In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price.
Duration: 3 days
Mode: Classroom / Online
Deliverables: CourseWare Hard/ Soft Copies
Course Contents
Introduction to Inventory
Definition, principles, role
Functions and importance of Inventory
Types of Inventory
Inventory Policy
Costs Associated with Inventory
Inventory and Profitability
Exercises/Case Studies
Impact of Inventory on total logical cost
Inventory management
objectives / importance, symptoms of poor inventory management
Improving effectiveness of inventory management
Inventory Control and models
Importance and scope of Inventory control
Selective Inventory control
Inventory Models
Exercises/Case Studies
Economic Lot size
EOQ, Economic Batch Quantity
EBQ, ROL – Reorder level
P model, Q model, two bin system
Fair share allocation model
MRP, ABC analysis, Just in Time (JIT)
Modern methods Kanban, DRP and ERP
Inventory ranking methods and Quadrant technique
Exercises/Case Studies
FIFO. LIFC
Weighted average method
Inventory under certainly and uncertainly
Risk Management
Work in progress inventories
Finished Goods Inventories
Spare parts inventories
Use of Computers in Inventory Management
Exercises/Case Studies
RFID, EDI, Satellite tracking system
Warehouse Management
Definition, Principles, Roles
Importance of Warehouses
Need for Warehousing
Warehouse selection and planning,
Functions and operations of a warehouse
Warehouse location
Exercises/Case Studies
Area of Warehouse
Factors affecting warehousing cost
Warehouse layout
Design principles
Planning – codification and standardisation of the Materials
Incoming Materials Receipts
Retrieval and Transaction Processing System
Security and Loss Prevention
Exercises/Case Studies
Consumption Based Planning
MRP and lot sixing procedure
Forecasting parameter and result
Planned order planning file consolidation
Break bulk, Cross docking, Mixing
Assembly – competitive advantage, production support warehouse
ERP, Role of IT in warehousing
Exercises/Case Studies
Conclusion and Feedback
Why choose us
At the Institute of Corporate Analytics and Training, we have trained over 5000 professionals on a wide range of corporate and management trainings from many organizations and companies, from diverse domains, around the world. We have a team of highly motivated and experienced team of trainers. Our trainings are designed to blend theoretical concepts with field experience. The concepts and techniques you will learn will be illustrated with case studies from the field, role plays and simulations.
Rest assured that at the end of the training programs, you will emerge confident and energized armed with skills and knowledge as well as the techniques of applying them.