Training Course
Syllabus:
Inventory Management Techniques: Planning, Replenishment and Activities
Control
These inventory management techniques will improve your inventory turnover
ratio and transform frozen assets into cash!
Cutting-edge inventory management techniques deliver results that go far
beyond initial expectations. Explore the latest inventory management methods for
saving money, satisfying customers and speeding up the flow of inventory. Learn
how to take days—not hours—out of the manufacturing and distribution cycle.
Discover how to apply today’s most exciting stockless production techniques.
HOW YOU WILL BENEFIT
- Reduce your cost of inventory obsolescence
- Become truly responsive to your customers’ real needs
- Make your scheduling and shop loading more efficient
- Narrow the gap between sales and stock replacement
- Fine-tune your record-keeping accuracy for better inventory management
- Determine your exact material status and inventory dollar burden
WHAT YOU WILL COVER
- The strategic role of inventory management techniques
- Establish the optimal inventory level
- Inventory planning and replenishment
- Distribution center and warehousing operations
- Inventory accuracy and audits
- Inventory management, measurement and reporting
- Inventory forecasting and demand management
- Lead-time analysis and reduction
WHO SHOULD ATTEND Factory and inventory control
professionals, manufacturing and production control managers, industrial
engineers, plant managers, material and purchasing managers, factory
superintendents and customer/technical service managers who can benefit from
enhancing their inventory management techniques.
Learning Objectives
- Understand the Strategic Purpose of Inventory, and the Processes UsedBy
the Material Management Function to Align with the Internal/External Goals of
the Firm
- Learn About Inventory Management Policies and ProceduresThat
Establish the Reporting and Financial Controls Required By a Firm
- Understand the Role Played By the Materials Manager/Analyst in Meeting and
Exceeding Internal CustomerRequirements and Expectations
- Learn the Critical Areaof Expertise Required of the Materials
Management Function, the Knowledge Base Needed to Proactively Perform,
Understand, and Manage the Inventory Cycle/SupplyChain of the Firm, and
to Best Respond to Customer Demand
- Learn How to Ascertain and Analyze Factors That Affect the Supplier
Riskof Carrying Inventory
- Learn About InventoryPatterns and ModelsUsed By Firms to Predict
Demand for Inventory
- Learn About the Strategies to Plan Replenishmentof Inventory to
Meet the Service Requirements of the Firm and Its Customers
- Understand the ConnectionBetween Inventory and Service and How to
Calculate the Service Level Required By Your Firm to Meet a Certain Customer
Satisfaction Level
- Learn How to Set an Inventory Safety StockLevel That Fits the
Strategy of Your Firm
- Learn How to Design Information Systems to Support Your Firm’s Inventory
Objectives
- Learn About Inventory Performance Factorsand How to Measure Them to
Best Manage Inventory Performance
- Learn About How to UseTechniques to Predict DemandLevels and How to
Calculate Optimum Inventory Levels to Meet Demand
- Learn How to Plan and Schedule Replenishmentof Inventory to Support
Manufacturing/Distribution Operations That Meet the Bottom Line and Enhance
Customer Satisfaction
- Learn About How to Measure and ReportInventory to the Firm’s
Internal Customers
- Learn About How Inventory AccuracyIs Improved and About Techniques
to Efficiently Report Inventory Information
- Learn about Tools to Forecast Demandand Ways to Increase the
Material Manager’s Ability to Understand the Needs of the Firm’s Customers
- Understand the Impact of Inventory Throughputon Supply Chain
Efficiency
- Learn About the Different Strategies Used to Manage Bottlenecks and
ConstraintsThat Decrease the Amount of Inventory and Lead Time for
Materials to the Firm
- Learn How to Reduce the Cost of Inventory Obsolescence
- Learn the Principles of Just-in-Timeand Practice with Others on
Your Team to Improve the Management of Inventory in a Hypothetical Firm
The Strategic Role of Inventory Management
- Understand the Purposes of, and the Processes Used for Inventory
Management to Support Operations and Meet Customer Requirements
- Define the Typical Conflicting Goals of Inventory in Companies and Their
Impact on Company Success
- Learn the Critical Areas of Expertise Required By the Materials Management
Function to Proactively Perform, Understand, and Manage the Inventory
Cycle/Supply Chain of the Firm
- Learn How to Build an Inventory Management Strategy That Is Consistent
with the Goals of the Firms
