Inventory refers to the stock of materials, supplies, spare parts, and other inputs that are necessary to support operations. These items are normally carried on stock (i.e., available on hand whenever needed). Inventory Planning and Control is that branch of Materials Management that ensures that users will have the inputs with the appropriate quality in the right quantity at the right place at the time when they are needed. The other two branches are Procurement and Warehouse Management.
Any shortage of an input at the time of need is disruptive. Production or service operations will stop, and customers’ expectations will not be served. On the other hand, stocking on inventory consumes working capital and can be very expensive in terms of tied-up capital, storage costs, insurance, security, etc. There is a need to strike a balance that will optimize stock availability at the least possible cost.
This course will deal with various techniques to achieve such a balance. It will highlight the potential application of modern technological approaches to achieve that balance.
At the end of this course, the participants would have learned :
- The ABC Classification of materials
- Techniques for short-term forecasting of requirements
- The application of the Economic Order Quantity
- The application of major replenishment systems: the Fixed Order System and the Periodic Review System
- Strategies for reducing inventory levels without disrupting operations
- Alternative ways of doing physical inventory taking
- What is Inventory Planning and Control?
- Signs of poor inventory management
- Staffing for IPC
- The basic IPC activities
- Classification of materials
- According to nature
- According to use
- According to value
- ABC Classification using the Pareto Principles
- Insurance items
- Materials Identification and Coding System
- Simple forecasting techniques for demand for materials
- Simple moving average
- Weighted moving average
- Exponential smoothing
- Components of demand
- Inventory costs and IPC terms
- Carrying costs
- Ordering costs
- Economic order quantity
- Reducing overall inventory costs
- Major inventory systems
- Fixed order quantity system
- Last bag system
- Simple stock card system
- Reservation stock card system
- Fixed order quantity system
- Periodic review system
- Topping-up method
- Mini-max method
- FOS and PRS compared
- Supply Chain Management
- Automated pull system
- Third-party logistics
- Vendor-managed Inventory
- Physical inventory taking
- Aims of physical inventory
- Types of physical inventory taking
- Periodic counting
- Cycle counting
- Batch type
- Frequent movement type
- ABC Classification type
- Inventory records and reports
- Establishing inventory standards
- The need for standards
- Measuring IPC performance
- Taking corrective measures against deviations
Who Should Attend
The course is intended for personnel who work in Materials Management or Logistics Management, particularly those involved in Inventory Planning and Control, whether at the managerial, supervisory, or technical levels.
The course will use Zoom as the platform for online teaching, primarily using lectures and some exercises. There will be a Q & A portion where participants will be encouraged to raise questions and to share their experiences in inventory planning and control, including the common problems they encounter, particularly under current conditions of quarantine.
SPEAKER – DR. ENRICO MINA
The webinar facilitator and resource person is Enrico C. Mina, DBA. Dr. Mina has more than 40 years’ experience as a manager, consultant, and trainer. He is also a faculty member at the Ateneo Graduate School of Business MBA Programs, in which one of the courses he teaches is Operations Management and Supply Chain.
Limited slots are available. Hurry! Join us now.
Regular Rate Php 1,499.00 + VAT starting July 15, 2020
Early Bird Rate Php 1,399.00 + VAT until July 14, 2020
Group Rate Php 1,299.00 + VAT per pax for 5 or more pax
Powermax live webinars are designed to give you an incisive insight into a plethora of interesting and relevant topics using Zoom technology.
It aims to uncork the latest updates, best practices, useful strategies, and tactics, and/or practical tips and techniques not just to widen your horizon but also to equip you with the essential knowledge and skills.
A PLEASANT WEBINAR EXPERIENCE
To ensure a pleasant webinar experience, we recommend registrants to:
- Download and install the Zoom application beforehand
- Ensure that there is a proper internet WIFI connection
- Use a working webinar streaming device.
You must register in order to be able to join. Likewise, you will be asked to Check Out. Afterward, you will receive a confirmation email containing the information about joining the live webinar.
Thank you and enjoy!
Keep safe and God Bless!