Stock Control
Course
In Cambridge, London, Bristol and another venue.
Description
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Type
Course
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Location
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Duration
3 Days
By understanding and using classic inventory theory, students will take away an appreciation of why and how to apply scientific method to their task of stock control and inventory planning. The nature of consumable (as opposed to repairable) stock is explored and the dynamics of how consumables contrast to permanent, repairable or rotable assets is explained. The key elements of the the inventory equation are introduced, explained and discussed. Through this process, students will develop an understanding of the importance of each element in the overall calculation. Suitable for: Those store-persons and stock controllers whose job it is to forecast, order and manage inventory on a daily basis.
Facilities
Location
Start date
Start date
Start date
Start date
Start date
Reviews
Course programme
Programme
Day 1
09:00-09:30 Coffee and Registration
09:30-10:00 Welcome and Introductions and Course Overview
10:00-11:00 Inventory Fundamentals
- Why do organisations hold inventory?
- The drivers of excess unwanted inventory
- The cost of carrying inventory
11:00-11:30 Tea/Coffee break
11:30-13:00 Classic Stock Control
- The Re-Order Point (ROP)/Economic Order Quantity (EOQ)approach
- Practical examples showing the impact of the ROP/EOQ approach on stock levels
- Continuous versus periodic review policies
13:00-14:00 Lunch
14:00-16:00 Syndicate Exercise
- The Inventory Game:
- Simulation of a warehouse inventory control problem
- Opportunity to put the basics into practice
- Lessons learned
16:00-16:20 Tea/Coffee break
16:20-17:00 Forecasting Principles and Techniques 1
- Approaches to forecasting
- Time Series Analysis and demand profiles
- Basic Statistical Forecasting Techniques
Day 2
09:00-11:00 Statistical Forecasting Workshop 1
- Essential Forecast error metrics
- Hands-on forecasting using either data provided or your own data to experiment with different forecasting techniques.
11:00-11:20 Tea/Coffee break
11:20-12:30 Safety Stocks
- What is off-the-shelf demand satisfaction?
- How much safety stock do I need?
- Inventory segmentation: ABC analysis and Multi-criteria ABC analysis
12:30-13:30 Lunch
13:30-15:30 The Bricks Game Supply Chain Simulation
- Manual simulation of a simple supply network
- Lessons on inventory and customer service
- The "Bullwhip Effect" in practice
- Illustrates need for visibility, flexibility and communication
- Can Information replace inventory?
15:30-15:50 Tea/Coffee break
15:50-17:00 Inventory in the Supply Chain
- Causes of the Bullwhip Effect
- Can "Vendor managed" Inventory reduce Bullwhip?
- Case study
Day 3
By now you are thinking like Inventory Planners!
09:00-10:30 Advanced Forecasting Techniques
- Seasonally Adjusted Exponential Smoothing
- Tracking Signals and Adaptive Forecasting
- Dealing with promotional products
- Dealing with slow movers
10:30-10:50 Well-earned Tea/Coffee break
10:50-12:30 Statistical Forecasting Workshop 2
- Some more "Hands-on" opportunity to experiment with more advanced forecasting techniques. Again, using your own data or data we provide.
12:00-12:30 Final Day Course Lunch
13:30-14:30 The process of Sales Forecasting
- The Sales & Order Process
- The importance of baseline forecasts
- More useful Forecast error metrics
- Good practice in Forecast Management
14:30-14:50 Tea/Coffee break
14:50-16:00 Advanced Inventory concepts
- The Newsboy Model: an opportunity to buy or make
- Planning for new products with no sales history
- Case study examples
16:00-16:30 Course Review and Student feedback
16:30-17:00 Certificate presentations and Depart
NOTE: Students may bring some real data from their own organisations which may be analysed (where possible) during the course to determine the most appropriate forecasting for them.
Stock Control