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Background

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.


Benefits

This Course will provide you with:

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

Who Should Attend

  • Those involved in inventory or demand planning and stock control at the operational and supervisory levels. Also, those employed in other functions of supply chain management (purchasing, stores, distribution) who need to comprehend the mechanics of inventory planning and stock control.

Curriculum

Day One

  • Objectives of inventory planning and stock control
  • Reasons to hold inventory
  • Inventory information system considerations
  • Inventory push versus pull systems

Day Two

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

Day Three

  • The inventory order cycle
  • Dependent versus independent demand
  • Factors affecting demand
  • Factors impacting demand forecast accuracy

Day Four

  • Time series forecasting methods:
    • Seasonal demand
    • Moving average
    • Exponential smoothing
  • Measuring the accuracy of the forecast
  • Setting lead time and methods to control it

Day Five

  • Elements of inventory holding and ordering costs
  • The Economic Order Quantity (EOQ) model
  • Dealing with quantity discounts
  • Objectives of safety stocks

Fee Information

Fees for this training course 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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