The Course Content
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