INVENTORY MANAGEMENT – SUPPLY CHAIN, DEMAND FORECASTING AND PRODUCTION PLANNING STRATEGIES

INTRODUCTION FOR ACCOUNTING PRINCIPLES ESSENTIALS COURSE

Inventory if managed efficiently is a very important asset for any business operation, whilst on the other hand if not well managed, will become a company financial nightmare.

This program aimed to bring knowledge and awareness to participant on the key strategies and techniques to manage inventory efficiently to help company achieves desirable financial stability.

LEARNING OBJECTIVE

By the end of the session, participants will able to:-

1. Develop understanding on supply chain strategies and integration 
2. Develop understanding on fundamental and principle of inventory management
3. Acquired knowledge on various method of forecasting and forecasting best practices
4. Acquired the understanding of the push and pull inventory system strategies
5. Acquired knowledge in key principles of production planning and cont
6. Acquired knowledge on BCP and taking action to prevent disruption and recovery from disruption

WHO SHOULD  ATTEND

Key participants who are encouraged to attend this program will be everyone involved in the supply chain operation, warehousing, procurement, production, planning, sales team members and middle and senior executives and managers who are involved directly or indirectly in managing the efficiency of the company inventory operation.

MODE OF LEARINING AND DURATION

1. 12 hours program in class or online learning
2. Power point presentation and notes will be provided
3. Case studies to stimulate better learning
4. Post test to gauge learning toward the  end of the program

COURSE OUTLINE

MODULE 1 – SUPPLY CHAIN INTEGRATION AND INVENTORY STRATEGIES 

• Definition and Goals  of Supply Chain
• Fundamental of Supply Chain
• Key types of Supply Chain Business Model
• Integration Strategies
• Push and Pull consideration 
• Consignment and VMI stocking policy
• Reorder level and Safety stock
• Kanban system
• Economic order quantity calculation
• Holding cost calculation
• Inventory to sales calculation
• Turnover and days ratio and calculation
• SLOB management
• Expediting strategy

MODULE 2 – DEMAND FORECASTING

• Qualitative Forecasting – Delphi system
• Quantitative Forecasting – Historic system
• Quantitative Forecasting – Simple Moving Average
• Quantitative Forecasting – Simple Exponential Smoothing 
• MAPE calculation
• MAE calculation
• Forecast common error 
• Forecast best practices
• Customer and Suppliers Integration

MODULE 3 – STOCK AND INVENTORY PHYSICAL MANAGEMENT SYSTEM

• Inventory versus Stock
• Storage and Putaway strategies
• Picking strategies
• Cycle counting 
• Cross docking

MODULE 4– STRATEGIES TO REDUCE INVENTORY AND STOCK DISRUPTION

• Suppliers segmentation and management
• Managing beyond the 1st tiers supplies

• BCP strategies

MODULE 5 – PLANNING FOR PRODUCTION WITH INTEGRATION STRATEGY

• Production Planning
• Production Control
• Integration for planning excellence