Course Details

This course is appropriate for a wide range of professionals but not limited to:

• Inventory, Warehouse, and Logistics Managers
• Procurement and Supply Chain Professionals
• Production and Operations Managers
• Planning and Scheduling Officers
• Storekeepers, Stock Controllers, and Materials Planners
• Anyone involved in inventory management and materials planning

• Expert-led sessions with dynamic visual aids
• Comprehensive course manual to support practical application and reinforcement
• Interactive discussions addressing participants’ real-world projects and challenges
• Insightful case studies and proven best practices to enhance learning

By the end of this course, participants should be able to:

• Understand the principles of effective inventory planning and control
• Apply demand forecasting and replenishment techniques
• Optimize stock levels to balance cost and availability
• Implement inventory classification and control systems (ABC, VED, FSN)
• Measure and improve inventory performance using KPIs
• Integrate modern technology and Lean concepts in stock management

DAY 1

Introduction to Inventory Management and Planning

• Welcome and Introduction
• Pre-Test
• Overview of Inventory and Its Strategic Role in Business
• Objectives of Inventory Management: Cost, Service, and Risk Balance
• Types of Inventory: Raw Materials, WIP, Finished Goods, Spares
• The Inventory Management Cycle
• Inventory Policy and Stock Planning Concepts
• Common Challenges in Inventory Management

DAY 2

Demand Forecasting and Stock Replenishment Planning

• Principles of Demand Forecasting
• Forecasting Techniques: Qualitative and Quantitative Methods
• Lead Time Analysis and Safety Stock Calculation
• Reorder Point and Economic Order Quantity (EOQ) Models
• Stock Replenishment Strategies: Push vs. Pull Systems
• Seasonal and Trend-Based Demand Patterns
• Workshop

DAY 3

Inventory Control Systems and Classification Methods

• ABC, VED, HML, and FSN Analysis for Stock Prioritization
• Perpetual Inventory and Cycle Counting Systems
• Lot Sizing, Reorder Levels, and Maximum-Minimum Stock Levels
• Materials Requirement Planning (MRP) Concepts
• Barcoding, RFID, and Inventory Tracking Technologies
• Warehouse Layout and Material Flow Optimization
• Case Study

DAY 4

Performance Measurement and Cost Optimization

• Key Performance Indicators (KPIs) for Inventory Management
• Carrying Cost, Ordering Cost, and Stock-Out Cost Analysis
• Managing Obsolete, Slow-Moving, and Excess Inventory
• Strategies for Reducing Working Capital and Inventory Costs
• Supplier Collaboration and Vendor-Managed Inventory (VMI)
• Lean Inventory Management and Just-in-Time (JIT) Concepts
• Case Study

DAY 5

Technology Integration, Best Practices, and Course Wrap-up

• ERP, MRP II, and Advanced Inventory Management Systems
• Digital Tools for Stock Control and Real-Time Monitoring
• Continuous Improvement in Inventory Processes
• Developing an Inventory Optimization Strategy for Your Organization
• Post-Test
• Certificate Ceremony