Inventory Control And Warehouse Management Course

Inventory Control And Warehouse Management Course on 19th to 30th September 2022

Course calendar

 

INTRODUCTION

Warehouse is essential for an industrial unit. It is the depository of all materials required by the industrial unit and supplies materials as and when required. Inventory Control and Warehouse Management is critical in operations as inventory is a current asset to a firm. This course focuses on optimizing the development, management and maintenance of strategies of inventory control and warehouse management. It enables professionals to gain command of the key elements of a successful operation and provides a guide to complementing warehousing activities with prudent inventory control management techniques. 

COURSE OBJECTIVES

By the end of this course the participants will be able to:

·      Understand the different types of inventories and importance of inventory to organizations.

·      Know the principles and purpose on inventory management and control.

·      Understand the costs associated with inventory management.

·      Be knowledgeable in Inventory verification and valuation methods.

·      Understand the different approaches for effective management of dependent demand and independent demand inventories and when to apply them.

·      Know the fundamentals of warehousing and stock handling.

·      Understand the organizational structure and functional responsibilities in inventory and warehousing.

·      Know how to measure and improve inventory management performance.

DURATION

10 days

WHO SHOULD ATTEND

This course targets Finance, procurement, and supply chain professionals looking for ways to become more effective and efficient by improving their inventory management methodologies. Warehouse managers and warehouse employees.

COURSE CONTENT

MODULE 1: WAREHOUSE MANAGEMENT

Warehouse Organization

·      Introduction to warehouse organization

·      Position of Warehouse/stores in the organization

·      Organization structure of stores division

·      Organization matters for efficient working of stores division

·      Delegation of authority

Requisitions and Replenishment of Materials

·      Need for requisitioning the material

·      Replenishment of stock items

·      Preparation of materials requisition report

·      Dispatch of requisition to user department

·      Review order quantity

Performance Evaluation of Stores Activities

·      Criticism of stores division

·      Poor inventory control

·      Improper store-keeping and Tools Management

·      Performance indicators and evaluation

·      How is performance evaluation carried out

ISO Standards and Warehouse Activities

·      Introduction to ISO standards

·      The importance of ISO standards

·      Registration for ISO certification

·      Warehouse activities and quality assurance

·      Stores division activities in conformance to ISO 9001

Warehouse Location, Layout, and Facilities Planning

·      Number and size of stores

·      Location of stores

·      Layout planning of warehouse

·      Physical facilities planning

Warehouse Security, Safety, and Maintenance

·      Security

·      Entry to warehouse

·      Management of warehouse keys

·      Closing of warehouse

·      Issue to authorized individuals

MODULE 2: INVENTORY CONTROL

Inventory Classification and Strategies

·      Advantages of classification of inventory

·      Regular inventory item

·      In-process inventories

·      Finished goods inventory

·      Strategic considerations in the control of finished goods inventory

·      Market research

Codification and Standardization

·      Methods of Codification

·      Variety reduction

·      Advantages of standardization

·      Situations where standardization is not preferred

·      Types of standards

·      Standardization program

Inventory Control Model

·      Theoretical inventory control model

·      Elements of inventory control model

·      Dynamic nature of the inventory control model

·      Maintenance requirements

·      Reorder point fluctuations

Inventory Control Techniques

·      Best order quantity

·      Economic Order Quantity (EOQ) defined

·      Determining Economic Order Quantity (EOQ)

·      Variable costs

·      ABC analysis

·      Other techniques of analysis

Effective Management of Inventory

·      Factors influencing the stocking of inventory

·      Appropriate maintenance techniques

·      Administrative and financial factors

·      Steps for management of inventory

·      Diagnostic survey

·      Reconditioning and overhauling of inventory

Valuation of Inventory

§  Importance of valuation of inventory

§  Valuation of material issues

§  First in First Out (FIFO)

§  Last in First Outs

§  Highest in First Out (HIFO)

§  Next in First Out (NIFO)

§  Simple average method

§  Weighted average cost method

§  Factors considered in selection of method of valuation of inventory