Overview
Course Methodology
The course uses a mix of interactive and hands-on techniques. Beside the brief presentations by the consultant and the participants, there will be many individual and group exercises. The work related activities require participants to calculate or draw optimal solutions for different scenarios after understanding the process.
Course Objectives
By the end of the course, participants will be able to:
- Describe the objectives and functions of inventory and supply chain management (stock control, purchasing, stores and physical distribution) and explain how they relate to each other
- Categorize stock items based on the ABC classification model
- Calculate future demand for different stock items
- Identify Reorder Points (ROP), Economic Order Quantity (EOQ) and Safety Stocks (SS) for different stock items
- Apply the basic purchasing processes and use Incoterms appropriately
- Identify best practices in warehouses to maintain accurate inventory records
- List the various transportation functions and costs
Target Audience
Those involved in any function of materials and supply chain management (inventory, warehousing, purchasing and transportation) who are concerned with successfully providing acceptable customer or user service at a minimum cost. This course is also appropriate for anyone who needs to know more about the role of materials management.
Target Competencies
- Logistics theory and practices
- Planning and logistics work processes
- Assessment and planning of requirements
- Demand planning
- Procurement
- Warehouse management
- Logistics and transportation management
Course Outline
- Definition of inventory and supply chain management
- Materials management scope
- The functions and objectives of materials management
- Types of inventory
- The importance of customer service in materials and supply chain
- Problems in materials management
- Computerized materials management applications
- Inventory planning and stock control
- Inventory systems
- The ABC classification
- Application of the ABC classification
- Forecasting and planning in materials management
- Typical demand trends
- Forecasting objectives
- Different forecasting models
- Qualitative forecasting
- Quantitative forecasting
- Evaluation of forecasts
- Materials planning and control
- Inventory costs
- The economic order quantity model
- How to deal with constrained quantity discount schemes
- The importance of controlling lead time
- The maximum/minimum system
- Setting the reorder points
- Setting safety stocks
- The purchasing function
- Basic purchasing process
- Skills of a purchasing professional
- Factors to consider when selecting suppliers
- Suppliers evaluation
- Changing trends in procurement
- Definition and application of Incoterms
- Negotiating with suppliers
- The warehousing function
- Warehousing objectives
- Inventory record accuracy requirements
- Calculating record accuracy
- Periodic cycle counting
- How to improve record accuracy
- The transport function
- Fleet and transport objectives
- Methods of transport
- Responsibilities of traffic
- Transport expenses
- Cost reduction opportunities
- Routing and cubing
Schedule & Fees
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