Inventory Management, Planning and Control

Course details

PROGRAMME OUTLINE

1.Introduction and overview on procurement, goods production and general effective inventory management.

• Overview on procurement and its functions
• The overall goals of procurement
• The profit impact of procurement
• Goods production functions and objectives
• General effective inventory management
• Why do companies need inventory

2.Procurement environment and stock requisition ordering

• Procurement environment function and costs
• Problems with procurement
• Six rights in procurement ordering
• Ordering patterns – blanket ordering, MRP ordering system
• Stock requisition ordering and control the schedule

3. Goods production planning and control

• Production problems and resolving the issues
• Why production planning and control
• Detail material plan
• Planning data collection and sources of production control
• Exercises on production schedule and inventory plan

4. General effective inventory management

• Why do inventories exist
• Inventory management, planning and control
• Inventory policies, goals and objectives for actions
• Team exercises – each group will craft and draft the inventory policies, goals and objectives

5. Effective inventory technique and safety stocks

• Inventory techniques and its types
• Binning system, visual technique
• Ordering quantities and periodic inventory system
• Safety stocks and safety stock calculations
• Forecasting methods, usage and smoothing
• Work exercises (Participants, please bring calculators)

6.Effective inventory technique and safety stocks

• Inventory techniques and its types
• Binning system, visual technique
• Ordering quantities and periodic inventory system
• Safety stocks and safety stock calculations
• Forecasting methods, usage and smoothing
• Work exercises (Participants to bring calculators)

7. Managing effective stock turns

• Inventory turnover and how to calculate the turnover
• Action plan for stock reduction
• What should the company turnover be
• Use of stockturns to assess shelf-life calculation
• Work exercises.

8. ABC Analysis and applications

• Why ABC analysis
• Construct ABC chart
• Action plan for class A, B and C
• Fast, slow and non-moving analysis

9.Inventory control – Aged stocks, stock improvement and review on aged stocks

• Aged stocks inventory plan
• Transfer of slow moving items
• Where to identify slow mowing items
• Stock replenishment – adjustments
• Removal of aged stocks based on stock performance

10. Inventory Game

• Participants will apply knowledge learned in day 1 and forecast the order requirement against demand
• Participants will learn to review the stock situation and take action

PROGRAMME OBJECTIVE

This comprehensive training programme is designed for participants working in the supply chain environment. Participants will be taught to understand the good management of inventory that enables their company in improving their customer service, cash flow and profitability. At the end of the programme, participants will be able to implement inventory planning and control.