Material Management & Inventory Control

Basic Principles of Inventory Control

This course addresses the application of appropriate inventory control principles and techniques which will uncover those problems while providing inventory needed to meet internal and external customer service expectations and supplier capabilities.

You Will Learn

• To understand and apply advanced inventory control principles
• To establish improvement goals and measurements
• To improve teamwrok with end users, suppliers, and financial management
• To plan and implement an inventory management improvement program
• To improve elements of ongoing inventory management efforts

Course Outline

1. Factors affecting inventory investment
2. The elements of inventory costs -typical quantification
3. The non-quantifiable problems of too much or too little inventory
4. Principles of inventory analysis, the inventory analyst specialist
5. Implications of zero inventory level goals
6. Types and examples of demand forecasting
7. Inventory levels under various demand forecasting types
8. The impact of inventory accuracy
9. Write-offs and write-downs, the manager's nightmare
10. Impact of the quality of forecasting on inventory management
11. JIT principles
12. Standardization and simplification
13. Management of excess and obsolete inventories

Who Should Attend

Purchasing and supply managers and buyers who want to gain control of their inventory investments and minimize costs to their firms.