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Stores and Inventory Management

By: Sandhills Consulting Nigeria Ltd

Lagos State, Nigeria

10 - 12 Aug, 2016  3 days

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NGN 157,500

Inventory is one of the most valuable assets of an organization. It should therefore be properly secured and managed. Good management strategies will obviously contribute to organizational success. It is more so important for high monetary value items such as equipment’s, chemicals and supplies, used in the Oil and Gas Services industry. This workshop will focus on the use of quantitative and qualitative techniques, valuation models, strategic management and Accounting tools, to ensure adequate coverage of this important workshop topic.

Course Contents

  • Objectives of Inventory Management
  • Stocks within the Organization
  • Strategic Role of Inventory
  • Trends affecting Inventory
  • Supply and Demand Patterns
  • Independent Demand Ordering
  • Functions of Inventory
  • Approaches to Inventory Control
  • Sources of Information for Inventory Control
  • Distribution  Inventory
  • Interfaces and Transportation
  • Cost of holding stock and Inventory Costs
  • Physical Control and Security
  • Inventory and the flow of Material
  • ABC Inventory Control
  • Inventory Models
  • Economic Order Quantity
  • Safety Stock
  • Lead Time Holding
  • Inventory Classification and Control
  • Basic Inventory Valuation Issues and concepts                 
  • Physical Goods and Costs Included in Inventory
  • Goods In-transit and consigned Goods
  • Product Costs, Period Cost, and Treatment of Purchase Discounts 
  • Cost Flow Assumptions In Inventory Management
  • Specific Identification Method
  • Weighted Average Cost Method
  • FIFO and LIFO Methods
  • Advantages and Disadvantages of the Cost-Flow Methods
  • Basis For Selecting Valuation Methods
  • Inventory Systems :Perpetual and Periodic Systems
  • Estimating Inventory Values
  • Gross Profit Method
  • Relative Sales Method
  • Inventory Ratios and Analysis
  • Forecasting Demand
  • Time Series, Casual Forecasting, Planning Forecasts
  • Lean Production Environment
  • JIT, TQM and MRP
  • Materials Management and Warehousing

Workshop Outcomes       

On completion of the workshop, participants should:

  • Understand the strategic role of Inventory
  • Understand demand and supply patterns
  • Understand What Inventory Control Is
  • Know how to apply Inventory Models
  • Should know how to conduct Inventory Valuation
  • Understand the concept of Different Costs for the Different Purposes and their application
  • Know How to Estimate Inventory Values and analyze Inventory for financial management Purposes
  • Understand the methods used in Forecasting demand know what Lean production Is and more.

Target Audience  

All managers who oversee products and services, Purchasing Managers and Officers, Inventory Accounting Staff and officers, other managers whose functions interface supplies, warehousing Inventory and materials Management

6, Segun Gbelee Close, Off Lola Holloway Street, Ojodu-Berger Aug 10 - 12 Aug, 2016
NGN 157,500.00(VAT Inclusive)
(Convert Currency)

08185131363, 08061277967,

Discount of 10% for 3-4 participants from same Organization Discount of 15% for 5 or more participant from same Organization. THIS COURSE IS ALSO OFFERED AS in-plant
PROFESSOR PENDER GBENEDIO (CEO/ CHIEF CONSULTANT SANDHILLS CONSULTING NIG. LTD). B.Sc. Accounting, Central State University, Wilberforce, Ohio USA; MBA and Ph.D. Accounting, University of Cincinnati Ohio USA; Doctoral Secondary Fields, Finance and Industrial Management. Worked as Financial Specialist at the Corporate Headquarters of the National Cash Register Company (NCR) in Dayton, Ohio USA. He was later appointed a Professor of Accounting and Chair of the Department of Accounting and Associate Dean of the Business School at North Carolina Central University, in Durham, North Carolina, USA; Campus Dean at Strayer University, Colombia Campus, South Carolina, USA. He has taught numerous courses, multiple times in Accounting, Finance and Industrial Management. He is also a visiting Professor at Covenant University (Sango Ota) teaching Ph. D and M.SC Environmental, International and Oil &Gas Accounting. His strengths are in Accounting, Finance, Industrial Management, Functional, Soft Skills and Leadership Courses.DR. FOLASHADE OGUNWALE: B.Sc., MBA Accounting, Doctoral Candidate. Has worked in Bison Ltd Consulting Firm and Intercontinental Bank, and lectures in Covenant University. She has diverse experience in Training and Consultation.DR. ESE URHIE: B.Sc, MBA Finance, M.Sc. Economics, Ph. D Economics Human Capital, Covenant University, Sango Ota, Nigeria. He is presently lecturing at Covenant University.DR. VALENCIA WESTRAY: B.Sc Ph. D in Organisational Behaviour, MBA Managements and Human Resources Management, HR and Staffing Consultant in Morgaret Business Solutions; Campus Dean, Strayer University; Faculty at South University, USA. She has diverse experience in Human Resource Management and Leadership for Women.UFOMA OMOSEBI: B.Sc Accounting Central State University, USA, MBA Management, MSc Accounting, University of Maryland, Washington DC; CFE (Certified Fraud Examiner). Worked at Anderson Consulting, USA as a recruiter. United States of America, Airforce Reserve
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