.

Avoiding uncertainty

• Material requirements planning.
• Master planning.
• Batch sizes.
• The future – inventory and logistics.

The basis of the lean supply chain

• Logistics.
• Review.

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