MM24
Course Contents
Module 1 - Inventory Management Overview
Key Topics
- Inventory Management Objectives and Importance
- Understanding of Inventory Flow in Modern Supply Chain
- Demand Planning Information System Considerations
- Role of Finance in Inventory Management and Cost Implications
- Importance of Customer Service in Inventory Management
Module 2 - Classification of Inventory and Demand Planning
Key Topics
- Types of Inventory and Classification Models
- Applications of ABC Ranking
- Overview of Inventory Order Cycle
- Types of Demand and Various Factors Influencing Demand
- Factors Affecting Demand Forecast Accuracy and Measurement
- Various Demand Patterns
- Understanding Supply Lead Time
Module 3 - Inventory Systems and Methods
Key Topics
- Overview of Inventory Systems and Methods
- Factors of Inventory Holding and Ordering Costs
- Implications of Free Stock & Quantity Discount
- The Economic Order Quantity (EOQ) Model
- Simple Replenishment Methods (Min/Max levels)
- Determining the Reorder Point (ROP)
- Material Requirement Planning (MRP) Systems and Methods
Module 4 - Stock Controlling Tools and Techniques
Key Topics
- Standard Stock Movement Procedure in Warehouse
- Establishing Stock Checking and Accuracy
- Stock Reconciliation and Discrepancies Management
- Excess and Obsolete Stock Analysis
- Types of Inventory Methods (JIT, FIFO, LIFO ect.)
- Various Stock Coding Methods
Module 5 - Inventory Management Best Practices
Key Topics
- Common Pit Falls in Inventory Management
- Techniques of Inventory Control
- Inventory Reduction Methods
- Stock Disposals (Excess, Obsolete, Expired and Damaged)
- Automation (Forecasting, Replenishment, WMS ect)
- Continues Improvement
- Measuring Inventory Management Performance (KPIs and Setting Targets)
