• Class and Course

    Inventory and Stock Control

    Control of inventory, which typically represents 45% to 90% of all expenses for business, is needed to ensure that the business has the right goods on hand to avoid stock-outs, to prevent shrinkage (spoilage/theft), and to provide proper accounting Many businesses have too much of their limited resource, capital, tied up in their major asset, inventory Worse, they may have their capital tied up in the wrong kind of inventory Inventory may be old, worn out, shop-worn, obsolete, or the wrong sizes or colors, or there may be an imbalance among different product lines that reduces the customer appeal of the total operation

     The ideal inventory and proper merchandise turnover will vary from one market to another Average industry figures serve as a guide for comparison Too large an inventory may not be justified because the turnover does not warrant investment On the other hand, because products are not available to meet demand, too small an inventory may minimize sales and profits as customers go somewhere else to buy what they want where it is immediately available Minimum inventories based on reordering time need to become important aspects of buying activity Carrying costs, material purchases, and storage costs are all expensive However, stock-outs are expensive also All of those costs can be minimized by efficient inventory policies.

    This course is aimed at assisting delegates to develop skills and competence on how to establish and maintain a comprehensive materials and product catalogue to support business and operations covering all operational, maintenance and supporting activities Skill set on how to ensure timely supply and services of the right products from the right sources will also be covered Delegates would be able to equip themselves on how to categorize and integrate master product catalogue into User’s Parts list of equipment/plant and machineries including production, maintenance and construction materials list This course will also provide delegates on how to effectively maintain records related to products, standards, specifications and certifications to ensure prompt provision of information including statistics and exercises related to master catalogue.

    • Pre -Test
    • Inventory Definitions and Importance 
    • The difference between inventory management and warehouse management
    • Inventory planning
    • Inventory control
    • Inventory Classification Methods
    • Classification based on inventory type
    • Classification based on purpose of inventory
    • Classification based on the nature of the request
    • The main differences of classification
    • Standards of efficiency and effectiveness of inventory investment
    • Inventory costs
    • Store Management
    • Reasons to keep a certain amount of stock
    • Reasons for limiting inventory retention
    • Supply methods
    • Financial Management and Inventory 
    • Key Components to Understanding Effective Inventory Control 
    • End-User Demand Analysis 
    • Forecasting for Operations and Maintenance
    • Understanding Supply Lead Time
    • Cost & Benefits Analysis 
    • Developing Inventory Policies 
    • The Need for Inventory in Organizations
    • Group Discussion & Quiz

    Inventory Control Models

    • Introduction
    • Importance of Inventory Control
    • Inventory Control Decisions
    • Inventory Control Techniques
    • ABC Analysis of Inventories
    • Pareto Distribution
    • 80/20 Rule
    • Economic Order Quantity: Determining How Much to Order
    • Reorder Point: Determining When to Order
    • Group Exercise 
    • Case study
    • Recap
    • Video 
    • Group Discussion & Quiz

    • Inventory Mechanics, Methods and Systems
    • Basic Mechanics of Inventory Systems
    • Implications of Free Stock in Inventory 
    • Simple Replenishment Methods, for example, Min / Max
    • Replenishment Methods, Reorder Point and Reorder Level (ROP / ROL) 
    • Requirements Planning Systems, Bills of Material and Inventory Planning 
    • Class Assignment Inventory Control Methods Establishing Stock Control 
    • Establishing Stock Checking  
    • Developing Stock Accuracy 
    • Stock Tolerances and Approvals 
    • Stock Reconciliations / Discrepancies 
    • Identifying Surplus and Obsolescent Stock
    • Identifying Different Storage Conditions
    • Understanding Stock Coding 
    • Stock Variety Reductions
    • Group Discussion & Quiz

    • Understanding Inventory Strategies
    • Creating Inventory Policy
    • Incoterms and the Supply Chain Rules
    • Model for Planning Inventory
    • Stock Coding – Why Classification and Coding 
    • Stock Recording 
    • Stock Checking 
    • Model for Planning Inventory 
    • Methods of Valuing Stock
    • Inventory Cycle 
    • Reducing Pipeline Inventory
    • Stock control systems - keeping track using computer 
    • Using RFID for inventory control, stock security and quality management
    • Video 
    • Group Discussion & Quiz.

    Inventory management best practices 

    • Know What Type Of Inventory Management
    • Make Your Cycles Count
    • Manage Your Inventory
    • Implement Quality Control
    • Optimize inventory 
    • Use ABC Analysis to Categorize Your Inventory
    • just-in-time management
    • The zero inventory philosophy
    • JIT environment
    • Advantages of JIT
    • Stock control using JI
    • Group Discussion 
    • Post Test

    • Any Professionals from the Procurement and Purchasing Department/Team
    • Cataloguing Engineers, Materials Engineers, Material Planners/Equipment and Storage Specialists, Requirements Specialists/Executives

    • Apply the latest techniques in material cataloguing and determine the various specifications of engineering materials

    • Manage safety stock

    • Set up account structures

    • Deal with a physical inventory

    • Define location parameters for control

    • Manage excess and obsolete inventory

    • Set up item and inventory status codes

    • Implement and manage cycle count programs

    • Understand the importance of inventory control.

    • Use inventory control models to determine how

    • Much to order or produce and when to order or produce.

    • Understand inventory models that allow quantity

    • Discounts. Identify your inventory using bar codes and RFID

    Currently there are no scheduled classes for this course.

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