Course description
This Inventory Management Course is great for those who require help with inventory management. Organisational skills, understanding systems and also managing the process.
Duration: One Day: 9am - 4:30pm
The costs of maintaining excessive inventory usually far outweigh the true cost of not being able to quickly deliver a particular item to a customer once in a very long while. A balance must be struck between inventory levels and turnover. Good inventory managers know what stock moves at what rate. They carefully plan re-order levels to ensure that the chances of running out are minimized while the turnover rate is maximized.
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 course 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.
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 course. 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.
Key Players
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.
Identifying Demand
Participants will learn how to determine order quantities, re-order points, and safety
stock through discussion and a case study.
The Receiving Process
Next, participants will learn what should happen when materials are received into
inventory.
Validating Inventory
This session will explore ways to validate the quality of merchandise.
The Put-Away Process
Participants will discuss the five goals of the put-away process.
Maintaining Inventory Accuracy
Next, participants will learn ways to keep their inventory organized and controlled.
The Outbound Process
This session will look at the phases of the outbound process: picking, packing, loading, and shipping.
Industry Trends
To conclude the course, we will explore some of the latest inventory management
trends, including Six Sigma and the Just- In-Time (JIT) system.
Course Wrap-Up
At the end of the day, students will have an opportunity to ask questions and fill out an
action plan.
About the courses
The workshops are a fun & entertaining learning experience. We highlight skills throughout the course and provide practical information on solving current issues and situations. By applying the information personally to each of the participants we help provide real solutions for each individual.
The way we deliver
We discuss with participants what they would like to obtain from each course. This way the facilitator knows exactly what information will be useful to each individual. It also means each course is custom made to suit the individuals at the course and our participants can learn more at a quicker pace without covering material that may not be required. By learning from each other within the course the participants can take real skills back to the workplace.
This helps everyone make the most of the training. Here are some additional details on why many people choose a Paramount course.
Why Paramount courses are better courses
-Motivational and professional trainers
-Lunch and refreshments provided
-We combine entertainment with training
-Every course is custom designed to suit the participants
-We provide professional and useful manuals to keep as a reference
What can you expect?
-A fun and entertaining session
-Useful skills you can use straight away
-A friendly trainer with personal attention
-A certificate for each participant that attends
-Experienced help and assistance in the specialised training areas
