Inventory Management – The Nuts and Bolts
No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm. Like many other things that depend on human interpretation, “control” means different things to different individuals.
This is a workshop for the warehouse or stockroom manager, the person in charge of what comes in and goes out of the company. You want a smooth and cost-effective operation, with enough products on hand to satisfy needs without stockpiling too much.
By the end of this workshop, participants will be able to:
Understand terms that are frequently used in warehouse management
Identify the goals and objectives of inventory management, and measure their process against these goals
Calculate safety stock, reorder points, and order quantities
Evaluate inventory management systems
Identify the parts of the inventory cycle
Better maintain inventory accuracy
Introduction and Course Overview
You will spend the first part of the day getting to know participants and discussing what will take place during the workshop. Students will also have an opportunity to identify their personal learning objectives.
What is Inventory?
To begin, participants will explore what inventory is and what key concepts (including LIFO, FIFO, backorders, and lead time) mean. Participants will also look at the goals and objectives of inventory management and analyze where their system can improve.
Types of Inventory
This session will explore anticipation, fluctuation, lot size, and transportation inventories.
Next, participants will discuss what roles customers, top management, and employees play in the inventory management system.
Setting up the Warehouse
This session will discuss the objectives of a warehouse and ways to maintain location accuracy.
What Makes a Good Inventory Management System?
Next, participants will discuss types of inventory management systems and criteria for a good system.
The Warehouse Inventory Cycle
This session will introduce the warehouse inventory cycle of demand, receiving, validation, and put-away.
Inventory Management (In-person)
₵1,800.00Online booking closed
Inventory Management (Virtual)
₵1,250.00Online booking closed