Safety Stock Calculation and Control in Inventory Management

INTRODUCTION

Demand planning and stock control will assist Supply Chain Management (SCM) in improving forecast accuracy, ensuring adequate inventory levels at all times, and increasing profitability by optimizing expenditures. When demand planning and stock control are correctly implemented, shortages and excess inventory will be a thing of the past. Demand planners are “behind the scenes” experts tasked with this responsibility. Given the dynamic nature of the scope and its numerous uncertainties, their work is not easy. However, when properly performed, the organizations involved may leverage on the numerous untapped areas where SCM can make a difference. Several demand planning theories, methods, and best practices will be addressed in this course.

COURSE METHODOLOGY

This course is designed in the form of workshop which will includes a variety of learning tools to help participants function effectively and efficiently in a multifunctional environment through various methodologies including;

• Short lectures
• Brainstorming
• Case studies
• Group activities
• Role playing

COURSE OBJECTIVES

The attendees of this Certificate Program will be able to:

• List the stock management objectives and their influence on cost and customer service.
• Prepare a correct stock categorization and follow best standards for item definition and cataloguing.
• Use scientific forecasting approaches to better manage lead times and estimate demand.
• Distinguish and categorize stock cost aspects
• Calculate the optimal ordering amount, as well as safety stocks and reorder points.

 WHO SHOULD ATTEND THIS COURSE?

• Project Managers
• Operations Managers
• Procurement and logistics professionals
• Supply chain manager
• Management Representatives
• Anyone who is seeking improvement in skills for enhanced performance and career development

TARGETED SKILLS

• Planning logistics
• Logistics work processes
• Inventory management
• Assessment and planning of requirements
• Forecasting demand
• Logistics management