Consumable Spares Management

Programme

Session 1. The nature of consumables
How do the inventory dynamics of consumables contrast to permanent, repairable or rotable assets.

Session 2. Economic Order Quantities and Lot Sizes
How to determine Economic Order Quantities and Lot Sizes.

Session 3. ROPs and ROQs
How to calculate Optimum Stock levels, Re-order point and Re-order Quantities.

Session 4. Overview of Forecasting Methods

• Methods of demand forecasting including:
  • Moving Averages
  • Exponential Smoothing.
  • Compound exponential smoothing.
  • Triple Exponential smoothing.
  • Seasonal Forecasting.

Session 5. Moving Averages and Exponential Smoothing
What is Exponential Smoothing? What advantages does it offer over Moving Average?

Session 6. Compound Exponential Smoothing
Exponential smoothing that automatically responds to trends in consumption. How does that work?

Session 7. Triple Exponential Smoothing
Are trends seasonal? How triple exponential smoothing take account of them.

Session 8. Optimal Forecasting Intervals and Frequency
How should you slice up your data? What intervals should you use? Daily, weekly, monthly, quarterly or, perhaps, annually or biennially?

Session 9. Inventory Measures and Performance Indicators
How to set meaningful stock performance measures for contracting and for internal measurement and management.