SOP 9 Inventory Planning and Stock Control - Level 1
Accredited by: LONDON INSTITUTE OF SKILLS DEVELOPMENT SIGNATURE PROGRAMME
Who should attend?
- Warehouse managers
- Procurement and purchasing professionals
- Operational managers
- Entrepreneurs
- Supply chain specialists
- Students / Fresh graduates who want to pursue career in Operations Management and desired to acquire a promising position in a reputable Organization
Learning Objectives
By the end of the course delegates will be able to:
- Eliminate wasteful activities/costs
- Effectively record, manage and measure inventory costs
- Apply: MRP, JIT, Kaizen, Kanban strategies
- Maintain stores accounting
- Optimise resource planning and overall efficiency
- Establish effective inventory management controls
- Reduce costs of inventory obsolescence
- Improve record-keeping accuracy
Course Content
Fundamentals of Inventory Management
- Inventory management essentials
- Profit through inventory management
- Inventory management and customer service
- Analysing the requirements
- Setting inventory management parameters
Replenishment Policies and Inventory Planning
- Replenishment or Reordering
- Continuous and periodic reviews
- Order quantity and Order up-to level
- Inventory planning
- Inventory optimisation
Stock Identification and Recording Procedures
- Receipts and issues of stock
- Order quantities and rules
- Stocktaking and different types of stockholding
- Safety stock
- Obsolescence and write-offs – methods and procedures for disposal of surplus and unserviceable items
Inventory Control
- Cost effectivity of stock holding
- Managing and controlling stock
- Just In Time management
- Practical methods of reducing stockholding
- Setting and maintaining the right stock levels
Strategic Management of Inventory and all types of Stock
- Inventory classification and audits – ABC Analysis or the 80/20 rule
- Implementing leading edge strategies – MRP, JIT, Kaizen, and Kanban
- Effective forecasting and peak demand planning
- Inventory cost reduction techniques
- Effectively managing inventory risk