(Available also for Customised Training by Duration, Venue & Fee)
Programme Objectives
This course delivers four broad competencies:
• Reasons for holding Stock
• Accurate Stock records
• Difference between Stock recording and Stock control
• Security of Stores.
Course Contents
DAY ONE
Reasons for Holding Stock
• Forecasting Future Demands
• Demand patterns
• Trends
• Seasonal variations
• Random fluctuations
• Sporadic demand
When to Order
• Safety stocks
• Re-Order levels
• Standard deviation
• Service factors.
DAY TWO
How Much to Order
• Economic Order Quantity
• Lot sizing
• Forecasting
• MRP and ERP
• Time Phasing
• Explosion Routines
• Schedule Regeneration
• Just-in-Time
Financial Considerations
• Stock turnover
• Effects on the cash flow
• Effects on the working capital
• Profitability - the Return on Investment
Managing the Costs
• Stockholding cost
• Ordering cost
• Running costs
• Cost of money
• Wastage
• Insurance
DAY THREE
Systems of Stock Control
• ABC Analysis
• Quantity Based Systems
• Time Based Systems
• Differential Stock Control
• Consignment Stock
• Vendor Maintained Inventory
• Kanban
Stocktaking
• Reasons
• Periodic
• Continuous
• Treatment of Discrepancies
Obsolete Redundant and Surplus Stocks
• Identification
• Disposal.
