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A highly interactive training

The Complete Course on Inventory Management

From Principles to Action: Develop Comprehensive Skills
for Inventory Success from Start to Finish
Coventry Academy - The Complete Course on Inventory Management
5
Days

Course Schedules

 London
 05-09 Aug 2024
 $5,950
 Dubai
 11-15 Nov 2024
 $5,950
 Dubai
 17-21 Feb 2025
 $5,950

Training course overview

The objective of inventory management is to provide uninterrupted support of materials to production and operations. Since for many companies inventory is the largest item in the current assets category, inventory problems can and do contribute to losses. This Coventry Academy training course examines the Inventory control, a similar term, is the area of inventory management that is concerned with minimizing the total cost of inventory while maximizing the ability to provide customers with product in a timely manner. Inventory Management is still one of the least understood practices in many companies and managers often fail to see the causal link between Inventory Management and good business results.

What are the goals?

By the end of this Coventry Academy training course, participants will be able to:

  • Plan and Maintain Inventory at Sufficiently High Level to Support Production and Operations Activities Smoothly
  • Minimize Investment in Inventory at Minimum Level to Maximize Profitability
  • To Evaluate Investment in Inventory at Optimum Level Thus Minimizing Carrying Cost of Inventory
  • Establish Selective Inventory Management Control Utilizing Value and Criticality Analysis
  • Establishing Minimum Inventory Ordering Cost Using Economic Order Quantity Principles

Who is this training course for?

 This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:

  • Those Involved in Inventory, Albeit as Supplier, Buyer, Materials Planner, Warehousing, Finance or Even End-Customer
  • Professionals and Staff in the Organization Who Are Responsible for Reducing Costs, Increasing Productivity, Raising Inventory Turns and Enhancing Customer Service Through High Fill Rates, Accurate Information and Excellent Order Fulfillment

Course Outline

Day One: Inventory in the Value Chain
  • The purpose of inventory in the value chain
  • Classification of inventory
  • Procedure for eliminating obsolete inventory
  • Pareto Law in identifying product Classification
  • Location of inventory
  • Using Economic Order Quantity on managing inventory order levels
Day Two: Demand Planning
  • Basic forecasting methods
  • Customer segmentation
  • Hierarchy of planning
  • Aggregate planning
  • Maintenance & Inventory planning meeting
  • Master Scheduling
Day Three: Forecasting
  • Principles of forecasting
  • Effect of lead time on the forecasting process
  • Quantitative forecasting
  • Qualitative forecasting
  • Tracking forecast accuracy
  • ·Determining safety stock
Day Four: Inventory Recording
  • Period stock take
  • Cycle counting
  • Perpetual recording
  • Utilizing Bar-cades to manage inventory and movements
  • The use of Radio Frequency Identification (RFID) for recording inventory movement
  • Inventory accounting
Day Five: Performance Measurement
  • Stock turnover rate
  • Customer service
  • Cost of operations
  • Measuring the effectiveness of your system
  • How to use the measurements
  • Class exercise on selective inventory management

The certificate

  • Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course

Coventry Academy
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