Inventory Management

Description

This course will provide the key to successful inventory management, by combining practical inventory control techniques with sound procurement practice, to produce a solid foundation to enable your supply chain to meet customer expectations at the lowest possible cost.

PARTICIPANTS WILL LEARN HOW TO:

• Understand the role of inventory in an effective supply chain.
• Understand categories of stock and how to tailor stockholdings.
• Learn how to utilize key concepts, variables and metrics that allow for effective management of inventory.
• Understand how product demand and product lifecycle are connected to inventory management.

COURSE TOPICS INCLUDE:

• Demand Characteristics and the Product Life Cycle
• Push and pull systems
• Demand forecasting
• Categorisation of stock
• ABC Analysis
• Economic order quantity and minimum order quantity
• Safety stock and stock cover
• Materials requirements planning (MRP)
• Stock replenishment systems
• The cost of managing stock