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Approaches to Inventory Management

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Approaches to Inventory Management

Course Cost £595 +VAT
Duration 2 DAYS
  • Objectives: Understand inventory control, holding costs, total ownership models, stock valuation, and aggregate management.
  • Techniques: Categorize stock, apply ABC analysis, manage critical parts, and handle dependent demand.
  • Models: Use MRP I and II, JIT, EDI, re-order point control, economic order quantity, and fixed interval systems.
  • Customer Service: Manage service levels, determine safety stock, and reduce inventory through various techniques.
  • Role of Purchasing: Focus on lead time management, "pull" operations, supplier relationships, and logistics.

Overview

This 2-day course focuses on inventory control and materials management. Attendees will learn about holding costs, stock valuation systems, aggregate inventory management, dependent and independent demand inventory management techniques, independent demand stock control models, determining and managing customer service levels, inventory reduction techniques, and the role of purchasing in inventory reduction. The course aims to develop an understanding of best practices in inventory management and its importance in supply chain management. It is designed for delegates from inventory-rich environments responsible for managing inventory and implementing inventory reduction programs.

Who should attend

Inventory Managers

Course Content

Course duration: 2 Day

Course Running Order

Objectives of inventory control and materials management

The holding costs of inventory

Total cost of ownership models of stock holding
Stock valuation systems (FIFO, LIFO etc)
Stock checking and perpetual inventory management systems

Aggregate inventory management

Stock categorisation,
Applying ABC analysis, rationale, methodology, other classification characteristics
Managing critical and ‘must have’ parts with special characteristics

Dependent demand inventory management techniques

What is dependant and independent demand
MRP I and II
JIT (including Kanban)
EDI / E-commerce techniques for inventory control

Independent demand stock control models

Re-order point control model for managing MRO items
Fixed quantity, variable interval systems.
Using the Economic order quantity and economic batch quantity models to determine stock levels
Fixed interval variable quantity systems (scheduling systems)
Stock levels and IT

Determining and managing customer service levels

Understanding customer satisfaction and service requirements throughout the supply chain
Statistical methods for determining safety stock and service level

Inventory reduction techniques

The main reasons for holding stocks
An overview of techniques to remove the obstacles to inventory reduction
Consignment stocking
Pipeline inventory stocking
Vendor managed inventory
Direct to line supply

The role of purchasing in inventory reduction

Lead time management and reduction
The flywheel effect of “pull” operations
Supportive supplier relationships
Paying attention to logistics

Course objectives

To develop understanding of current best practice in inventory management.
Attendees will gain an overview of inventory management and its importance in modern day supply chain management approaches. They will recognise the impact of inventory on operational costs and have a sound understanding of the main techniques used by organisations to minimise this impact whilst preserving world class levels of service

Who should attend?

Delegates from inventory rich environments with responsibility for managing inventory and for setting up inventory reduction programmes.

Duration / Fees

A 2-day single manned course

Can be run over a two or three week cycle – simply ask when booking

Who Should Attend

Inventory Managers
Course Cost £595 +VAT
Duration 2 DAYS

Experts in Construction and Infrastructure Training

1000+

Training courses available

250000+

Course hours completed

50+

Expert trainers

CITB, APS, IEMA

Accreditation training centres

12

Accreditations

Testimonials

We’ve helped thousands of professionals grow their skills and confidence. Hear directly from the people who’ve taken our training courses.

The course was exceptional, well run in terms of delivery of information, IT online course but seamless. Very interesting examples of temporary works failures applicable to the businesses we worked in. Break out activities / group examples worked very well and were again well managed by the trainer. Fantastic course, I will recommend to others! Best course I have attended in years!

CITB Temporary Works Co-Ordinator

Black & Veatch

The trainers knowledge was excellent and I liked his examples and how he could relate them to every day relatable examples that we could all understand. Coming from different industries and sectors his examples were a common ground. It was handled very well virtually and the engagement worked with his questioning and answering

Contract Management

The Pension Regulator

The training was very interactive and the tutor was excellent in engaging every course attendee and ensuring that the course content was tailored to each attendees Organisation and Company requirements

CITB Temporary Works Awareness

Kone – H &S Advisor

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