Managing Inventory Effectively Training

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Managing Inventory Effectively Training Course
Introduction:
Inventory Management Techniques is a comprehensive five-day course designed for individuals seeking to gain a deep understanding of and implement effective inventory management tools in the supply chain. Participants will learn how to evaluate existing procedures and implement necessary changes to enhance customer service, reduce inventory levels, eliminate wasteful costs, address internal issues that hinder performance, and achieve added value for money. This course equips attendees with the knowledge and skills needed to optimize inventory management practices for improved supply chain performance.
Course Objectives:
- How to analyze stock and inventory
- How to make productivity improvements
- Understand the role of inventory in the supply chain
- Balancing cost and service requirements
- A framework for continual improvement
- Best in class practices
Who Should Attend?
- 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 sock and inventory
Course Outlines:
The Supply chain definitions, history, and key aspects
- Definitions
- History and development
- Key aspects
- Befits of supply chain approach
Relationships and material flows in the chain
- Integrating the supply chain
- Lead-times
- Customer service
- Adding value
- Tradeoffs
- Power of information
- Sharing and collaboration in the supply chain
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 stock?
- Inventory costs
- Service levels from inventory
- Cost/service trade-offs
- Understanding Lead time
- Lead time variability and uncertainty
- Inventory and statistics
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
- 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
- Checklists to help on deciding the best option
Stock Recording
This session looks at stock recording, a 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