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Background

The impact of proper stock control on service levels, efficiency, and business continuity is a success determinant. Besides the leadership and skills to manage stock control, a sound knowledge of the current software, data processing strategies are factors to consider. Requirement planning is a grave process within Supply Chain Management, which guarantees continuity of supply of the inventory at the lowest cost. Efficient demand planning will help the SCM team advance the accuracy of forecasts, ensure enough inventory levels at all times, and enhance profitability by optimizing the expenses. The control side of this process is to ensure that plans are being met and to take the necessary actions when needed.

This course will ensure you get the right set of skills and knowledge to lead effective stock control in any type of business.


Benefits

This course will provide you with:

  • The objectives of inventory management and their influence on smooth business operation
  • Key Performance Indicators (KPIs) to measure and improve inventory performance
  • Forecasting techniques to predict demand and better manage lead times
  • Techniques to reduce inventory stock out
  • Calculation of optimum ordering quantity and reorder points
  • Classification of inventory and cataloging
  • Record accuracy, data analysis and stock management learning cycle

Who Should Attend

  • This course is designed for those involved in inventory or demand planning and stock control at the operational and supervisory levels. It is also helpful for those employed in other functions of supply chain management (purchasing, stores, distribution) who need to comprehend the mechanics of effective stock control.

Curriculum

Day One

  • Demand Planning and stock control
  • Stock Management Information System
  • Objectives of inventory planning
  • Inventory Flow Cycle

Day Two

  • Inventory push versus pull systems
  • Types of inventory
  • The ABC classification ranking model for inventory
  • Materials specifications and categorization

Day Three

  • The inventory order cycle
  • Dependent versus independent demand
  • Purchasing Cycle and Operations
  • Contracting modalities
  • Factors impacting demand forecast accuracy

Day Four

  • Time series forecasting methods:
    • Seasonal demand
    • Moving average
    • Exponential smoothing
  • Measuring the accuracy of the forecast
  • The use of ERP(s) to properly forecast demand and avoid stock out
  • Setting lead time and methods to control it

Day Five

  • Reducing inventory holding time
  • Elements of inventory holding and ordering costs
  • Role of Finance in Inventory Management
  • Maintaining Ordering based on commonly practiced models – Economic Order Quantity (EOQ)  and EQP models
  • Objectives of safety stocks

Fee Information

Course Fees vary based on location, topic and dates of the course. Please contact us to get details. Standard course fee includes:

  • tuition costs
  • certificate
  • study materials
  • meals (Lunch and refreshments)
  • a social program (only if more than five participants attend)

  • Course Fee does not cover
  • Visa
  • travel costs
  • any insurance
  • accommodation
  • personal expenses and other meals

  • Discounts may apply for groups, In-house training or destinations other than specified in the program. Please contact us with your requirements and we will provide you with a quote.

    Important Notes


    General Notes:

  • As an open course, this program is offered in specific destinations. However, for groups and as an in-house training, it can be offered in many parts of the world. Please contact us for more details
  • This program can be integrated with any other program in the same category and the client will get a considerable discount.
  • Accordemy courses can be offered in other languages than English too. Please contact us for your needs.


  • What Participants Receive?
  • Certificate of course completion issued by Accord Worldwide, Inc. The USA.
  • Lifetime free access to online version of the course material.
  • Lifetime free membership in related online discussion groups.
  • Discounted fee for future courses.

  • Travel Management

    If you require support in managing your trip to the course destination, we can provide you with information or arrangement. Travel management will be done by third party service providers and any discount will not apply on travel expenses.

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