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This course will address the three basic questions of inventory management including what do we control, how much do we order, and when do we reorder doing so with minimal investment and optimal operating efficiency.
- Inventory segmentation: Inventory classification and categorization
- Cycle counting: Identification of errors, corrections of systemic conditional errors, high record accuracy, and correct statement of assets
- Lot sizing: Demand-rate orientation and discrete lot-sizing
- Order point: Two-bin system, visual review, order point system, periodic review system, and Material Requirements Planning (MRP)/Enterprise Resource Planning (ERP) system
- Inventory costs: Purchase costs, ordering costs, carrying costs, stockout and customer service costs, and production and capacity-associated costs
- Statistical techniques: Statistical process controls, forecasting, and Computer-Aided
- Manufacturing (CAM)
- Service level/safety stock: Competitive environment, cycle time, forecast error, impact of stoppage, and disbursement
- Functional inventories: Cycle stock, uncertainty stock, anticipation stock, and transit stock
You Will Learn
- What to control
- How much to order
- When to reorder
- How much inventory is enough
Who should attend
Purchasing, inventory and supply managers who want to gain control of their inventory investments and minimize costs to their firms.