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Inventory Management Essentials
YOUR PATHWAY TO SUCCESS
This 5-day course provides a comprehensive understanding of inventory management principles and techniques. Participants will explore the critical role of inventory management in optimizing supply chain performance and achieving business objectives.
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Course Duration
5 Days
Enroll By
Every Week
Course Type
Online/ London
Course Details
This 5-day course provides a comprehensive understanding of inventory management principles and techniques. Participants will explore the critical role of inventory management in optimizing supply chain performance and achieving business objectives. The course covers core concepts such as demand forecasting, inventory control models, inventory valuation, and inventory optimization strategies. Through real-world case studies and interactive exercises, learners will gain insights into how leading companies manage their inventory to minimize costs, improve service levels, and maximize profitability.
The course emphasizes the trade-offs involved in inventory management and the importance of balancing inventory costs with customer service requirements. It explores various inventory control techniques, including ABC analysis, Economic Order Quantity (EOQ), and Just-in-Time (JIT) inventory management. Participants will learn how to forecast demand, determine optimal inventory levels, and implement inventory replenishment strategies to ensure product availability while minimizing inventory holding costs.
By the end of this course, learners will be able to:
- Understand the importance of inventory management.
- Forecast demand and determine optimal inventory levels.
- Apply various inventory control techniques.
- Manage inventory costs effectively.
- Implement inventory replenishment strategies.
- Analyze inventory performance and identify areas for improvement.
- Inventory control specialists
- Supply chain planners
- Warehouse managers
- Purchasing and procurement professionals
- Operations managers
- Anyone seeking a comprehensive understanding of inventory management
Course Outline
5 days Course
- Introduction to Inventory Management: Role and Importance:
- The role of inventory in the supply chain.
- Types of inventory: Raw materials, work-in-process, finished goods.
- The importance of inventory management: Balancing cost and service.
- Inventory management objectives and key metrics.
- Case study: Analyzing the inventory management practices of a successful company.
- Activity: Group discussion on the challenges of inventory management in different industries.
- Demand Forecasting and Inventory Planning:
- Demand forecasting techniques: Qualitative and quantitative methods (moving average, exponential smoothing, regression analysis).
- Forecasting accuracy and error measurement.
- Sales and Operations Planning (S&OP) and its impact on inventory planning.
- Practical exercise: Developing a demand forecast using historical data.
- Demand Forecasting and Inventory Planning:
- Demand forecasting techniques: Qualitative and quantitative methods (moving average, exponential smoothing, regression analysis).
- Forecasting accuracy and error measurement.
- Sales and Operations Planning (S&OP) and its impact on inventory planning.
- Practical exercise: Developing a demand forecast using historical data.
- Demand Forecasting and Inventory Planning:
- Inventory Cost Management and Valuation:
- Inventory costs: Holding costs, ordering costs, and shortage costs.
- Inventory valuation methods: FIFO, LIFO, and weighted average.
- Inventory turnover and other key performance indicators.
- Practical exercise: Analyzing inventory costs and calculating inventory turnover.
- Inventory Cost Management and Valuation:
- Inventory Cost Management and Valuation:
- Inventory costs: Holding costs, ordering costs, and shortage costs.
- Inventory valuation methods: FIFO, LIFO, and weighted average.
- Inventory turnover and other key performance indicators.
- Practical exercise: Analyzing inventory costs and calculating inventory turnover.
- Inventory Cost Management and Valuation:
