Advanced Inventory Management

26 - 27 Aug 2019Auckland$2399 + GST
Event Details

Understanding materials forecasting and inventory management

  • Definition and scope of inventory management
  • Business conditions and financial implications of inventory
  • Inventory in the supply chain including the effects such as the ‘Bull Whip’ principle
  • Planning versus Forecasting
  • Delivery promise

Current demand systems

  • Dependent demand systems
  • MRP
  • Sesonal volume prediction
  • Problems that can occur with MRP systems
  • Re-order point
  • Economic Order Quantity (EOQ)
  • Periodic review systems
  • Kanban

Fundamental key steps in managing inventory

  • ACB classification
  • Utilising pareto
  • Different ways to classify inventory
  • Service levels
  • Safety stocks
  • Redundant stock and it's removal

Inventory management and performance measuring tools

  • Inventory measurements
  • Common events that create inventory inaccuracy
  • Cycle counts
  • Net variances versus absolute variances
  • Aids to improve inventory accuracy
  • Barcoding


  • Understanding demand behaviour and characteristics of inventory
  • Forecasting techniques
  • Sales & operations planning
  • Evaluating forecasting accuracy
  • Understanding forecasts and managing key relationships within the supplier customer cycle

Forecasting models and systems

  • Various models to consider
  • ERP systems

Considerations for supply chain strategy for inventory

  • Inventory focus
  • Who is responsible in the business?
  • Different views of inventory
  • Strategic inventory decisions

Financial implications

  • Inventory velocity: turns ratio
  • Carrying cost (inc. effect on margin, implications if slow moving stock)

Inventory reduction

  • A series of steps to be outlined for course participants to follow

Improvement plans for inventory management

• Root Cause Analysis methods
• KPI creation and management
• 5S

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