Inventory Management – The Nuts and Bolts

Training Duration: 1 Days

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Learning Fields: ,

No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm.

Overview

No business can survive very long without an effective program of controls over the parts and materials that are used in producing or distributing goods and services of the firm. Like many other things that depend on human interpretation, “control” means different things to different individuals. This is an introductory workshop for you, the warehouse or stockroom manager, the person in charge of what comes in and goes out of your company. You want a smooth and cost-effective operation, with enough products on hand to satisfy needs without stockpiling too much. This module will discuss all aspects of inventory management, including common terms, the inventory cycle, how to maintain inventory accuracy, and what some of the latest trends are.

Module Value

This module supports capacity-building programmes by strengthening individual and team performance in institutional and organizational contexts. It can be adapted to public sector institutions, international development projects, and corporate environments, and integrated into broader reform or performance improvement initiatives.

Learning Objectives

  • Understand terms that are frequently used in warehouse management
  • Identify the goals and objectives of inventory management and measure your process against these goals
  • Calculate safety stock, reorder points, and order quantities
  • Evaluate inventory management systems
  • Identify the parts of the inventory cycle
  • Better maintain inventory accuracy

Core Content Areas

  • What inventory is and types of inventory
  • Setting up the warehouse
  • What makes a good inventory management system?
  • The warehouse inventory cycle
  • Identifying demand
  • The receiving process and validating inventory
  • The put-away process and maintaining accuracy
  • The outbound process and industry trends

Practical Applications

  • Case-based discussion
  • Guided exercises
  • Group reflection
  • Action planning for workplace application
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