Nanyang Technological University Center for Continuing Education

An Interactive Workshop on Inventory Management

Available dates

Mar 16—17, 2020
2 days
Singapore
SGD 1284 ≈USD 943
SGD 642 per day

Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with Nanyang Technological University Center for Continuing Education.

Full disclaimer.

About the course

This objective of this workshop is to familiarize the participants with the key issues and challenges in inventory management. Inventory is a key driver of supply chain efficiency and directly affects the customer service delivered by the organizations. Proper planning and control of inventories (components, work-in-process, finished goods) thus becomes a pre-requisite to an organization’s profitability. Starting with a common understanding of the strategic role of inventory, participants will learn how to recognize and mitigate the risks of uncertain demand and supply. The workshop will begin with a basic understanding of terminology around inventory control. Participants will then explore various replenishment strategies and ways of managing inventory levels, while keeping the costs low and providing the service levels promised to the customers. All of this will be done using a real-world case study and a hands-on approach to maximize learning and achieve tangible benefits. The participants will work in teams of 3-4 and develop alternative inventory management strategies, compare them and finally choose one that best suits their company strategy. The workshop will be of great importance to anyone interested in improving their organization’s inventory management functions and optimizing their company’s supply chain

Objectives

  • Understand the Strategic Role of Inventory, and the Processes Used by Supply Chain Management function to align with the internal/external goals of the firm
  • Understand the Impact of Inventory Throughput on supply chain efficiency
  • Understand the Relationship between Inventory and Service
  • Learn about techniques to Predict Demand levels and Calculate Optimum Inventory Levels to meet demand
  • Learn about the Strategies to Plan Replenishment of inventory to meet the service requirements of the firm and its customers
  • Learn how to set Safety Stock level to match with your firm’s strategy
  • Identify the costs required to maintain optimal inventory levels within a supply chain
  • Develop and analyze alternative inventory management strategies, and identify the tradeoffs between managing centralized and decentralized inventory
  • Understand the relationships among finance, sales, and operations management, and the impact these relationships can have in shaping an inventory management system

Outline

Strategic Role of Inventory Management

  • Typical conflicting goals of inventory in companies and the impact on company’s success
  • Build an inventory management strategy that is consistent with the goals of the firm
  • Proper measurements for inventory and other associated costs within a company
  • The purpose of and the processes used for inventory management to support operations and meet customer requirements

Optimization of Inventory Levels

  • Set optimum inventory level to support the business plan of the firm
  • Choose optimum service levels the firm should provide to its customers
  • Develop a safety stock level to support customer requirements that is consistent with the customer service objectives of the firm
  • Calculate safety stock using the forecast inaccuracy

Systems for Replenishment and Inventory Planning

  • Various types of replenishment techniques used in different operational environments
  • The effect of lot size on average inventory level
  • The relationship between lot size and lead time on inventory levels
  • The pros and cons of centralizing and decentralizing inventory
  • The inventory and transport cost trade-off in inventory centralization

Case study exercise on inventory planning

  • Using the information from a Harvard Business School case, the participants will work in teams to compare various alternatives under consideration and address the company’s inventory problem.
  • The alternatives are: o Greater control on amount of inventory in the warehouses;
  • Centralize inventory to a single warehouse;
  • Outsource order fulfillment, inventory and its management to a third-party. The workshop will end with a discussion of various strategies considered by the teams and a recap of the learning outcomes from the workshop

Who should attend

  • Managerial/executive role in supply chain, procurement, operations, finance, trade, manufacturing or logistics
  • Minimum 2 years relevant working experience

Trust the experts

Rajesh Piplani

Biography Dr. Rajesh Piplani is the director of M.Sc. (Supply Chain & Logistics) programat NTU. He obtained his M.S. in Industrial Engineering from Arizona State University in 1990, and his Ph. D. from Purdue University in 1995. Dr. Piplani is listed in Marquis Who is Who in Science and Engi...

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Course reviews

Available dates

Mar 16—17, 2020
2 days
Singapore
SGD 1284 ≈USD 943
SGD 642 per day

Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with Nanyang Technological University Center for Continuing Education.

Full disclaimer.

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