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Inventory Management

Inventory Management

Duration (Days)

2

Overview

This course is designed to help participant to recognise the important of inventory management and how to execute the concept of inventory flow in an organization. This will eventually help to control the inventory flow and lower the cost.

Objectives

  • Understand about the inventory cost structures and material flow process.

  • Identify the effective inventory reduction practices.

  • Implant the integration of inventory positioning and network designing model.

Course Outline

  • Inventory level and function of time

  • Raw material inventory

  • Work in process inventory

  • Finished product inventory

  • Single stage inventory

  • Initial stage inventory

  • Centralized-decentralized inventory

  • Risk pooling principle

  • Safety stock and average inventory

  • Inventory flow

  • Customer demand

  • Phases of operations

  • Inventory costItem cost

  • Ordering cost

  • Carrying cost

  • Stockout cost

  • Cost of capital

  • Cost of storage

  • Cost of obsolescence and lost

  • Inventory reduction strategies

  • Enchasing cycle counts

  • Inventory ownership

  • Quantitative approach

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