Inventory / Stock Control Training

This programme can run as an online or classroom training (Available also for Customised Training by Duration, Venue and Fee)

Programme Objectives

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.