In-Company Short Training Courses in Inventory Management.

Course Title: Inventory Management Systems.

The course is designed to:

Provide a sound understanding of the key concepts relating to inventory management in terms of both information and physical aspects of control. And to understand the inter-relationship of physical stock and inventory management.

Course aims:

The course aims to develop an understanding of how inventory planning is undertaken for different types of demand that arise as a result of the nature of the business operations that are being supported. It also aims to provide an in-depth understanding of the role of the physical management of inventory for differing types of demand.

Learning outcomes – At the end of the course students will be expected to be able to:

  • Demonstrate what inventory is and where we find it within the supply chain.
  • Show the financial impact of inventory holdings on return on capital.
  • Demonstrate the types of demand patterns common in modern international supply chains.
  • Prepare appropriate inventory planning models for differing demand patterns.
  • Demonstrate which inventory planning tools are deployed for differing demand patterns.

Indicative Content:

Understanding Inventory Management:

    • The financial impact of Inventory on total supply chain costs.
    • Types and sources of inventory.
    • The difference between demand, supply and forecasts.
    • Understanding some of the main types of end market demand patterns.
    • Understanding how stock adds value to the business model.
    • The supply vs. demand conflict.

Managing demand and Inventory Management techniques:

    • Using ABC analysis to understand inventory holdings.
    • The theory of dependent and independent demand.
    • Independent profile demand management.
    • The use of fixed lot ordering systems to manage independent demand items.
    • Dependent demand.
    • Using Manufacturing resource and requirement planning (MRP & MRP II) to manage dependent demand requirements.
    • Managing continuous demand items.
    • Just in time supply theory.
    • Womack and Jones – the machines that changed the world.
    • Implementing Just-in-Time Supply.
    • Sales & Operations Planning (S&OP) and its role in controlling inventory.

Approaches for reducing inventory in the supply chain:

  • Lean Supply theory.
  • Alternative approaches to inventory reduction.
  • Practical procurement aspects of inventory reduction.

Further reading:

The course will identify and cover in full detailed learning outcomes required for assessment purposes. However, if you wish to read further in order to supplement your learning and cement your understanding of the course, content, aims, and purposes, we recommend the following book(s):

Handbook of logistics and distribution management – Rushton, Oxley and Baker.

 The machine that changed the world – Womack, Jones & Ross.

Inventory Management – S. M. Bragg.