Advanced Inventory Planning and Stock Control

This Inventory Planning and Control course will cover:

Fundamentals of Inventory Management

• Inventory management essentials
• Profit through inventory management
• Inventory management and customer service
• Analysing the requirements
• Setting inventory management parameters

Replenishment Policies and Inventory Planning

• Replenishment or Reordering
• Continuous and periodic reviews
• Order quantity and Order up-to level
• Inventory planning
• Inventory optimisation

Stock Identification and Recording Procedures

• Receipts and issues of stock
• Order quantities and rules
• Stocktaking and different types of stockholding
• Safety stock
• Obsolescence and write-offs - methods and procedures for disposal of surplus and unserviceable items

Inventory Control

• Cost effectivity of stock holding
• Managing and controlling stock
• Just In Time management
• Practical methods of reducing stockholding
• Setting and maintaining the right stock levels

Strategic Management of Inventory and all types of Stock

• Inventory classification and audits - ABC Analysis or the 80/20 rule
• Implementing leading edge strategies – MRP, JIT, Kaizen, and Kanban
• Effective forecasting and peak demand planning
• Inventory cost reduction techniques
• Effectively managing inventory risk

Stock Identification and Recording Procedures

• The role of the warehouse in the modern supply chain
• The organisational structure of a warehouse
• Factors determining the location and number of warehouses
• Warehouse design
• Different types of warehousing

Management strategies involved in creating an efficient warehouse

• Implementing a dynamic warehouse management system
• Enterprise Resource Planning
• On Time Complete and On Time Delivery methods
• Floor loads and floors stocks
• Order fulfilment and fill rates

Managing People, Resources, Performance, Health and Safety

• The role of the warehouse manager
• People management
• Resource planning
• Performance management
• Health and safety

Inventory Improvements and the Supply Chain

• The supply chain and the theory of constraints
• Supply chain process mapping
• Saw tooth curve
• Using the Economic Order Quantity (EOQ) graph to find improvements
• Inventory in the distribution network