Effective Inventory Management Techniques and Control

Start Date End Date Venue Fees (US $)
20 Sept 2026 Riyadh, KSA $ 4,500 Register

Effective Inventory Management Techniques and Control

Introduction

Inventory Management Techniques an intensive course for those who want to understand and implement the essential tools for managing inventory in the supply chain. Participants are shown how to evaluate procedures and make needed changes to methods to improve customer service whilst achieving reductions in inventory; eliminate wasteful costs; avoid internal problems that limit performance; obtain added value for money.

Objectives

    • To give knowledge of effective inventory operations in the supply chain
    • To enable analysis & examination of current operations
    • To make organizational improvement

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

  • Those new to managing inventory
  • Those non inventory people who need to gain an awareness of the issues and key
  • Drivers of stock control operations
  • Inventory, Stock, Supply Chain, Logistics, Warehouse and Distribution
  • Supervisors/Managers
  • Owners, operators and Directors of companies who hold sock and inventory

Course Outline

Day 1: The Supply chain definitions, history, and key aspects

  • Definitions
  • History and development
  • Key aspects
  • Befits of supply chain approach

Relationships and material flows in the chain

  • Integrating the supply chain
  • Lead-times
  • Customer service
  • Adding value
  • Tradeoffs
  • Power of information
  • Sharing and collaboration in the supply chain

Day 2: Products & Stock
Product Classification

  • Supply /demand variables
  • Dependant and independent demand
  • Patterns of demand
  • ABC Analysis or the 80/20 rule
  • Product coding

Inventory Costs and Service

  • Why hold stock?
  • Inventory costs
  • Service levels from inventory
  • Cost/service trade-offs
  • Understanding Lead time
  • Lead time variability and uncertainty
  • Inventory and statistics

Day 3: Replenishment Methods
How much stock should be held?

  • Stock time curve
  • Determining the Reorder level
  • Determining the Reorder point
  • Carrying safety stock
  • Fixed and variable time periods
  • Fixed and variable order quantities

Replenishment Methods for Independent Demand

  • When to order
  • How much to order
  • Economic order quantities
  • Two bin methods
  • Minimum - maximum methods
  • Comparing continuous review and periodic review methods

Other Replenishment Methods

  • When to order for dependant demand
  • How much to order for dependant demand
  • Materials planning (MRP and MRPII)
  • For spare parts

Day 4: Forecasting & Stock Control
Demand Forecasting

  • Sales forecasts
  • Statistical forecasts
  • When forecasting is easier
  • When forecasting is harder

Stock Coding
The method by which stock is coded is important in the overall management process, this session will examine:

  • Different methods
  • Understanding of all involved
  • Checklists to help on deciding the best option
  • Stock Recording

This session looks at stock recording, a critical aspect of stock control and if done incorrectly is the source of many subsequent errors

  • Separation of powers
  • Legal issues
  • How do we get inaccuracies?

Stock Checking
Much time can be spent on this activity, but there are methods to both minimize the time and at the same time increase checking accuracy. This session examines such aspects

  • Roles and Responsibility
  • Requirements
  • Job Descriptions
  • Authority levels
  • Tolerances and approvals
  • The program
  • Options
  • Reconciliation’s / discrepancies

Day 5: Improvements
Model for planning inventory

  • Managing inventory by value and by volume
  • Questions to ask about inventory
  • Model for inventory planning
  • What To Implement Now

Accreditation

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