Inventory & Stock Control Management

Inventory & Stock Control Management

 

Date: (19-23/Mar) (22-26/Oct)

Location: Kuala Lumpur – Istanbul

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Course Overview

Introduction:

In this course, many inventory planning theories, models and best practices will be discussed which when properly implemented will assist the participants deal with various future scenarios to ensure continuous flow of the inventory at the least possible cost.

 

Program Objectives:

  • State the objectives of inventory management and list their impact on cost and customer service
  • Prepare proper classification of inventory and use best practices for item specification and cataloguing
  • Use forecasting techniques to predict demand and better manage lead times
  • Compute the optimum ordering quantity and determine safety stocks and reorder points
  • Schedule cycle counts, improve inventory record accuracy, and find ways to reduce inventories
  • List various techniques to reduce inventory, including Just-in-Time (JIT)
  • Identify relevant Key Performance Indicators (KPIs) to measure and improve inventory performance

Who Should Attend?

This course will mainly benefit to purchasing managers, senior buyers, project managers, civil engineers, construction managers, contractors, sub-contractors, site engineers, senior management, and government agencies, architects, construction professionals, and anyone responsible for purchasing at a senior level who seeks to enhance their skills further.

 

Program Outline:

Day 1 – Introduction to Inventory Management 

  • Objectives of inventory planning and stock control
  • Reasons to hold inventory
  • Inventory information system considerations
  • Inventory push vs. pull systems
  • Identifying inventory costs
  • Customer service in inventory management

Day 2 – Description and Classification of Inventory

  • Types of inventory
  • The inventory ABC classification ranking model
  • Uses of the ABC ranking
  • Materials specifications and cataloguing

Day 3 – Inventory Systems

  • Elements of inventory holding and ordering costs
  • The Economic Order Quantity (EOQ) model
  • Dealing with quantity discounts
  • Objectives of safety stocks
  • Setting safety stocks
  • Determining the Reorder Point (ROP)

Day 4 – Reducing Inventory Investment

  • The importance of JIT or pull theory in inventory management to reduce total cost
  • Identification of surplus
  • Disposal options of excess inventory
  • JIT methods
  • JIT requirements
  • JIT risks

Day 5 – Measuring Inventory Management Performance

  • Importance of tracking the effectiveness of the inventory planning and control function
  • Reasons behind poor inventory management performance
  • Setting inventory KPIs and targets
  • Examples of KPIs used in the inventory planning and control function
  • Qualities of the inventory specialist