Materials Management & Inventory Control

Created by LEC Team
Last updated Mon, 27-Mar-2023
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Besides, the course will cover the Materials Controller's & Planning roles and responsibility is one of the key functions in the overall supply chain, and managing effectively will result in meeting business objectives and assuring satisfies customers.

 

Course Objectives

  • Greater understanding of the goals and objectives of inventory management

  • Tools and techniques of inventory management

  • Learn how to manage and control inventory accuracy

  • Implement an inventory management process across your organisation

  • Planning and controlling inventory levels and planning

  • Physical control of inventories

  • Material Requirement Planning

  • Manufacturing Resource Planning principles

  • Master scheduling management methods

 



Day 1
Inventory and the Supply Chain
  • Inventory management definition

  • Types of stock

  • Demand amplifications

  • Demand replenishment in networks

  • Managing the flows

  • Type I and II supply chains

  • The Supply Chain Rules

  • Inventory and statistics

  • Concept of service level


Inventory Key Concepts

  • Key Component: Demand Analysis

  • Key Component: Demand Forecasting

  • Key Component: Supply Lead Time

  • Key Component: Cost & Benefits

  • Inventory benefits

  • Inventory policies

  • Inventory in organizations



Day 2
Inventory Replenishment Methods and Systems

Inventory Replenishment Methods and Systems

  • Basic mechanics of inventory systems

  • The stock time curve

  • Stock components

  • Stock investment

  • Free stock

  • Fixed order quantity systems

  • Fixed order time cycle systems

  • Requirements planning systems

  • Stock Control and Checking

Inventory receipts

  • Identifying inventory

  • Surplus and obsolescent stock

  • Stock control and records

  • Stock checking programs

  • Reviewing current procedures and polices



Day 3
Inventory Performance
  • Inventory Assessment

  • Assessing the stock level

  • Models for implementing inventory control

  • Determining stock targets

  • Inventory questions

  • Inventory KPI’s in warehouses/stores

Inventory Strategies

  • Push/pull

  • Quick response (QR)

  • Efficient consumer response (ECR)

  • Collaborative planning forecasting and replenishment (CPFR)

  • Lean and agile approaches

  • Quality Management

  • Postponement

  • Cross Docking

  • Consolidation

  • Vendor Managed Inventory (VMI)

  • Consignment stocking

  • Co Managed Inventory (CMI)

  • Direct product profitability (DPP)

  • Economic value added (EVA)

  • Collaborative supply chains



Day 4
Inventory Improvements

  • Using the Supply Chain

  • Using the Theory of Constraints

  • Practical inventory improvements

  • Call offs and Telemetry

  • EDI and ICT

  • Keys to reducing stock levels

  • The 7 Rules for planning inventory

  • Model for planning inventory



Day 5
Business Concepts and Planning
  • Timeline for emerging new technologies in manufacturing

  • Key manufacturing Questions

  • Concept of Supply Chain Management

  • Classification of Operations

  • Business Planning Cycle

MRP - Materials Requirement Planning

  • Materials Structure Tree

  • Gross Materials Requirement Planning

  • Net Materials Requirement Planning

  • Master Production Scheduling Overview

  • Bill of Materials

  • Key MRP Activities

  • MRP Integration Issues


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