Effective Inventory and Store Management

Introduction

Organization’s materials cost constitutes the major cost for the production of their products. Materials cost consist of Ordering Cost, Receiving Cost, Holding Cost, Reject Cost and  Purchase Cost. We need to balance or optimize this cost. This course is solely focus on Materials Management.

Objectives

On completion of the Program, participants will be able:

• To develop Ordering Parameters / Inventory control techniques
• JIT and Kanban Implementation
• To understand 80/20 principles in life, manufacturing and Store
• To conduct ABC Analysis
• To calculate Average Inventory Estimation
• To calculate Statistical Safety Stock
• To Compute Economic Ordering Quantity (EOQ)
• To Calculate Total Planned Average Inventory
• To improve Inventory Turns
• To conduct Cycle Counting and improve inventory accuracy
• To analyze Demand Variation and Lead Time Impact on Inventories
• To initiate Supplier Stocking Programs
• To drive for Consignment Systems programs
• To generate Materials Aging Report and Dispositions
• To drive for Short Span and Lead Time

Methodology

Lecture, Workshop Activities, Discussion & Calculations

Course Content

1. Improve inventory management using Economic Order and Purchase Quantity techniques
2. A practical, goal-oriented technique for obtaining control of warehouse operations the ABC analysis. How to motivate your employees to be more productive. Assignment of task on  how to decide what to assign to whom and when. Specific ways to evaluate your own productivity
3. Methodologies for layout planning, reduce travel time and distance with the proper use of space to smooth the flow, layout philosophies and capacity factor guidelines. Determine space-building requirements. Pinpoint approaches for layout and space resources.
4. Various techniques for storage location, use of locator system controls, ABC analysis, how to improve inventory control, establish material location and inventory control guidelines.  Evaluate physical inventory and cycle counting programs.

Target Audience

1. Factory Manager / Production Manager / Executive / Supervisor
2. Materials Manager/Executive/Officer
3. Warehouse/Store Manager / Executive/ Supervisor
4. Production & Materials Planner / Manager
5. Purchasing Manager, Executive, Buyer