Course Details
Course Outline
10 days course
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.
Demand Planning
- Basic forecasting methods.
- Customer segmentation.
- Hierarchy of planning.
- Aggregate planning.
- Maintenance & Inventory planning meeting.
- Master Scheduling.
Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
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
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
Setting the right stock levels
- A simple assessment of review levels.
- Managing lead times.
- Target stock levels.
- The changing role of purchasing.
Modern supply practice
- Supply partnerships.
- The ordering processes.
- Order quantities.
- Purchasing processes.
- Forecasting demand.
Options for assessing demand
- Causes of forecasting techniques.
- Methods of improving forecasts.
- Historical forecasting techniques.
Basic forecasting techniques
- Weighted averages.
- Choosing the best forecast.
- Monitoring forecasts.
- Advanced forecasting methods.
More forecasting tools
- Forecasting for seasonal sales.
- Other methods.
- Material requirements planning – an alternative to forecasting.
Avoiding uncertainty
- Material requirements planning.
- Master planning.
- Batch sizes.
- The future – inventory and logistics.
The basis of the lean supply chain
- Logistics.
- Review.
