Manufacturing Operations
Effective Inventory Control
Duration (Days)
2
Overview
This course is designed to help participants to improve the accuracy of inventory forecasts to ensure enough inventory levels at all times. It will help the organization to enhance profitability by optimising the expenses.
Objectives
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Understand the importance of inventory management and the impact on customer service.
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Prepare proper classification of inventory and use best practices for item specification and category.
Course Outline
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Inventory planning and stock control
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Inventory information system considerations Inventory push vs. pull systems
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Customer service in inventory management Description and classification of inventory Materials specifications and cataloguing Forecasting demand and lead time
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The inventory order cycle
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Dependent versus independent demand Inventory systems
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Elements of inventory holding and ordering costs Dealing with quantity discounts
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Setting safety stocks
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Counting and controlling inventory
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Importance of accurate inventory records Warehousing functions
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Periodic and cycle counting
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Reducing inventory investment
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JIT methods
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Measuring inventory management performance Inventory KPIs and targets