Supply Chain & Operations

SOP 9 Inventory Planning and Stock Control – Level 1

Know how to carry out store management and stock control tasks effectively and professionally

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
Course Code:SOP 4A
Subject:Operations Management
Course Fee:£345
Duration:2 Days

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