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
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Course Outline
- Basics and functions: Purpose of inventory, objectives of inventory control, inventory classifications/categories and types of stock, physical location, inventory policies
- Financial implications: Working capital, cash flow, asset vs. expense, inventory valuation, FIFO, LIFO, average cost, market value
- Costs of inventory: Carrying costs, ordering costs, stock-out costs, labor costs
- Warehousing: Site selection, costs, layouts, receiving, locator systems
- 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
- Ordering processes: Standardization, single sourcing, supplier partnerships, using distribution channels vs. buying direct
- Capacity issues: Seasonality, contingency plans, process variation, disaster planning, unusual event occurrence
- Inventory performance: Turn-over rates, service levels, customer service issues
- Accuracy: Perpetual vs. periodic physical counts, cycle counts, audits, reconciliation procedures, employee training
- Distribution: Order picking, remote inventories, pull/push systems
- Disposal: Reasons for disposal, surplus inventory, obsolete inventory, methods of disposal, legal issues, hazardous materials
- 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
- Inventory software: Selection, implementation, custom reporting
- Technology: Bar codes, RFID
© Copyright ISM 2013
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