Inventory (Stock) Control Training

The Objectives of Inventory (Stock) Control is as below

This course delivers four broad competencies:

• Reasons for holding Inventory
• Accurate Inventory records
• Difference between Stock recording and Inventory control
• Security of Stores.

Course Contents

Day One

Reasons for Inventory

• Forecasting Future Demands
• Demand patterns
• Trends
• Seasonal variations
• Random fluctuations
• Sporadic demand

When to Order

• Safety stocks
• Re-Order levels
• Standard deviation
• Service factors.

Day Two

How Much to Order

• Economic Order Quantity
• Lot sizing
• Forecasting
• MRP and ERP
• Time Phasing
• Explosion Routines
• Schedule Regeneration
• Just-in-Time

Financial Considerations

• Inventory turnover
• Effects on the cash flow
• Effects on the working capital
• Profitability - the Return on Investment

Managing the Costs

• Inventory cost implications
• Ordering cost
• Running costs
• Cost of money
• Wastage
• Insurance

Day Three

• Systems of Inventory Management
  • ABC Analysis
  • Quantity Based Systems
  • Time Based Systems
  • Differential Stock Control
  • Consignment Stock
  • Vendor Maintained Inventory
  • Kanban
• Stocktaking
  • Reasons
  • Periodic
  • Continuous
  • Treatment of Discrepancies
• Obsolete Redundant and Surplus Stocks
  • Identification
  • Disposal.