Course Overview:
Inventory Management and Optimization offers participants in-depth training on efficient and cost-effective inventory control practices. It focuses on modern techniques that ensure the alignment of inventory systems with organizational goals, covering a range of strategies to balance supply and demand while minimizing costs.
Participants will explore key topics such as demand forecasting, safety stock management, just-in-time (JIT) inventory, and ABC analysis. The course blends theoretical concepts with practical applications through case studies and hands-on exercises, allowing participants to directly apply what they’ve learned to real-world inventory challenges.
Duration
5 Days
Who Should Attend
- Inventory managers, supervisors, and officers
- Supply chain professionals and logisticians
- Warehouse and operations managers
- Procurement and purchasing personnel
- Production planners and material controllers
- Business owners and anyone involved in inventory decision-making
Course Objectives
By the end of this course, participants will be able to:
- Understand key principles and techniques of effective inventory management.
- Develop strategies to reduce excess inventory and optimize stock levels.
- Implement demand forecasting and inventory replenishment methods.
- Apply cost control and risk management strategies in inventory.
- Utilize technology and software for efficient inventory tracking and management.
- Enhance decision-making skills related to inventory optimization and supply chain efficiency.
Course Outline:
Module 1: Introduction to Inventory Management
- Overview of inventory management
- Types of inventory and their role in the supply chain
- Objectives and challenges in inventory control
- Key inventory management metrics (turnover ratio, carrying cost, etc.)
Module 2: Inventory Classification and Demand Forecasting
- ABC and XYZ analysis for inventory categorization
- Demand forecasting techniques
- Qualitative and quantitative methods
- Trend analysis and seasonal adjustment
- Safety stock calculation and reorder points
- Inventory replenishment strategies (Just-in-Time, Economic Order Quantity)
Module 3: Inventory Costing and Valuation
- Inventory costing methods (FIFO, LIFO, weighted average)
- Holding costs, ordering costs, and stockout costs
- Reducing inventory costs and maintaining service levels
- Valuation of inventory and its impact on financial performance
Module 4: Inventory Optimization Techniques
- Inventory turnover optimization and performance monitoring
- Lean inventory management and waste reduction
- Multi-echelon inventory optimization
- Using technology for inventory management (WMS, ERP systems)
Module 5: Risk Management and Case Studies in Inventory Optimization
- Managing risks in inventory (obsolescence, surplus, stockouts)
- Role of supply chain collaboration and vendor-managed inventory (VMI)
- Case studies on successful inventory optimization strategies
Customized Training
This training can be tailored to your institution needs and delivered at a location of your choice upon request.
Requirements
Participants need to be proficient in English.
Training Fee
The fee covers tuition, training materials, refreshments, lunch, and study visits. Participants are responsible for their own travel, visa, insurance, and personal expenses.
Certification
A certificate from Ideal Workplace Solutions is awarded upon successful completion.
Accommodation
Accommodation can be arranged upon request. Contact via email for reservations.
Payment
Payment should be made before the training starts, with proof of payment sent to outreach@idealworkplacesolutions.org.
For further inquiries, please contact us on details below:
