The Complete Course on Inventory Management

Course Code: PM23

Course Objective

  • Develop strategic purchasing plans & discuss how to improve internal customer service
  • Explore many ways of reporting key performance indicators (KPIs)
  • Understand the most important competencies for purchasing personnel
  • Understand the importance of inventory & the role it plays in the profitability of the company
  • Apply best methods to optimise the investment in inventory

 

Target Audience

  • Purchasing, Procurement, Contracts, Contract Administration, Projects personnel
  • Engineering, Facilities, Finance, and Maintenance Personnel
  • Personnel involved in the planning and management of tender process
  • Those involved in inventory management as a supplier, buyer, materials planner, warehousing, finance or even end-customer
  • Those in general management wanting an understanding of the procurement and inventory processes

  

Course Outline

Day One: The 1st Steps to Becoming World Class

  • Stages To World Class Purchasing
  • How Purchasing is viewed today
  • Strategic Sourcing
  • Developing Spend Profiles and the ABC Analysis
  • New Job Descriptions For Purchasing of the future
  • Purchasing Personnel Required Skill Sets

Day Two: Evaluating Your Own Operation

  • What are Best Practices
  • Purchasing Gap Analysis
  • Vision and Mission for Purchasing
  • Developing The Purchasing Department Strategic Plan
  • Developing Key Performance Indicators (KPIs) For Procurement
  • Developing A Company Purchase Price Index

Day Three: Continuous Improvement and How to Get It

  • Cost Reduction Initiatives
  • Methods of Cost Containment
  • Waste In The Supply Chain
  • Breaking Down The Elements Of Supplier Cost
  • Commodity/Service Strategic Planning
  • Resisting Price Increases

Day Four: Supplier Management Approaches

  • Supplier Classification System
  • Supplier Qualification Methods
  • Supplier Performance Metrics
  • Apply Performance criteria to Purchasing Decisions
  • Process Mapping To Eliminate Low Value Activities
  • Applying eProcurement business process

Day Five: Improving the Image of Procurement

  • Global Sourcing
  • International Labor Rates Comparison
  • Developing and Maintaining a Customer Focus
  • Basic Issues In Corruption And Fraud Prevention
  • Increasing The Level of Procurement Professionalism
  • Keeping Current in the profession

Day Six: 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 Seven: Demand Planning

  • Basic forecasting methods
  • Customer segmentation
  • Hierarchy of planning
  • Aggregate planning
  • Maintenance & Inventory planning meeting
  • Master Scheduling

Day Eight: Forecasting

  • Principles of forecasting
  • Effect of lead time on the forecasting process
  • Quantitative forecasting
  • Qualitative forecasting
  • Tracking forecast accuracy
  • Determining safety stock

Day Nine: 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 Ten: 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


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Date & Location

Date : 17 March 2019

Duration : 5 days

Place : Kuala Lumpur

Join This Course Now

Date : 18 August 2019

Duration : 5 days

Place : Jakarta

Join This Course Now

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