Stock Control and Inventory Management (BMC)
Course information

This course provides basic definitions and concepts for planning and controlling the flow of materials into, though, and out of an organization. It explains fundamental relationships among the activities that occur in the supply chain from suppliers to customers. In addition, the course addresses types of manufacturing systems, forecasting, master planning, material requirements planning, capacity management, production activity control, purchasing, inventory management, distribution, quality management, and Lean manufacturing.

Course Methodology
  • Use of real-world examples, case studies and exercises
  • Interactive participation and discussion
  • Power point presentation, and flip chart
  • Each participant receives a binder containing a copy of the presentation slides and handouts   
Course Objectives

At the end of this course, the candidates will be able to:

  • List the objectives of inventory management and its impact on cost and customer service.
  • Perform proper classification of inventory and use best practices for item specification/cataloguing.
  • Use forecasting techniques to predict demand and better manage lead times.
  • Identify the optimum ordering quantity and determine safety stocks and reorder points.
  • Conduct cycle counts, improve inventory record accuracy, and find ways to reduce inventories.
  • List various techniques to reduce inventory, including JIT (Just-In-Time).
  • Apply Key Performance Indicators (KPIs) to measure and improve inventory performance.
Course Outline

Module 1: Introduction to Inventory Management

  • Objectives and Responsibilities of Inventory Management
  • Reasons to Hold Inventory
  • Identifying Inventory Costs
  • Customer Service in Inventory Management

Module 2: Inventory Classification and Record Accuracy

  • Types of Inventory
  • The ABC Classification
  • Uses of the ABC Classification
  • Inventory Record Accuracy
  • Reasons for Poor Accuracy
  • Periodic and Cycle Counting
  • Systems and Methodology of Counting
  • Steps to Follow Before, During and After the Audit

Module 3: Forecasting Demand and Lead Time

  • Forecasting Objectives
  • Techniques of Forecasting
  • Seasonal Demand
  • Moving Average
  • Exponential Smoothing
  • Control of Lead Time
  • Evaluation of Forecasts
  • Lead Time Management

Module 4: Inventory Systems

  • Inventory Costs
  • The Economic Order Quantity Model
  • When and How Much to Order
  • Controlling Safety Stocks
  • How to Deal with Quantity Discounts
  • Counting and Controlling Inventory
  • Counting Methods and Accuracy
  • Periodic and Cycle Counting

Module 5: Reducing Inventory Investment

  • Identification and Disposal of Surplus
  • Material Requirements Planning (MRP)
  • Just-In-Time (J.I.T.) Method
Target Audience

Supply Chain, Warehouse, & Inventory Managers, Senior Storekeepers, Storekeepers.

Category: Business Management Course
Industry:
Oil & GAS; Aviation & Maritime; Construction & Engineering; Food Production & Catering; Government Hospitality & Tourism; Manufacturing
Topics:
Procurement & Supply Chain
Duration:
2 Days Course
Certification
DISS

Upcoming Course Dates

June 19 – 20, 2019

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Certification

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TESTIMONIAL

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