inventory management and stock control

EXECUTIVE SUMMARY

Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past. Demand planners are â€œbehind the scenesâ€Â professionals who are entrusted with this task. Their job is not straightforward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference. In this course, several demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost.

Course Objectives

By the end of the course, participants will be able to:

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• State the objectives of stock management and list their impact on cost and customer service
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• Prepare proper classification of stock and use best practices for item specification and cataloguing
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• Use scientific forecasting techniques to predict demand and better manage lead times
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• Differentiate and categorize stock cost elements
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• Compute the optimum ordering quantity and determine safety stocks and reorder points
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Who is this Training Course for?

Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.

The Course Content

Module One: Course Overview

Module Two: What is Inventory?

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• Definitions
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• Pre-Assignment Review
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Module Three: Types of Inventory

Module Four: Key Players

Module Five: Setting up the Warehouse

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• The Eight Objectives
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• Maintaining Location Accuracy
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Module Six: What Makes a Good Inventory Management System?

Module Seven: The Warehouse Inventory Cycle

Module Eight: Identifying Demand

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• Key Formulas
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• Case Study
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Module Nine: The Receiving Process

Module Ten: Validating Inventory

Module Eleven: The Put-Away Process

Module Twelve: Maintaining Inventory Accuracy

Module Thirteen: The Outbound Process

Module Fourteen: Industry Trends

Recommended Reading List

Post-Course Assessment

Pre- and Post-Assessment Answer Keys

Personal Action Plan