Inventory and Supply Chain Management


Course Objectives

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

 
  • Describe the objectives and functions of inventory and supply chain management (stock control, purchasing, stores and physical distribution) and explain how they relate to each other
  • Categorize stock items based on the ABC classification model
  • Calculate future demand for different stock items
  • Identify Reorder Points (ROP), Economic Order Quantity (EOQ) and Safety Stocks (SS) for different stock items
  • Apply the basic purchasing processes and use Incoterms appropriately
  • Identify best practices in warehouses to maintain accurate inventory records
  • List the various transportation functions and costs

Course Outline

  • Definition of inventory and supply chain management
    • Materials management scope
    • The functions and objectives of materials management
    • Types of inventory
    • The importance of customer service in materials and supply chain
    • Problems in materials management
    • Computerized materials management applications
  • Inventory planning and stock control
    • Inventory systems
    • The ABC classification
    • Application of the ABC classification
  • Forecasting and planning in materials management
    • Typical demand trends
    • Forecasting objectives
    • Different forecasting models
    • Qualitative forecasting
    • Quantitative forecasting
    • Evaluation of forecasts
  • Materials planning and control
    • Inventory costs
    • The economic order quantity model
    • How to deal with constrained quantity discount schemes
    • The importance of controlling lead time
    • The maximum/minimum system
    • Setting the reorder points
    • Setting safety stocks
  • The purchasing function
    • Basic purchasing process
    • Skills of a purchasing professional
    • Factors to consider when selecting suppliers
    • Suppliers evaluation
    • Changing trends in procurement
    • Definition and application of Incoterms
    • Negotiating with suppliers
  • The warehousing function
    • Warehousing objectives
    • Inventory record accuracy requirements
    • Calculating record accuracy
    • Periodic cycle counting
    • How to improve record accuracy
  • The transport function
    • Fleet and transport objectives
    • Methods of transport
    • Responsibilities of traffic
    • Transport expenses
    • Cost reduction opportunities
    • Routing and cubing

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