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Course Overview
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This course provides participants with an operational knowledge and understanding of inventory management principles and techniques. Among the topics presented are inventory management fundamentals, ordering techniques, replenishment policies, purchasing management, and inventory performance measurement. Basic methods of planning and controlling inventory in manufacturing, institutional, distribution, and retail environments are covered. The questions of what to stock are addressed through an examination of current and evolving technologies of inventory management.
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Key Learning Outcomes
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By the end of this interactive course, the attendees will:
- Understand the importance of inventory & the role it plays in the profitability of the company;
- Examine the most appropriate method for managing an item;
- Achieve a mastery in inventory management principles and practices;
- Imbibe the best practices from around the globe in inventory management;
- Apply the learning to transform the inventory practices of their organization;
- Reinvent and Restructure their activities with core focus on inventory management;
- Realize significant cost savings for the organization by right sizing the inventory level;
- Understand the value chain in inventory management;
- Apply best methods to optimize the investment in inventory;
- Examine the appropriate inventory management technique for each type of item.
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Target Audience
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This course will be helpful to Officers/Executives/Managers/Directors/Consultants from Supply Chain, Inventory Management, Demand Planning, Demand Scheduling, Production, Warehousing etc.
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Course Detailed Outline
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Module One: Inventory in the Value Chain
- The purpose of inventory in the value chain
- Classification of inventory
- Procedure for eliminating obsolete inventory
- Pareto Law in identifying product Classification
- Location of inventory
- Using Economic Order Quantity on managing inventory order levels
Module Two: Demand Planning
- Basic forecasting methods
- Customer segmentation
- Hierarchy of planning
- Aggregate planning
- Maintenance & Inventory planning meeting
- Master Scheduling
Module Three: Forecasting
- Principles of forecasting
- Effect of lead time on the forecasting process
- Quantitative forecasting
- Qualitative forecasting
- Tracking forecast accuracy
- ·Determining safety stock
Module Four: Inventory Recording
- Period stock take
- Cycle counting
- Perpetual recording
- Utilizing Bar-cades to manage inventory and movements
- The use of Radio Frequency Identification (RFID) for recording inventory movement
- Inventory accounting
Module Five: Performance Measurement
- Stock turnover rate
- Customer service
- Cost of operations
- Measuring the effectiveness of your system
- How to use the measurements
- Class exercise on selective inventory management
Wrap UP
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Methods of Delivery
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- This training course will combine:
- Presentations with instructor-guided interactive discussions between participants relating to their individual interests.
- Practical exercises,
- Video material case studies,
- Presentations and group discussion in an active and participative way supported by reading and reference materials.
- Gamification.
- All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course material.
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Course Details
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Course Date: 24-26 November 2020
Number of Days: 3 Days
Timing: 9:00 AM- 1:00 PM
Language of the Course and Material: English
Venue: Hotel Venue/ Virtual Training
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Registration
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For registration, please send an email with the names and designation of nominee/s to the following E-mail:
Or Call us @
Fax:
Please ask about our corporate discount policy
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