Convertas Inventory Planning & Stock Control Convertas
Price: QAR 12,738

    Course details

    Day 1
    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
    · Customer service in inventory management
    Description and classification of inventory
    · Types of inventory
    · The inventory ABC classification ranking model
    · Uses of the ABC ranking
    · Materials specifications and cataloguing
     
    Day 2
    Forecasting demand and lead time
    · The inventory order cycle
    · Dependent versus independent demand
    · Factors affecting demand
    · Factors impacting demand forecast accuracy
    · Demand patterns
    · Time series forecasting methods:
                    > Seasonal demand
                    > Moving average
                    > Exponential smoothing
    · Measuring the accuracy of the forecast
    · Setting lead time and methods to control it
     
    Day 3
    Inventory systems
    · Elements of inventory holding and ordering costs
    · The Economic Order Quantity (EOQ) model
    · Dealing with quantity discounts
    · Objectives of safety stocks
    · Setting safety stocks
    · Determining the Reorder Point (ROP)
    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
     
    Day 4
    · Reducing inventory investment
    · The importance of JIT or pull theory in inventory                 management to reduce total cost
    · Identification of surplus
    · Disposal options of excess inventory
    · JIT methods
    · JIT requirements
    · JIT risks
    · Measuring inventory management performance
    · Importance of tracking the effectiveness of the inventory planning and control functions
    · Reasons behind poor inventory management performance
    · Setting inventory KPIs and targets
    · Examples of KPIs used in the inventory planning and control functions
    · Qualities of the inventory specialist Updated on 16 May, 2024

    Eligibility / Requirements

    There are no eligibility requirement to attend this course.

    About Convertas

    CONVERTAS is a reliable advisory firm, helping organizations develop their activities to align with their objectives adopting the best practices.

    Our trainings and workshops cover all areas of business including Management,Soft Skills and Human Resourses Management, Marketing and Sales, Accounting and Finance, Procurement  and Logistics, targeting organizations, managers and employees. Whether in-house or public, trainings are organized with the highest qualified trainers.

    Our methodology relies more on the use of audio-visual impact which is more effective than the lecture style. Presentations, videos and simulations methods have proven to be very effective for people to remember.

    Moreover, doing and teaching are the best vehicles for learning and remembering. This includes involving the trainee in the teaching process by interacting, through completing worksheets and inciting to explain and present what is acquired.

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