/  The Complete Course on Inventory Management Training

The Complete Course on Inventory Management Training

BMC Training provides a training course in The Complete Course on Inventory Management in Project , Procurement and Contracts

Course Title
Venue
Start Date
End Date
  • London
    21 - 10 - 2018
    25 - 10 - 2018
  • Dubai
    7 - 10 - 2018
    11 - 10 - 2018
  • Paris
    21 - 10 - 2018
    25 - 10 - 2018
  • Kuala Lumpur
    4 - 11 - 2018
    8 - 11 - 2018
  • Istanbul
    25 - 11 - 2018
    29 - 11 - 2018
  • Bali
    4 - 11 - 2018
    8 - 11 - 2018
  • London
    16 - 12 - 2018
    20 - 12 - 2018
  • Dubai
    23 - 12 - 2018
    27 - 12 - 2018
  • Paris
    16 - 12 - 2018
    20 - 12 - 2018
  • London
    2 - 12 - 2018
    6 - 12 - 2018
  • Dubai
    30 - 12 - 2018
    3 - 1 - 2019
  • Kuala Lumpur
    13 - 1 - 2019
    17 - 1 - 2019
  • Istanbul
    6 - 1 - 2019
    10 - 1 - 2019
  • Bali
    13 - 1 - 2019
    17 - 1 - 2019
  • London
    24 - 2 - 2019
    28 - 2 - 2019
  • Dubai
    3 - 2 - 2019
    7 - 2 - 2019
  • Paris
    24 - 2 - 2019
    28 - 2 - 2019
  • Kuala Lumpur
    10 - 3 - 2019
    14 - 3 - 2019
  • Istanbul
    24 - 3 - 2019
    28 - 3 - 2019
  • Bali
    10 - 3 - 2019
    14 - 3 - 2019
  • London
    28 - 4 - 2019
    2 - 5 - 2019
  • Dubai
    28 - 4 - 2019
    2 - 5 - 2019
  • Paris
    28 - 4 - 2019
    2 - 5 - 2019
  • Kuala Lumpur
    26 - 5 - 2019
    30 - 5 - 2019
  • Istanbul
    5 - 5 - 2019
    9 - 5 - 2019
  • Bali
    26 - 5 - 2019
    30 - 5 - 2019
  • London
    9 - 6 - 2019
    13 - 6 - 2019
  • Dubai
    16 - 6 - 2019
    20 - 6 - 2019
  • Paris
    9 - 6 - 2019
    13 - 6 - 2019
  • Kuala Lumpur
    21 - 7 - 2019
    25 - 7 - 2019
  • Istanbul
    14 - 7 - 2019
    18 - 7 - 2019
  • Bali
    21 - 7 - 2019
    25 - 7 - 2019
  • London
    4 - 8 - 2019
    8 - 8 - 2019
  • Dubai
    25 - 8 - 2019
    29 - 8 - 2019
  • Paris
    4 - 8 - 2019
    8 - 8 - 2019
  • Kuala Lumpur
    1 - 9 - 2019
    5 - 9 - 2019
  • Istanbul
    1 - 9 - 2019
    5 - 9 - 2019
  • Bali
    1 - 9 - 2019
    5 - 9 - 2019

Introduction

This course examines the renewed emphasis on running organizations leaner, effectively and efficiently. The renewed pressure to reduce cost as well as investment, while maintaining customer service levels is essential in world-class performance. Inventory Management is still one of the least understood practices in many companies and managers often fail to see the causal link between Inventory Management and good business results.

In addition, the mechanistic review of Min/Max reorder points will lead to disappointing results and in capital intensive companies, the value of spares in inventory often exceeds the value of all other inventory combined. Huge investments, excessive costs and low availability of stock often cause a knee-jerk reaction instead of adopting sound inventory management principles.

This course will feature:

  • Reduction in inventory investment
  • Improved customer satisfaction
  • Reduced cost of running the inventory management function
  • Understanding inventory categories in management
  • Management of Stock Keeping Units in terms of their priorities

Objectives

  • Understand the importance of inventory & the role it plays in the profitability of the company
  • Examine the most appropriate method for managing an item
  • Understand the value chain in inventory management
  • Apply best methods to optimise the investment in inventory
  • Examine the appropriate inventory management technique for each type of item

Content

Day One

Inventory in the Value Chain

  • The purpose of inventory in the value chain
  • Classification of inventory
  • Procedure for eliminating obsolete inventory
  • Pareto Law in identifying product Classification
  • Location of inventory
  • Using Economic Order Quantity on managing inventory order levels

Day Two

Demand Planning

  • Basic forecasting methods
  • Customer segmentation
  • Hierarchy of planning
  • Aggregate planning
  • Maintenance & Inventory planning meeting
  • Master Scheduling

Day Three

Forecasting

  • Principles of forecasting
  • Effect of lead time on the forecasting process
  • Quantitative forecasting
  • Qualitative forecasting
  • Tracking forecast accuracy
  • ·Determining safety stock

Day Four

Inventory Recording

  • Period stock take
  • Cycle counting
  • Perpetual recording
  • Utilizing Bar-cades to manage inventory and movements
  • The use of Radio Frequency Identification (RFID) for recording inventory movement
  • Inventory accounting

Day Five

Performance Measurement

  • Stock turnover rate
  • Customer service
  • Cost of operations
  • Measuring the effectiveness of your system
  • How to use the measurements
  • Class exercise on selective inventory management

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