Inventory And Stock Control Management

Course Description

¨This course offers a comprehensive coverage of the storage and supply of materials from Elementary principles and methods to the most sophisticated automated operations , It aims at providing real solutions to all the problems encountered by most stores staff and will assist those who wish to build a successful career in an integrated materials management function , The course is 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 needed changes to methods to improve customer service whilst achieving reductions in inventory , eliminate wasteful costs , avoid internal problems that limit performance; obtain added value for money .

Course Objective

¨Upon successful completion of this course participants will be able to :

-Explain the nature of the Inventory and management job , Describe the steps and procedures in inventory management , Identify types of warehouses & List different management information systems

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 sock and inventory .

Course Outline

¨Part 1 : The Supply-Chain and Inventory management

-The Supply chain definitions, history and key aspects

§ Definitions

§ History and development

§ Key aspects

§ Befits of supply chain approach

-Relationships and material flows in the chain

§ Integrating the supply chain

§ Lead-times

§ Customer service

§ Adding value

§ Tradeoffs

§ Power of information

§ Sharing and collaboration in the supply chain

-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 stock ?

§ Inventory costs

§ Service levels from inventory

§ Cost/service trade offs

§ Understanding Lead time

§ Lead time variability and uncertainty

§ Inventory and statistics

-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

¨Part 2 : Replenishment Methods

-Replenishment methods for independent demand

§ When to order

§ How much to order

§ Economic order quantities

§ Two bin methods

§ Minimum - 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

-Demand Forecasting

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