INVENTORY PLANNING AND STOCK CONTROL

Content

 

Introduction to Inventory Management

  • Objectives of Inventory Planning and Stock Control
  • Reasons to hold Inventory
  • Inventory Information System Considerations
  • Inventory Push vs Pull Systems
  • Identifying Inventory Costs

Description and Classification of Inventory

  • Types of Inventory
  • The ABC Inventory Classification
  • Materials Specifications/Cataloguing

Inventory Systems

  • Inventory Holding and Ordering Costs
  • The Economic Order Quantity Model
  • Dealing with Quantity Discounts
  • Objectives of Safety Stocks
  • Determining the Reorder Point

Counting and Controlling Inventory

  • Importance of Accurate Inventory Records
  • Warehousing Functions
  • Causes of Inaccurate Inventory Records
  • Requirements for Accurate Inventory Records
  • Reporting Record Accuracy
  • Periodic and Cycle Counting

Forecasting Demand and Lead Time

  • Lead Time Management
  • Forecasting Process and Demand
  • Just-In-Time (J.I.T) Method

FOR WHOM: Stores Managers, Decision Makers, Purchasing Managers, Production Managers, Operations Managers, Supervisors, Inventory Planning Managers, Procurement Managers, Staff and others who are involved in inventory planning and stock control.

 

DATE:         27th – 29th April, 2022

26th – 28th October, 2022

 

Objective

Inventory planning and stock control is a critical process within Supply Chain Management (SCM) which ensures continuity of supply of the inventory at the lowest cost. Effective inventory planning will help the SCM team improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing the expenses. The control side of this process is to ensure that plans are being met and to take the necessary action when otherwise.

Demand planners are the behind the scenes professionals who are entrusted with this mega load. When they do their job right no one recognizes them, however they will be noticed quickly when they fail to deliver given the negative impact this will have on customer service and the bottom line.

In this workshop, many inventory planning theories, models and best practices will be discussed which when properly implemented will assist the participants deal with various future scenarios to ensure continuous flow of the inventory at the least possible cost.

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