CILT Endorsed Inventory and Supply Chain Management - Virtual Learning

CILT Endorsed Inventory and Supply Chain Management - Virtual Learning

Why Attend

Supply Chain Management (SCM) has been consistently cited as one of the most critical processes in any operational company. The impact SCM has on business is major given that SCM impacts customer service and the bottom line. However, SCM is not easy given the dynamic nature of the many uncertainties involved. This dynamism has necessitated many companies to upgrade the skills of their SCM employees in order to capitalize on this untapped opportunity. In this course, many SCM best practices will be discussed, and the solutions provided will help participants deal with various scenarios to ensure the continuous flow of material at the least possible cost.

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Course Methodology

The course uses a mix of interactive and hands-on techniques. Beside the brief presentations by the consultant and the participants, there will be many individual and group exercises.  The work related activities require participants to calculate or draw optimal solutions for different scenarios after understanding the process.

Course Objectives

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

  • Describe the objectives and functions of inventory and supply chain management (stock control, purchasing, stores and physical distribution) and explain how they relate to each other
  • Categorize stock items based on the ABC classification model
  • Calculate future demand for different stock items
  • Identify Reorder Points (ROP), Economic Order Quantity (EOQ) and Safety Stocks (SS) for different stock items
  • Apply the basic purchasing processes and use Incoterms appropriately
  • Identify best practices in warehouses to maintain accurate inventory records
  • List the various transportation functions and costs
Target Audience

Those involved in any function of materials and supply chain management (inventory, warehousing, purchasing and transportation) who are concerned with successfully providing acceptable customer or user service at a minimum cost.  This course is also appropriate for anyone who needs to know more about the role of materials management.

Target Competencies
  • Logistics theory and practices
  • Planning and logistics work processes
  • Assessment and planning of requirements
  • Demand planning
  • Procurement
  • Warehouse management
  • Logistics and transportation management
Course Outline
  • Definition of inventory and supply chain management
    • Materials management scope
    • The functions and objectives of materials management
    • Types of inventory
    • The importance of customer service in materials and supply chain
    • Problems in materials management
    • Computerized materials management applications
  • Inventory planning and stock control
    • Inventory systems
    • The ABC classification
    • Application of the ABC classification
  • Forecasting and planning in materials management
    • Typical demand trends
    • Forecasting objectives
    • Different forecasting models
    • Qualitative forecasting
    • Quantitative forecasting
    • Evaluation of forecasts
  • Materials planning and control
    • Inventory costs
    • The economic order quantity model
    • How to deal with constrained quantity discount schemes
    • The importance of controlling lead time
    • The maximum/minimum system
    • Setting the reorder points
    • Setting safety stocks
  • The purchasing function
    • Basic purchasing process
    • Skills of a purchasing professional
    • Factors to consider when selecting suppliers
    • Suppliers evaluation
    • Changing trends in procurement
    • Definition and application of Incoterms
    • Negotiating with suppliers
  • The warehousing function
    • Warehousing objectives
    • Inventory record accuracy requirements
    • Calculating record accuracy
    • Periodic cycle counting
    • How to improve record accuracy
  • The transport function
    • Fleet and transport objectives
    • Methods of transport
    • Responsibilities of traffic
    • Transport expenses
    • Cost reduction opportunities
    • Routing and cubing
Chartered Institute of Logistics and Transport (CILT)

Meirc is an Approved Training Provider (ATP) in the region for the Chartered Institute of Logistics and Transport (CILT). Established in 1919, CILT is the world’s leading supply chain, logistics and transport professional body with over 33,000 members across the globe. CILT seeks to add value to individual and corporate members by enhancing their knowledge, careers, and businesses by setting, supporting and delivering professional standards and education in the fields of logistics, transport and supply chain. By attending Meirc’s CILT accredited courses, participants can earn CPD units as well as attain modular unit award courses that can be combined for international certification

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Face-to-Face Courses

This course is also offered in face-to-face courses, click on the course below.