The Complete Course on Purchasing and Inventory Management
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The Complete Course on Purchasing and Inventory Management Course
Introduction:
This course delves into the growing focus on operating organizations with increased efficiency and effectiveness. The current business landscape places significant importance on cost reduction and prudent investment, all while maintaining optimal levels of customer service—a key aspect of achieving world-class performance. However, Inventory Management remains one of the least comprehended practices in numerous companies, with managers often failing to recognize the direct correlation between effective Inventory Management and positive business outcomes.
Course Objectives:
Upon the successful completion of this course, each participant will be able to:-
- Understand the importance of inventory & the role it plays in the profitability of the company
- Examine the most appropriate method for managing an item
- Understand the value chain in inventory management
- Apply best methods to optimize the investment in inventory
- Examine the appropriate inventory management technique for each type of item
Who Should Attend?
This training course is suitable for a wide range of professionals, but will greatly benefit:
- Purchasing, Procurement, Contracts, Contract Administration, Projects Personnel
- Engineering, Facilities, Finance, and Maintenance Personnel
- Personnel Involved in the Planning and Management of Tender Process
- Those Involved in Inventory Management as a Supplier, Buyer, Materials Planner, Warehousing, Finance or Even End-Customer
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