Inventory Planning and Control

Introduction

Effective inventory planning and control are critical to the success of any business involving the management of supply chains, stocks, and resources. This 5-day professional course is designed to equip participants with the necessary skills and tools for optimizing inventory processes, improving service levels, and reducing costs. Through a blend of theoretical insights and practical applications, attendees will gain a comprehensive understanding of inventory management practices essential for operational excellence.

Objectives
• Understand the fundamentals of inventory management and control.
• Learn techniques to optimize inventory levels and reduce costs.
• Implement strategies for effective demand forecasting.
• Utilize inventory management systems and tools effectively.
• Apply best practices for continuous improvement in inventory processes.

Course Outlines

Day 1: Introduction to Inventory Management

• Overview of Inventory Management and Control
• Importance of Inventory in Supply Chain Management
• Types and Functions of Inventory
• Inventory Costs and their Implications
• Basic Concepts of Inventory Valuation

Day 2: Inventory Planning Techniques

• Demand Forecasting Methods
• Quantitative vs. Qualitative Forecasting Techniques
• Inventory Replenishment Strategies
• Safety Stock and Service Level Considerations
• Lead Time Analysis and Management

Day 3: Inventory Control Systems

• ABC Analysis for Inventory Prioritization
• Periodic vs. Perpetual Inventory Systems
• Technology in Inventory Management: RFID and Barcode
• Cycle Counting and Physical Inventory Checks
• Integrating Inventory Control with ERP Systems

Day 4: Optimization and Performance Measurement

• Key Performance Indicators (KPIs) for Inventory
• Economic Order Quantity (EOQ) Models
• Inventory Turnover and Performance Benchmarking
• Minimizing Overstock and Stockouts
• Continuous Improvement in Inventory Processes

Day 5: Advanced Inventory Management Practices

• Vendor-Managed Inventory (VMI)
• Just-In-Time (JIT) Inventory Systems
• Collaborative Planning, Forecasting, and Replenishment (CPFR)
• Inventory Challenges in Omnichannel Retailing
• Future Trends in Inventory Management and Technology