Inventory Planning and Stock Control – Virtual Learning

Why Attend

Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past. Demand planners are “behind the scenes” professionals who are entrusted with this task. Their job is not straightforward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference. In this course, several demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost.

Course Objectives

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

  • State the objectives of stock management and list their impact on cost and customer service
  • Prepare proper classification of stock and use best practices for item specification and cataloguing
  • Use scientific forecasting techniques to predict demand and better manage lead times
  • Differentiate and categorize stock cost elements
  • Compute the optimum ordering quantity and determine safety stocks and reorder points

Target Audience

Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.

Target Competencies

  • Planning logistics
  • Logistics work processes
  • Inventory management
  • Assessment and planning of requirements
  • Forecasting demand 
  • Introduction to stock management
    • Supply chain management scope
    • Functions and objectives of supply chain management
    • Objectives of inventory planning and stock control
    • Reasons to hold inventory
    • Inventory information system considerations
    • Inventory push versus pull systems
    • Identifying inventory costs
    • Customer service in inventory management
  • Description and classification of inventory
    • Types of inventory
    • The inventory ABC classification ranking model
    • Uses of the ABC ranking
  • Forecasting demand and lead time
    • The inventory order cycle
    • Dependent versus independent demand
    • Factors affecting demand
    • Factors impacting demand forecast accuracy
    • Demand patterns
    • Time series forecasting methods
      • Seasonal demand
      • Moving average
      • Exponential smoothing
    • Measuring the accuracy of the forecast
    • Setting lead time and methods to control it
  • Inventory costs
    • Inventory cost elements
      • Cost of item
      • Purchasing cost
      • Carrying or holding cost
      • Stock-out cost
  • Inventory systems
    • The Economic Order Quantity (EOQ) model
    • Dealing with quantity discounts
    • Objectives of safety stocks
    • Setting safety stocks
    • Determining the Reorder Point (ROP)

Meirc Professional Certificate (MPC)

MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

MPC

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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Per participant

USD 1,750

Fees + VAT as applicable

Tax Registration Number : 100239834300003

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