Mountains

Best Practice in Inventory Planning and Stock Control

What Will I Learn?

The efficient inventory planning and stock control has a major impact on supply chain performance and resultant cost. Poor inventory management will result in high inventory carrying cost and low rate of customer order fulfilment. Carrying inventory comes with a certain degree of commercial risk. Excess, obsolete and miss-managed inventory will result a reduction in the company equity. It is important for businesses to evaluate the costs of carrying inventory and reduce the cost to improve company’s bottom line. This Inventory planning and Stock Control course focuses on the techniques companies use when are looking to reduce costs as at times they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost

Fee In Different Currencies
RWF 70,000 Or USD 0 Or EURO 0
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Indicative Content

    • Fundamentals of Inventory Management

      • The purpose of inventory in the value chain

      • Classification of inventory

      • Procedure for eliminating obsolete inventory

      • Inventory Recording

      • Inventory performance measurement

    • Key Components to Understanding Effective Inventory Control

      • Stock Identification and Recording Procedures

    • Replenishment Policies and Inventory Planning

      • Replenishment or Reordering

      • Continuous and periodic reviews

      • Order quantity and Order up-to level

      • Inventory planning

      • Inventory optimization

    • Inventory Control improvement strategies

      • Standard Stock Movement Procedure in Warehouse

      • Establishing Stock Checking and Accuracy

      • Stock Reconciliation and Discrepancies Management

      • Excess and Obsolete Stock Analysis

      • Types of Inventory Methods (JIT, FIFO, LIFO etc.)

      • Various Stock Coding Methods

    • Management strategies involved in creating an efficient warehouse

      • Establish a consistent and efficient organization system

      • Make picking more efficient

      • Establish an inventory management system

      • Regularly conduct a visual inspection of storage areas

      • Meet key staff regularly

      • Make changes, when necessary

    • Strategic Management of Inventory and all types of Stock

      • Overview of Inventory Systems and Methods

      • Factors of Inventory Holding and Ordering Costs

      • Implications of Free Stock & Quantity Discount

      • The Economic Order Quantity (EOQ) Model

      • Simple Replenishment Methods (Min/Max levels)

      • Determining the Reorder Point (ROP)

      • Material Requirement Planning (MRP) Systems and Methods

70,000
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Objectives

  • Eliminate wasteful activities/costs

  • Effectively record, manage and measure inventory costs

  • Maintain stores accounting

  • Optimize resource planning and overall efficiency

  • Establish effective inventory management controls

  • Improve record-keeping accuracyduce costs of inventory obsolescence

70,000
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Course Features

  • Lectures 0
  • Duration 90 Days
  • Certificate Yes
  • Enroll Now

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