Business organizations have been losing substantially in their operations with inefficient warehouse processes and logistics procedures. Tolerating as well lag practices adds to the growing concerns pilferage or shrinkage in storage.
This specialized learning session builds a strong foundation towards the essentials of planning and warehouse operations. This includes the linkage to logistics towards supply chain.
LEARNING SESSION OBJECTIVE
The specific objectives of this unique fun-filled learning experience are:
• To internalization of the essence and principles of Inventory Planning;
• To Understand the issues and framework on Inventory Management; and
• To build a working knowledge on ensuring proper Warehousing Inventory Planning and Management.
LEARNING SESSION OUTLINE
Session 1: What Should Be In Stock?
• Goal of effective inventory management
• Responsibilities of departments in achieving effective inventory management
• Different types of inventory:
○ Resale
○ Production
○ Maintenance, repairs and operations (MRO)
• Ranking products by activity, cost of goods sold and profitability
• Resale Inventory – Ensuring inventory is profitable
• MRO Inventory – Determining the “critical nature” of each item
Session 2: Looking to the Future to Forecast
• The difference between dependent and independent demand
• Forecasting new stock items
• Determining how to stock products with sporadic usage activity
• Defining the six elements of an accurate forecast
• Understanding the difference between sales, shipments and usage
• Verifying that usage is correctly recorded
• Identifying and correcting for unusual usage activity
• How events and other factors can affect a forecast
Session 3: Best Practice Forecasting
• Common forecasting methods
• Measuring the accuracy of your forecast
• Collaborative information from customers and sales people (CPFR)
• Building a cooperative environment throughout your supply chain
• Different types of seasonality and trends
Session 4: Determining When to Replenish Stock
• Calculating accurate replenishment parameters
• Minimum/Maximum quantities
• Order points, reorder points and line points
• Difference between average lead times and anticipated lead times
• Different method for calculating safety stock quantities
• Using safety stock to balance customer service
• Order up to and flow point replenishment
LEARNING SESSION PROCESS:
This session will utilize a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes discussions, presentations and mini-exercises.
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