Training Course on Warehouse Management and Inventory Control

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.

Duration

10 Days

Who Should Attend?

Intended for Finance, procurement, and supply chain professionals looking for ways to become more effective and efficient by improving their inventory management methodologies. Warehouse managers and warehouse employees.

Course Objectives

At the end of the course, participants will be able to:

• The different types of inventories and importance of inventory to organizations.
• The principles and purpose on inventory management and control.
• The costs associated with inventory management.
• Inventory verification and valuation methods.
• Different approaches for effective management of dependent demand and independent demand inventories and when to apply them.
• The fundamentals of warehousing and stock handling.
• Organizational structure and functional responsibilities in inventory and warehousing.
• How to measure and improve inventory management performance.

Course Outline

Module 1: Warehouse Management

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

Performance Evaluation of Stores Activities

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

ISO Standards and Warehouse Activities

• Introduction to ISO standards
• The importance of ISO standards
• Registration for ISO certification
• Warehouse activities and quality assurance
• Stores division activities in conformance to ISO 9001

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

Module2: Inventory Control

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

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
  1. Economic Order Quantity (EOQ) defined
  2. Determining Economic Order Quantity (EOQ)
• Variable costs
• ABC analysis
• Other techniques of analysis

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
  1. First in First Out (FIFO)
  2. Last in First Outs
  3. Highest in First Out (HIFO)
  4. Next in First Out (NIFO)
  5. Simple average method
  6. Weighted average cost method
• Factors considered in selection of method of valuation of inventory

Methodology

The instructor led trainings are delivered using a blended learning approach and comprises of presentations, guided sessions of practical exercise, web-based tutorials and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields.

Key Notes

• The participant must be conversant with English.
• Upon completion of training the participant will be issued with an Authorized Training Certificate
• Course duration is flexible and the contents can be modified to fit any number of days.
• The course fee includes facilitation training materials, 2 coffee breaks, buffet lunch and A Certificate upon successful completion of Training.
• One-year post-training support Consultation and Coaching provided after the course.
• Payment should be done at least a week before commence of the training, to DATASTAT CONSULTANCY LTD account, as indicated in the invoice so as to enable us prepare better for you.