Course Description:

Stock is the company’s largest asset, so everyone in an organization needs to share a common understanding of how effectively manage inventory in order to improve customer satisfaction, minimize costs and maximize value.

This comprehensive 5-day course explains the newest concepts and strategies of 21^st century distribution inventory control and management. The participant will learn business policies which promote sound inventory management, how to control material in the warehouse, warehouse operating procedures, when to order product and how much to order.

Course Goal:

To enhance the participants knowledge, skills and abilities necessary to understand how to achieve effective inventory management.

Course Objective:

By the end of this Course the participant will be able to:

     1. Define inventory and determine its functions and types

     2. Analyze inventory

3. Classify the costs associated with inventory and examine each category

4. Understand how to determine EOQ

5. Understand inventory control systems

6. Understand the responsibilities of receiving and stores

7. Receiving Procedure and bar coding

8. Understand and use the materials identification systems

9. Determine the stores systems

   10.  Determine and understand the material storing methods and equipment

11. Identify the problems and opportunities related to inventory management.

12. Determine and manage the primary sources of surplus

Course Outline:

• Inventory Strategy from a Supply Chain Perspective

1. Business logistics defined
2. The supply chain
3. The activity mix of logistics

• Key activities
• Support activities

• Importance of logistics/supply chain management

1. Costs are significant
2. Globalization of industry, supply and distribution lines are Lengthening
3. Logistics Is Important to Strategy
4. Logistics Adds Significant Customer Value
5. Customer service explosion, Customers Increasingly Want Quick Customized Response
6. Time compression
7. Organizational integration

• logistics in no manufacturing areas
• Service Industry
• Environment
• Business Logistics In The Firm
• Objectives of Business Logistics
• Concluding Comments
•   Inventory Decisions

1. Appraisal of Inventories
2. Reasons for Inventories

• Improve Customer Service
• Reduce Costs

1. Reasons against Inventories
2. Types Of Inventories
3. Classifying inventory – Management problems
4. Nature Of Demand
5. Management Philosophy
6. Degree Of Product Aggregation
7. Inventory Objectives
8. Product Availability
9. Relevant Costs
10. Procurement Costs
11. Carrying Costs
12. Out-of-Stock Costs

• Storage Fundamentals

1. Needs for a Storage System
2. Reasons for Storage

• Transportation-Production Cost Reduction
• Coordination of Supply and Demand
• Production Needs
• Marketing Considerations

1. Storage system functions
2. Storage functions

• holding
• consolidation
• break-bulk
• mixing

1. Materials- handling functions
2. Loading and unloading
3. Movement to and from storage
4. Order filling
5. Storage alternatives
6. Space ownership
7. Rented space
8. Types of warehouses
9. Inherent advantages
10. Services
11. Materials-handling considerations

• Load unitization
• Palletization
• Containerization

1. Space Layout
2. Layout for Storage
3. Layout for Order Picking
4. Movement Equipment Choice
5. Manual Equipment
6. Power-Assisted Equipment
7. Fully Mechanized Equipment

• Storage Fundamentals

1. Coordination in the Supply chain
2. Supply Scheduling
3. Just-In-Time Supply Scheduling
4. Requirements Planning
5. MRP Mechanics
6. Just-in- Time Distribution Scheduling
7. Integrated Supply Channel Management
8. DRP Mechanics
9. Purchasing of Inventories
10. Importance of Purchasing
11. Order Quantities and Timing
12. A Mixed Buying Strategy
13. Dollar Averaging
14. Quantity Discounts
15. Deal Buying
16. Contract Buying (Blanket Order Agreement)
17. Sourcing
18. Fixed Sourcing
19. Flexible Sourcing
20. Terms of Sale and chain Management

Who Can Benefit?

1. Warehouse management personnel
2.  Inventory managers
3.  Managers responsible for supply chain performance