To develop understanding of current best practice in inventory management.
Who should attend?
Delegates from inventory rich environments with responsibility for managing inventory and for setting up stores operations.
Definitions of inventory The purposes of inventory Why manufacturers, asset builders, retailers and distributors hold inventory
The cost of holding inventory Where does inventory lie in the supply chain? Demand amplification in the supply chain and its effect on inventory cost Models for evaluating the true cost of inventory in a manufacturing business
Using ABC analysis to understand inventory holdings Undertaking ABC analysis of different types of inventory
The theory of dependent and independent demand The use of fixed lot ordering systems to manage independent demand items Defining Reorder point control Setting the reorder quantity, reorder level, and safety level and service level The economic order quantity theory How fixed lot ordering systems are deployed in practice
Using Manufacturing resource and requirement planning (MRPI & II) to manage dependent demand requirements in the batch-building environment. How MRPI works Stock records Bills of materials Order set up mechanisms Setting up the master schedule How to implement MRP successfully Common difficulties for implementers Contract costing approaches Configuration control Dealing with reject and quarantine materials
How MRPII works How to implement it successfully Common mistakes made by implementers
The development of ERP as an adjunct to MRP JIT in the batch-building environment Contemporary approaches to driving inventory out of the supply chain Lean Supply Mass customisation, JIT, KanBan, Supply Chain Integration