Course Details
Course Outline
5 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
