Inventory Planning and Stock Control
5 DaysInventory Planning and Stock Control - Virtual Learning
Course Methodology
This course uses a mix of interactive and hands-on techniques. In addition to brief presentations by the consultant and the participants, there will be many individual and group exercises. The exercises are all work related where participants need to calculate or draw the optimal solutions after understanding the process.
Course Objectives
By the end of the course, participants will be able to:
- State the objectives of stock management and list their impact on cost and customer service
- Prepare proper classification of stock and use best practices for item specification and cataloguing
- Use scientific forecasting techniques to predict demand and better manage lead times
- Differentiate and categorize stock cost elements
- Compute the optimum ordering quantity and determine safety stocks and reorder points
Target Audience
Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.
Target Competencies
- Planning logistics
- Logistics work processes
- Inventory management
- Assessment and planning of requirements
- Forecasting demand
Course Outline
- Introduction to stock management
- Supply chain management scope
- Functions and objectives of supply chain management
- Objectives of inventory planning and stock control
- Reasons to hold inventory
- Inventory information system considerations
- Inventory push versus pull systems
- Identifying inventory costs
- Customer service in inventory management
- Description and classification of inventory
- Types of inventory
- The inventory ABC classification ranking model
- Uses of the ABC ranking
- Forecasting demand and lead time
- The inventory order cycle
- Dependent versus independent demand
- Factors affecting demand
- Factors impacting demand forecast accuracy
- Demand patterns
- Time series forecasting methods
- Seasonal demand
- Moving average
- Exponential smoothing
- Measuring the accuracy of the forecast
- Setting lead time and methods to control it
- Inventory costs
- Inventory cost elements
- Cost of item
- Purchasing cost
- Carrying or holding cost
- Stock-out cost
- Inventory cost elements
- Inventory systems
- The Economic Order Quantity (EOQ) model
- Dealing with quantity discounts
- Objectives of safety stocks
- Setting safety stocks
- Determining the Reorder Point (ROP)
Mawred Certificate
Mawred Certificate courses by Al mawred Training & Consulting are designed for those willing to challenge themselves and go the extra distance...
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Virtual Schedule
Classroom Schedule
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