How to Reduce Inventory Levels - Some Practical Solutions

Course review: Most organisations have problems with their stockholdings of materials needed for Maintenance, Repair and Operation - perhaps holding too much stock, or having the wrong things in stock when they are needed for safe and profitable operation of the facility. In each case, there is a cost-penalty to the company, such as money tied up in excessive stock levels, the cost of not meeting production plans, shortfalls in safety or quality. There are many reasons why these and similar problems arise; the reasons themselves are closely inter-related. This 5-day interactive course aims to provide practical solutions towards optimising a company's stockholding of MRO items by addressing the various factors that influence the stock-holding decision, based upon sound principles of procurement & supply management. The course is intended for staff who: Define the specifications of materials & equipment. Select the items to be held in stock, and the quantities to be stocked. Plan the demand for use of stock items. Purchase items for stock replenishment. Monitor & control levels of stock, including disposal