Inventory & Stock Control Management

Course Code: PM07

Course Objective

  • State the objectives of inventory management and list their impact on cost and customer service
  • Prepare proper classification of inventory and use best practices for item specification and cataloguing
  • Use forecasting techniques to predict demand and better manage lead times
  • Compute the optimum ordering quantity and determine safety stocks and reorder points
  • Schedule cycle counts, improve inventory record accuracy, and find ways to reduce inventories
  • List various techniques to reduce inventory, including Just-in-Time (JIT)
  • Identify relevant Key Performance Indicators (KPIs) to measure and improve inventory performance

Target Audience

  • This course will mainly benefit to purchasing managers, senior buyers, project managers, civil engineers, construction managers, contractors, sub-contractors, site engineers, senior management, and government agencies, architects, construction professionals, and anyone responsible for purchasing at a senior level who seeks to enhance their skills further.

 

Course Outline

Day 1 – Introduction to Inventory Management 

  • Objectives of inventory planning and stock control
  • Reasons to hold inventory
  • Inventory information system considerations
  • Inventory push vs. pull systems
  • Identifying inventory costs
  • Customer service in inventory management

Day 2 – Description and Classification of Inventory

  • Types of inventory
  • The inventory ABC classification ranking model
  • Uses of the ABC ranking
  • Materials specifications and cataloguing

Day 3 – Inventory Systems

  • Elements of inventory holding and ordering costs
  • The Economic Order Quantity (EOQ) model
  • Dealing with quantity discounts
  • Objectives of safety stocks
  • Setting safety stocks
  • Determining the Reorder Point (ROP)

Day 4 – Reducing Inventory Investment

  • The importance of JIT or pull theory in inventory management to reduce total cost
  • Identification of surplus
  • Disposal options of excess inventory
  • JIT methods
  • JIT requirements
  • JIT risks

Day 5 – Measuring Inventory Management Performance

  • Importance of tracking the effectiveness of the inventory planning and control function
  • Reasons behind poor inventory management performance
  • Setting inventory KPIs and targets
  • Examples of KPIs used in the inventory planning and control function
  • Qualities of the inventory specialist


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Date & Location

Date : 10 February 2019

Duration : 5 days

Place : Kuala Lumpur

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Date : 16 June 2019

Duration : 5 days

Place : Istanbul

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