- Payment Terms: Enquire
- Other Locations: Sheikh Zayed Rd - Dubai Istanbul, Turkey Kuala Lumpur, Malaysia
- Duration / Course length: 4 Days
- Starting Date: Enquire About It
- Timings: Enquire
Course details
Day 1Introduction 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.
Job roles this course is suitable for:
Procurement Manager , Purchasing Executive , Supply Chain Executive , Warehouse SupervisorCourse 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.
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