EXECUTIVE SUMMARY
Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past. Demand planners are “behind the scenesâ€Â professionals who are entrusted with this task. Their job is not straightforward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference. In this course, several demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost.
Course Objectives
By the end of the course, participants will be able to:
- State the objectives of stock management and list their impact on cost and customer service
- Prepare proper classification of stock and use best practices for item specification and cataloguing
- Use scientific forecasting techniques to predict demand and better manage lead times
- Differentiate and categorize stock cost elements
- Compute the optimum ordering quantity and determine safety stocks and reorder points
Who is this Training Course for?
Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.
The Course Content
Module One: Course Overview
Module Two: What is Inventory?
- Definitions
- Pre-Assignment Review
Module Three: Types of Inventory
Module Four: Key Players
Module Five: Setting up the Warehouse
- The Eight Objectives
- Maintaining Location Accuracy
Module Six: What Makes a Good Inventory Management System?
Module Seven: The Warehouse Inventory Cycle
Module Eight: Identifying Demand
- Key Formulas
- Case Study
Module Nine: The Receiving Process
Module Ten: Validating Inventory
Module Eleven: The Put-Away Process
Module Twelve: Maintaining Inventory Accuracy
Module Thirteen: The Outbound Process
Module Fourteen: Industry Trends
Recommended Reading List
Post-Course Assessment
Pre- and Post-Assessment Answer Keys
Personal Action Plan
