Inventory Management

Inventory Management.

Toronto, ON Canada.

Who should attend?

Logistics professionals involved with the management and control of inventory, including:

Inventory Managers.
Warehousing Managers.
Financial Managers.
Procurement Managers.
Supply Chain and Logistics Managers.
Supply Chain Analysts

Topic 5: Classification and Coding.

An inventory should be classified and coded to ensure that it can be managed effectively. Delegates are exposed to the advantages and disadvantages the different methods. :
Categorization of Materials and Supplies
Methods of Coding
Digital Significance Coding System Development
Stores Catalogue Maintenance

Topic 6: Provisioning and Forecasting Demand:

Establishing the depth and range of an inventory depends on objective calculation tempered by subjective assessment. Delegates are shown how to increase their chances of meeting operational requirements:
The Stockholding Conflict
Provisioning
Range and Depth of Stockholding
Calculating the Requirement
Economic Order Quantity
Operational Costs
Forecasting the Requirement

Topic 7: Determining Safety Stock Levels.

Safety stocks are a necessary financial burden on the business. Delegates are shown how to calculate safety stock levels to ensure that service levels are maintained for a reasonable cost to the business:
Applying Differential Stock Control
Setting the Safety Stock Level

Learning objectives

To help managers associated with inventory management to understand the principles, the concepts and the techniques involved.

To show delegates how to apply these in a way that is financially beneficial to their companies’ balance sheets.

COURSE OUTLINE

Topic 1: Introduction to Total Supply Chain Management.

Delegates will be introduced to the concept of total supply chain management and part played by inventory management:
The Supply Objectives (The six “rights”)
Functions and responsibilities within the Supply Chain
Inventory Accounting
Inter-functional Co-operation
Impact of Functions and Sub-functions on Total Cost
Communication

Topic 2: The Fundamentals of Stock Control.

Effective stock control depends on the application of certain fundamental principles. These are identified to delegates.
Factors affecting Stock Control
The Nature of Demand
The Pattern of Demand
The Predictability of Demand
Stock Levels and Stock-outs
Warehousing Support

Topic 3: Differential Stock Control.

Differential stock control is a technique whereby scarce management resources can be prioritized to optimize their effectiveness.

Applying Pareto Analysis to Inventory Management
ABC Categorization

Topic 4: Stocktaking & Stock Checks.

Stocktaking and stock checks are an essential procedure for ensuring that the inventory and logistics functions are being managed and operated correctly, but they are frequently incorrectly executed.
Types of Stock-take
Stock Record Updating
Discrepancy Investigation Checklist.
Principles of Stocktaking
Conduct of the Count