Methodology

The course uses a mix of interactive and hands-on techniques. Besides the brief presentations by the consultant and the participants, there will be many individual and group exercises. In these work related exercises participants need to calculate and draw the optimal solutions after understanding the process.

Course Objectives

By the end of the course, participants will be able to:

State the objectives of inventory management and list their impact on cost and customer service

Prepare proper classification of inventory and use best practices for item specification and cataloguing

Use forecasting techniques to predict demand and better manage lead times

Compute the optimum ordering quantity and determine safety stocks and reorder points

Schedule cycle counts, improve inventory record accuracy, and find ways to reduce inventories

List various techniques to reduce inventory, including Just-in-Time (JIT)

Identify relevant Key Performance Indicators (KPIs) to measure and improve inventory performance

Target Audience

Those involved in inventory or demand planning and stock control at the operational and supervisory levels. Also, those working in other functions of supply chain management (purchasing, stores, distribution) who need to understand the mechanics of inventory planning and stock control.

Target Competencies

Logistics theory and practices

Planning and logistics work processes

Inventory management

Assessment and planning of requirements

Demand planning

Warehouse management

Performance management