Planning & Inventory Control

OBJECTIVES

Provide a clear understanding of the interdependancy between inventory control, service level, production planning and cost control. Provide the necessary techniques and practical solutions to realize optimised stock levels and well balanced production batches.



TARGET GROUP

All staff members and executives in charge of customer service, inventory control, production management or those who are preparing to take these responsibilities in the near future.



CONTENT

DAY 1: Introduction to inventory control

  • Role of stocks as buffer between unequal flows
  • Inventory types 
  • Dependent vs independent demand
  • Cost elements of inventory control
  • The optimal order quantity: EOQ
  • Case study
     
DAY 2: The static order model
  • The principles of the static model
  • The different variables: lead time, revision, rotation, service level
  • The use of ABC-analysis in inventory control
  • The determination of the safety stock, the order level and the maximum
  • Practical exercise
     
DAY 3: The dynamic order model and forecasting
  • The principles of the dynamic model
  • Forecasting and prediction
  • Review of the decomposition method; trends and seasonal influances
  • Selection of the forecasting method
  • Practical exercise
     
DAY 4: Strategical inventory control
  • Multi-level inventory control: optimisation of the overall stock level
  • Synchronised coverage
  • Internal Operation of a Computer Based Reordering System: possibilities and restrictions
  • Avoiding bullwhips
     
DAY 5: Inventory control in a production environment
  • Manufactoring Resource Planning MRP
  • The importance of the bill of material, the routing file and the inventory within the proces of planning
  • Material requirements and inventory control
  • Frozen Period
  • Inventory Control in the Process Industry
ORGANIZATION

Intensive 5 day training course with numerous exercices, practical tools and case studies in order to prepare the participants to take their responsibilities with a better understanding of the fundamental underlying principles of inventory control.