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Fundamentals of Inventory Management

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Seminar #4337
November 6 - 7, 2014
San Diego, CA

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Overview

In this comprehensive program, you will learn the core functions of inventory management and its impact on the bottom line. Analyze and discuss ways to implement various order processing and distribution tools for more accurate measurement of inventory performance and improved forecasting. Examine inventory systems, software and other technology that maximizes your ability to effectively manage inventory dollars to improve cash flow. Evaluate cost controlling mechanisms that can be customized to your organization. Leave this seminar knowing:

  • Six reasons for maintaining an inventory
  • 12 inventory classifications
  • Seven costs of maintaining inventory
  • Six methods of determining the value of inventory
  • Five types of inventory locator systems
  • Six versions of inventory management systems
  • Nine methods of disposal for excess/obsolete inventory
  • 12 areas to be addressed in inventory management policies and procedures

Bio for Michael Bohon

Who Should Attend

Supply management professionals and others with responsibility for inventory investments and supply, inventory and other professionals who would benefit from an understanding of inventory control concepts.

You Will Learn...
  • The basic principles and functions of inventory
  • The financial implications of inventory
  • How to account for inventory value
  • How to manage an inventory
  • How to measure inventory performance
  • How to control inventory accuracy
  • About the different types of inventory systems
  • What is important in the customer service aspect of inventory
  • The implications of inventory disposal
You Will Earn...

14 continuing education hours


Course Outline
  1. Basics and functions: Purpose of inventory, objectives of inventory control, inventory classifications/categories and types of stock, physical location, inventory policies
  2. Financial implications: Working capital, cash flow, asset vs. expense, inventory valuation, FIFO, LIFO, average cost, market value
  3. Costs of inventory: Carrying costs, ordering costs, stock-out costs, labor costs
  4. Warehousing: Site selection, costs, layouts, receiving, locator systems
  5. Management: Planning and replenishing, economic order quantity (EOQ), Pareto analysis, ABC concept, setting stock levels, forecasting, order cycles and lead times, safety stock, inventory shrinkage, stock rotation, shelf life
  6. Ordering processes: Standardization, single sourcing, supplier partnerships, using distribution channels vs. buying direct
  7. Capacity issues: Seasonality, contingency plans, process variation, disaster planning, unusual event occurrence
  8. Inventory performance: Turn-over rates, service levels, customer service issues
  9. Accuracy: Perpetual vs. periodic physical counts, cycle counts, audits, reconciliation procedures, employee training
  10. Distribution: Order picking, remote inventories, pull/push systems
  11. Disposal: Reasons for disposal, surplus inventory, obsolete inventory, methods of disposal, legal issues, hazardous materials
  12. Inventory systems: Order-point systems, JIT, JIT II, Kanban, stockless/low unit of measure (LUM), supplier managed, consignment, point of sale/use, open stores, closed stores, random access, MRP
  13. Inventory software: Selection, implementation, custom reporting
  14. Technology: Bar codes, RFID

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Hotel Information

Courtyard San Diego Mission Valley/Hotel Circle
595 Hotel Circle South
San Diego, CA 92108
619-291-5720

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In order to ensure maximum participation interaction and learning, enrollment is limited.

Seminar Hours:
2-Day Seminars
First Day: 8:30 a.m. - 4:30 p.m.
Second Day: 8:30 a.m. - 4:00 p.m.

3-Day Seminars
First Day: 8:30 a.m. - 4:30 p.m.
Second Day: 8:30 a.m. - 4:30 p.m.
Third Day: 8:30 a.m. - 4:00 p.m.

One-Day Seminars:       8:30 a.m. - 4:30 p.m.

Half-Day Seminars (On-Point):     1:00 - 4:30 p.m.

Please be sure to read all Seminar Registration Information prior to registering for a course.


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Seminar #4337 Regular Price Member Price
Cost: $1,699.00 $1,399.00
 
Total: $1,699.00 $1,399.00
 
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