Effective Inventory Management is a two-day managerial programme on the need for an effective inventory planning system, the various inventory models for industry uses, the types of inventory classification and strategy, and the key success factors of effective inventory management. It covers inventory control and cash flow management, periodic and perpetual inventory systems, MPS, MRP and BOM for manufacturing inventory, JIT and the Economic Order Quantity model, ABC analysis and Kraljic inventory models, VED and FSN inventory classification, the supplier managed inventory model, inventory dropship strategy, and inventory cycle count and audit. The programme closes with the key success factors of effective inventory management and practical exercises on inventory planning and control.
Fees include course materials, breakfast and lunch, and the Certificate of Competency. Members save S$90 on this programme.
What you will be able to do
By the end of this programme you will be able to:
- Link inventory control decisions to the organisation's cash flow
- Operate periodic and perpetual inventory systems, and MPS, MRP and BOM
- Determine order quantities using the EOQ model and JIT principles
- Classify inventory using ABC, Kraljic, VED and FSN models
- Conduct inventory cycle counts and audit stock records
Programme outline
Inventory decisions bear directly on cash flow, and the programme opens with inventory control and cash flow management before setting out the inventory planning systems and the inventory models used across industry. It covers periodic and perpetual inventory systems, MPS, MRP and BOM for manufacturing inventory, JIT and the Economic Order Quantity model, the ABC, Kraljic, VED and FSN classification methods, the supplier managed inventory model and dropship strategy, and inventory cycle count and audit. On completion you will be able to apply inventory models appropriate to the operation, classify inventory using these methods, and apply cycle count and audit procedures to inventory records.
- Inventory Control and Cash Flow Management
- Periodic and Perpetual Inventory System
- MPS, MRP & BOM for Manufacturing Inventory
- JIT and Economic Order Quantity Model
- ABC Analysis and Kraljic Inventory Models
- VED and FSN Inventory Classification
- Supplier Managed Inventory Model
- Inventory Dropship Strategy
- Inventory Cycle Count and Audit
- Key Success Factors of Effective Inventory Management
- Practical Exercises on Inventory Planning and Control
Who should attend
Stock ties up cash, and you are accountable for how much is held, where it sits and whether the records can be trusted. The programme is written for Inventory Managers, Materials Managers, Store and Warehouse Supervisors, Production Planners and Purchasing Executives who set reorder levels, run stock counts and answer for inventory accuracy. Operations and finance colleagues who review stock holding and its effect on cash flow will also find the models directly applicable.
Approving this for your team? The programme is suitable for staff development budgets, and SIPMM can invoice your organisation directly and arrange group registrations.
Your trainer
The programme is trainer-led throughout, and the two days close with practical exercises on inventory planning and control.
This programme awards 1 Certificate of Competency
Certificates of Competency build towards SIPMM's professional designations. ASP™ and AIP™ require three, and Chartered status requires an active designation plus two at managerial or leadership level.
Deliver this programme in-house
This programme can be run for your team at your premises or at SIPMM, tailored to your organisation's categories and operations.