Best Practices In Inventory Management

Category: Best Practices In Inventory Management

Course Description

Good management of inventory enables companies to improve their customer service, cash flow and profitability. ‘Best Practices in Inventory Management’ outlines the basic techniques, how and where to apply them, and provides advice to ensure they work to produce the desired effect in practice.

On completion of this course you should be able to: 

  • Understand how inventory management techniques can be used in a wide variety of situations, particularly in stores where the inventory can be anything from fast moving products to slow moving spares.
  • Define and discuss distribution warehousing and manufacturers’ operations.
  • Explore the inventory control aspects included in the courses for the DPIM, COM, DLM, CPIM and other professional and academic qualifications.
  • Develop their understanding of stock control by seeing the techniques explained logically.
  • Learn how inventory structuring, individual item control, forecasting and co-ordination provide the base for logistics management.

Course Outline

  • The role of inventory management
  • Objectives for inventory control
  • Profit through inventory management
  • Reasons for the current stock
  • Meeting customer requirements
  • Measuring availability
  • Demand management
  • Using Pareto analysis for control
  • Stock cover
  • Practical methods for reducing stockholding
  • The approach – how to reduce stocks successfully
  • The zero inventory philosophy
  • JIT environment
  • Advantages of JIT
  • Stock control using JIT
  • Where stock control fits into the organiztion
  • Responsibilities
  • And targets
  • Inventory valuation
  • Skills and systems
  • Learning from history
  • Normal demand patterns
  • Evaluation of safety stocks
  • Simple assessment of review levels
  • Managing lead times
  • Target stock levels
  • Modern supply practice
  • Supply partnerships
  • The ordering process
  • Order quantities
  • Purchasing processes
  • Options for assessing demand
  • Causes of forecasting techniques
  • Methods of improving forecasts
  • Basic forecasting techniques
  • Weighted averages
  • Choosing the best forecast
  • Monitoring forecasts
  • More forecasting tools
  • Forecasting for seasonal sales
  • Other methods
  • Avoiding uncertainty
  • Material requirements planning
  • Master planning
  • Batch sizes
  • The basis of the lean supply chain
  • Logistics
  • Review