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Awareness Program on Inventory Management

Qualifying People - Developing Future

VIRTUAL CLASSES SCHEDULE

22nd Oct 2020 - Awareness program on Inventory Management | Duration: 1 Day

WHAT IS INVENTORY MANAGEMENT?

Inventory Management is an important function that determines the health of the supply chain as well as impacts the financial health of the balance sheet. Successful industries have robust Inventory Management Systems that maintain an optimum level of inventory satisfying the customers always without affecting the ‘figures’ of the industry.
This program deals with all the aspects of Inventory Management: Types, Benefits, various costs involved, inventory control techniques, EOQ, safety stock. ABC classification of items that helps in maintaining inventory at the optimum cost.

your Benefits

Participants will be able to:

  • Understand Key concepts in Inventory Management System
  • Impart/enhance practical skills to become an expert in Inventory Management
  • Plan, conduct & manage Inventory within the organization
  • Design and operate inventory control as per the need of their industry

course content / outline

Introduction

  • What is inventory?
  •  Types of Inventory Management
  • How to calculate ITR
  • TAKT time
  • Lead time
  • Cycle time

Cost involved in Inventory Management

  • Material cost
  • Carrying cost
  • Ordering cost
  • Stock out cost
  • Inventory cycle
  • EOQ, Re-order point
  • Safety stock

JIT inventory management

  • What is Just in time
  • VSM
  • When to place an order?
  • Periodic inventory
  • Perpetual inventory
  • Cycle counting
  • Advantages of JIT

Inventory controls

  • Types of methods for inventory control
  • ABC analysis
  • VED analysis
  • FSN analysis
  • Vendor managed Inventory

who should attend?

Materials executives/managers, Members from Supply chain team, Store managers & Officer, Purchase Officer & Manager, people from production planning and material planning.

training duration

1 Day

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