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Warehouse Management and Inventory Control Training

By: LCL Coaches Consultants  

Lagos State, Nigeria

07 - 11 Sep, 2020  5 days

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NGN 157,500

Venue: Interactive Online Live / On-Site Live in Lagos

Warehouse is an essential limb of an industrial unit. It is the depository of all materials required by the industrial unit and supplies materials as and when required. Different types of materials are required for different operations in a production unit.

Day One

Warehouse Organization

  • Introduction to warehouse organization
  • Position of Warehouse/stores in the organization
  • Organization structure of stores division
  • Organization matters for efficient working of stores division
  • Delegation of authority

Requisitions and Replenishment of Materials

  • Need for requisitioning the material
  • Replenishment of stock items
  • Preparation of materials requisition report
  • Dispatch of requisition to user department
  • Review order quantity

Day Two

Performance Evaluation of Stores Activities

  • Criticism of stores division
  • Poor inventory control
  • Improper storekeeping and Tools Management
  • Performance indicators and evaluation
  • How is performance evaluation carried out?

Warehouse Location, Layout, and Facilities Planning

  • Number and size of stores
  • Location of stores
  • Layout planning of warehouse
  • Physical facilities planning

Warehouse Security, Safety, and Maintenance

  • Security
  • Entry to warehouse
  • Management of warehouse keys
  • Closing of warehouse
  • Issue to authorized individuals

Day Three

Inventory Classification and Strategies

  • Advantages of classification of inventory
  • Regular inventory item
  • In-process inventories
  • Finished goods inventory
  • Strategic considerations in the control of finished goods inventory
  • Market research

Codification and Standardization

  • Methods of Codification
  • Variety reduction
  • Advantages of standardization
  • Situations where standardization is not preferred
  • Types of standards
  • Standardization program

Day Four

Inventory Control Model

  • Theoretical inventory control model
  • Elements of inventory control model
  • Dynamic nature of the inventory control model
  • Maintenance requirements
  • Reorder point fluctuations

Inventory Control Techniques

  • Best order quantity
  • Economic Order Quantity (EOQ) defined
  • Determining Economic Order Quantity (EOQ)
  • Variable costs
  • ABC analysis
  • Other techniques of analysis

Day Five

Effective Management of Spare Parts

  • Factors influencing the stocking of spare parts
  • Appropriate maintenance techniques
  • Administrative and financial factors
  • Steps for management of spare parts
  • Diagnostic survey
  • Reconditioning and overhauling of parts

Valuation of Inventory

  • Importance of valuation of inventory
  • Valuation of material issues
  • First in First Out (FIFO)
  • Last in First Outs
  • Highest in First Out (HIFO)
  • Next in First Out (NIFO)
  • Simple average method
  • Weighted average cost method
  • Factors considered in selection of method of valuation of inventory
Interactive Online Live / On-Site Live in Lagos Sep 07 - 11 Sep, 2020
NGN 157,500.00
(Convert Currency)

Olusina Lajorin 09026713101, 08033241313, 08071582022

Group Discount apply
Olusina Lajorin
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