- Payment Terms: Enquire
- Other Locations: Sheikh Zayed Rd - Dubai England - United Kingdom Istanbul, Turkey Kuala Lumpur, Malaysia
- Duration / Course length: 3 Days
- Starting Date: Enquire About It
- Timings: Enquire
Course details
Day1Introduction to stock management
· Supply chain management scope
· Functions and objectives of supply chain management
· Objectives of inventory planning and stock control
· Reasons to hold inventory
· Inventory information system considerations
· Inventory push versus pull systems
· Identifying inventory costs
· Customer service in inventory management
Day 2
Description and classification of inventory
· Types of inventory
· The inventory ABC classification ranking model
· Uses of the ABC ranking
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
Day 3
Measuring the accuracy of the forecast
· Setting lead time and methods to control it
· Inventory costs
· Inventory cost elements
· Cost of item
· Purchasing cost
· Carrying or holding cost
· Stock-out cost
Inventory systems
· The Economic Order Quantity (EOQ) model
· Dealing with quantity discounts
· Objectives of safety stocks
· Setting safety stocks
· Determining the Reorder Point (ROP) Updated on 16 May, 2024
Eligibility / Requirements
There are no eligibility requirements to attend this course.
Course Location
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.
See all Convertas coursesInventory Management and Production Related Questions
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