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Inventory Management Course

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Comments about Inventory Management Course - On Campus - Sydney - New South Wales

  • Objectives
    By the end of this course, 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
  • 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

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