Inventory Management and Control

About this course

Too much stock ties up cash, while too little leaves customers waiting. This three-day course gives you the methods to strike the right balance and keep inventory under control.

Using practical exercises and spreadsheet examples, you will classify items with ABC analysis, forecast demand, and calculate economic order quantities, reorder points and safety stock. You will also learn how to keep records accurate through cycle counting and stocktaking, and how to use measures such as inventory turnover and days of cover to cut excess stock without risking shortages.

What you'll learn

• Explain why organisations hold inventory and the costs involved.
• Classify stock using ABC analysis to focus control effort.
• Forecast demand using simple quantitative and qualitative methods.
• Calculate economic order quantity, reorder points and safety stock.
• Choose suitable replenishment systems for different items.
• Maintain stock accuracy through cycle counting and stocktaking.
• Use inventory KPIs such as turnover and days of cover to reduce excess stock and shortages.

Curriculum

Who it's for

Inventory controllers, storekeepers, planners, purchasing staff and finance professionals who are responsible for stock levels and stock accuracy.

Before you start

• Comfortable with basic spreadsheet calculations

Part of these Alalamia diplomas

• Alalamia Diploma in Supply Chain and Logistics Management