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Inventory Management Techniques

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Inventory Management Techniques

Course Cost £595 +VAT
Duration 2 DAYS
  • Purpose: Develop understanding of best practices in inventory management.
  • Target audience: Delegates from inventory-rich environments.
  • Focus on inventory purposes, costs, supply chain placement, and management models.
  • Utilize ABC analysis, fixed lot ordering, and reorder point control.
  • Implement MRPI & II for managing dependent demand in batch-building environments.

Overview

This 2-day course focuses on current best practices in inventory management. It covers topics such as inventory definitions, cost analysis, ABC analysis, dependent and independent demand, fixed lot ordering systems, MRPI & II, ERP, JIT, and lean supply. The course aims to help delegates from inventory-rich environments responsible for managing inventory and setting up store operations.

Who should attend

Manufacturers, Asset Builders, Retailers, Distributors

Course Content

Course duration: 2 Days

Course running order

Day 1

Definitions of inventory
The purposes of inventory
Why manufacturers, asset builders, retailers and distributors hold inventory

The cost of holding inventory
Where does inventory lie in the supply chain?
Demand amplification in the supply chain and its effect on inventory cost
Models for evaluating the true cost of inventory in a manufacturing business

Using ABC analysis to understand inventory holdings
Undertaking ABC analysis of different types of inventory

The theory of dependent and independent demand
The use of fixed lot ordering systems to manage independent demand items
Defining Reorder point control
Setting the reorder quantity, reorder level, and safety level and service level
The economic order quantity theory
How fixed lot ordering systems are deployed in practice

Day 2

Using Manufacturing resource and requirement planning (MRPI & II) to manage dependent demand requirements in the batch-building environment.
How MRPI works
Stock records
Bills of materials
Order set up mechanisms
Setting up the master schedule
How to implement MRP successfully
Common difficulties for implementers
Contract costing approaches
Configuration control
Dealing with reject and quarantine materials

How MRPII works
How to implement it successfully
Common mistakes made by implementers

The development of ERP as an adjunct to MRP
JIT in the batch-building environment
Contemporary approaches to driving inventory out of the supply chain
Lean Supply
Mass customisation, JIT, KanBan, Supply Chain Integration

Course objectives

To develop understanding of current best practice in inventory management.

Who should attend?

Delegates from inventory rich environments with responsibility for managing inventory and for setting up stores operations.

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

Manufacturers, Asset Builders, Retailers, Distributors
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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