Workshop on Inventory Management Masterclass

Program Overview:

Inventory management is both operation and business management that plans and controls materials/inventories. The objective of inventory management is to support the overall goals of the company. Inventory is an asset, however, if inventory is not properly managed, it can become a business liability.

This workshop is designed to equip participants with up-to-date techniques of managing their organization’s material stocks and help their organizations improve on their capacity, schedule production and apply world best practices in inventory management.

For whom:

Supply chain Managers, Materials Managers, Inventory Managers, Store Managers, Operations Managers, Production Managers Distribution Managers /Logistics Managers.

Learning Objectives:

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

• recognize the strategic value of systematic inventory management;
• identify the primary functions of inventory management, types and systems;
• identify the positive impact of developing a sound knowledge of inventory financial management;
• identify the goals of implementing an effective warehousing strategy and activities; and
• apply world best practices in inventory management.

Course Outline:

Day 1: Inventory Management and its functions

• What is Inventory
• Inventory types,
• Inventory systems etc.

Inventory Levels

• Max, Min, Re-order, Hastening
• ABC model
• JIT/JIC
• MRP 1 and MRP 11
• Computerized stock level

Day 2:  Inventory Planning and Control

• Types of inventory or Classes of Inventory
• Inventory Planning and Control –
• Stock Replenishment – provisioning, Stock Levels, Two Bin System etc.
• Stock Control Models – MRP 1, MRP 11, ABC, JIT/JIC, etc.

Day3: Inventory and Financial Management

• Materials Costing:
  • Cost Pricing,
  • Market Pricing,
  • Average Pricing,
  • Standard Pricing etc.
• Stocktaking:
  • Periodic, continuous,
  • Spot checking
• Effective documentation of every activity

Day 4: Inventory Handling

• Goods receiving procedures
• Issuing Methodology – FIFO, LIFO etc.
• Dispatch/Distribution procedures
• Materials handling Techniques
• Procedures for Handling of shortages,

returns/reverse, damages etc.

Day 5: Warehousing Management

• Types and their Activities
• Basic warehousing functions
• Warehousing Contributions to Profitability
• Warehouse goals
• Warehouse strategies
• Warehouse Key Performance Areas
• Savings in Warehouse Activities

Training Methodology

Lectures, discussions, exercises, case studies, audio-visual aids will be used to reinforce these teaching/learning methods.