- Learn the Proper Measurements for Inventory and Other Associate Costs
Within a Company
Front-End Optimizing of Inventory Levels
- Learn About Setting the Optimum Inventory Level to Support the Business
Plan of the Firm
- Learn How to Forecast Demands for Inventory
- Calculate Demands from Forecasting Models
- Assess the Impact of "Lean" Systems and Throughput Velocity
- To Develop a Safety Stock Level to Support Customer Requirements That Is
Consistent with the Customer Service Objectives of the Firm
- To Calculate Safety Stock Using the Mean Absolute Deviation
Systems for Inventory Planning and Replenishment
- Understand the Various Types of Replenishment Techniques Used in Different
Operational Environments
- Learn About Inventory Behavior and the Effect of Lot Sizes on Average
Inventory Level
- Learn About the Relationship Between Lot Size and Lead Time on Inventory
Levels
- Learn How to Remedy Surplus/Obsolescent Inventory and the Associated Costs
to the Firm and Other Ways to Reduce Inventory Cost
- Complete an Exercise to Calculate Replenishment of Inventory Using the
Time-Phased Order Point Method (TPOP)
- Complete an Exercise to Calculate Replenishment, Illustrating the Bill of
Materials Set-Back Logic and the Materials Requirements Planning (MRP) Method
Automating Order Processes
- See the Impact on Cost, Lot Size, and Inventory Levels When Order Costs
are Automated
- Learn About Supplier Managed Inventories
- Discover the Benefits of Consignments and Stocking Agreements
- Study the New Tools of Electronic Commerce
- See How Obsolete Inventory Jobbers Can Help
- See How a Third-Party Logistics Firm Can Help
- Review On-Line Inventory Access for Customers and Suppliers
Distribution and Service Inventories
- Define the Physical Distribution, Logistics Management (Supply Chain), and
Demand Management
- Define Enterprise Resources for Integrated Planning of Inventory
- Learn How to Reduce the Cost of Carrying Inventory By Warehouse Layout and
Design, Waste Elimination and Inventory Locator Systems Design
- Define Distribution Resource Planning (DRP) and Learn How to Use DRP
Techniques to Replenish Inventory at Distribution Centers
- Complete an Exercise on Calculating DRP Requirements for a Hypothetical
Warehouse Location to Meet Business Requirements
- Define the Value and Importance of Service Parts Management
Inventory Accuracy and Audits
- Understand the Prerequisites Necessary for Inventory Control and Accuracy
- Compare the Benefits of Conducting Physical Inventory vs. Cycle Counting
- Learn the Steps to Follow in Getting Started with Cycle Counting to Audit
Inventory on an Ongoing Basis
- Learn About the Procedures to Follow When Doing a Work-in-Process
Inventory Audit
- Learn How to Use A-B-C Analysis to Detect, Identify and Control "Typical"
Sources of Error in Inventory Reporting
- Establish Meaningful Inventory Accuracy Goals for the Firm to Follow
Just-in-Time and Inventory Process Improvement
- Learn How JIT Systems Fit in the Firm
- Complete a JIT Simulation to Illustrate the Benefit of a JIT Systems
Approach
- Learn About the Three Goals of Constraint Management Theory and How to Use
Them to Improve Lead Times and Inventory Stocking Levels
- Learn About Business Strategies Such as Supplier Stocking, Pipe Lining,
Consignment Inventories to Reduce Inventory Carrying Costs
- Conduct a Case Study on Implementing JIT Initiative at a Hypothetical
Company
- Learn About Flow Charting and Inventory Balancing Techniques to Reduce the
Amount of Inventory Required By a Firm
ACCREDITATION APICS TheAssociation for
Operations Management will accept professional development points from (add
seminar title here) to maintain the APICS CPIM and APICS CFPIM designations.
This course qualifies for 18 PDUs toward maintaining the EMCF (Engineering
Management Certification Fundamentals) and EMCP (Engineering Management
Certification Professional) credentials. This course may also be useful for
those preparing to take the EMCF or EMCP examination and require review in this
functional area.
Participants who successfully complete this program will receive continuing
education credits. They may be applied toward ISM C.P.M. recertification and/or
A.P.P. reaccreditation program requirements. ISM's consent to provide a program
number for this educational event is not an endorsement of this program or its
content by ISM. ISM (Institute for Supply Management) is a national and
international organization in purchasing and materials management research and
education.
FEES:
AMA Members $1895 / Nonmembers $2095 / GSA - Call 800-349-1935
CREDITS
3 days / 1.8 CEUs | 
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