TRAINING COURSES

PURCHASING & INVENTORY MANAGEMENT TECHNIQUES

Start Date: 15 Dec 2019
End Date: 19 Dec 2019
Duration: 5
Fees:
Country: Singapore
Category: Purchases and Store Programs
Details:

Course Description

 

Inventory Management Techniques is an intensive course for those who want to understand and implement the essential tools for managing inventory in the supply chain. Participants are shown how to evaluate procedures and make the needed changes to methods to improve customer service whilst achieving reductions in inventory; eliminate wasteful costs; avoid d internal problems that limits performance; obtain added value for money



Course Objective

 

*       To give knowledge of effective inventory operations in the supply chain

*       To enable analysis & examination of current operations

*       To make organizational improvement



 

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 stock and inventory



Course Outline

 

Day 1- Supply Chain

*       The Supply chain definitions, history and key aspects

*       Definitions

*       History and development

*       Key aspects

*       Benefits of supply chain approach

Relationships and materials flows in the chain

*       Integrating the supply chain

*       Lead-times

*       Costumer service

*       Adding value

*       Tradeoffs

*       Power of information

*       Sharing and collaboration in the supply chain

Day 2-Products & Stock

Product classification

*       Supply/ demand variables

*       Dependant and independent demand

*       Patterns of demand

*       ABC Analysis or the 80/20 rule

*       Product coding

 

Inventory costs and service

*       Why hold the stock?

*       Inventory costs

*       Service levels from inventory

*       Cost/service trade offs

*       Understanding Lead time

*       Lead time variability and uncertainty

*       Inventory and statistics

Day 3- Replenishment Methods

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 Ė maximum methods

*       Comparing continuous review and periodic review methods

Other replenishment methods

*       When to order for dependant demand

*       How much to order for dependant demand

*       Materials Planning (MRP and MRPII)

*       For spare parts

Day 4 Ė Forecasting and Stock Control

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

*       Checklist to help on deciding the best option

Stock Recording

*       This session looks at stock recording, 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

*       Tolerances and approvals

*       The program Options

*       Reconciliationís/discrepancies

Day 5- Improvements

Model for planning inventory

*        Managing inventory by value and by volume

*       Questions to ask about inventory

*       Model for inventory planning

*       What to implement now

 
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