The Complete Course on Inventory Management

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The Complete Course on Inventory Management Course
Introduction:
Effective inventory management is crucial for the success of a business. Inventory often represents a significant portion of current assets on a balance sheet. Problems with inventory can lead to financial losses and even business closures. Conversely, efficient management of the supply chain can enable a business to thrive.
A well-executed inventory management system maintains a harmonious equilibrium between incoming and outgoing inventory. It effectively controls the timing and costs associated with non-capitalized assets and stock items, enabling a business to achieve optimal profitability.
Course Objectives:
At the end of The Complete Course on Inventory Management, Participants will be able to:
- Plan and Maintain Inventory at Sufficiently High Level to Support Production and Operations Activities Smoothly
- Minimize Investment in Inventory at Minimum Level to Maximize Profitability
- To Evaluate Investment in Inventory at Optimum Level Thus Minimizing Carrying Cost of Inventory
- Establish Selective Inventory Management Control Utilizing Value and Criticality Analysis
- Establishing Minimum Inventory Ordering Cost Using Economic Order Quantity Principles
Who Should Attend?
The Complete Course on Inventory Management is ideal for :
- Those involved in inventory, albeit as supplier, buyer, materials planner, warehousing, finance or even end-customer
- Professionals and staff in the organization who are responsible for reducing costs, increasing productivity, raising inventory turns and enhancing customer service through high fill rates, accurate information and excellent order fulfillment
Course Outlines:
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.
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
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