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Inventory Planning and Stock Control

Program Objectives:

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

Plan and control stock successfully and cost effectively using proven techniques of inventory management.

Forecast demand and control lead time

Classify, count and reduce inventory.

Reduce inventory investment and surplus.

Use the right Key Performance Indicators (KPIs) for the measurement and evaluation of the inventory department.

This Program is designed for:

Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, those working in other functions of materials management (purchasing, stores, distribution) who need to understand the mechanics of inventory planning and stock control.

Program Outline:

Introduction to Inventory Management	Inventory Systems
Objectives and Responsibilities of Inventory Management Customer Service in Inventory Management Inventory Management in the Arab World	Inventory Costs The Max-Min System When and How Much to Order Controlling Safety Stocks How to Deal with Quantity Discounts
Description and Classification of Inventory	Counting and Controlling Inventory
Types of Inventory The ABC Inventory Classification Materials Specifications/Cataloguing	Counting Methods and Accuracy Periodic and Cycle Counting
Forecasting Demand and Lead Time	Reducing Inventory Investment
Techniques of Forecasting o Seasonal Demand o Moving Average o Exponential Smoothing Control of Lead Time	Identification and Disposal of Surplus Material Requirements Planning (MRP) Just-In-Time (J.I.T.) Method
	Measuring Inventory Management Performance
	Key Performance Indicators (KPIs) and Targets Qualities of the Inventory Specialist