Principles of Inventory Management

o Understanding inventory types (raw materials, work-in-progress, finished goods) o The role of inventory in supply chain management o Balancing demand and supply to avoid shortages or excess stock o The importance of inventory turnover and its impact on profitability.

Developing Inventory Forecasts and Plans

o Analyzing historical data to predict future demand o Using demand forecasting methods (e.

, moving averages, seasonality) o Planning for lead times and supplier capacity o Developing a stock replenishment plan based on forecasted needs.

Optimizing Stock Levels

o Determining optimal order quantities and reorder points o Managing safety stock to buffer against uncertainties o Reducing carrying costs by improving stock rotation and minimizing obsolete inventory o Implementing Just-In-Time (JIT) inventory practices to reduce waste.

Efficient Stock Replenishment and Order Management

o Establishing reorder levels and automatic reordering systems o Managing stock-outs and backorders efficiently o Building strong relationships with suppliers to ensure timely deliveries o Using technology (e.

, ERP systems) to automate stock management.

Inventory Control Tools and Technologies

o Implementing barcode systems and RFID technology for accurate tracking o Using inventory management software for real-time visibility and reporting o Integrating inventory control systems with other supply chain management tools o Utilizing mobile apps for stock audits and tracking.

Data-Driven Decision Making and Performance Metrics

o Analyzing inventory performance using key metrics (e.

, turnover rate, stock-outs) o Utilizing ABC analysis (Pareto principle) to prioritize stock management efforts o Using data insights to identify inefficiencies and optimize processes o Setting up dashboards and KPIs to monitor and improve inventory performance.

Certificate

Upon full attendance of this training course, participants will receive an accredited certificate issued by Al Manhal Institute, which is licensed by the Abu Dhabi Center for Technical and Vocational Education and Training. This certificate is regionally recognized, providing holders with a competitive advantage both within their organizations and when seeking new career opportunities.

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Inventory Planning and Stock Control

Goals

Contents

Principles of Inventory Management

Developing Inventory Forecasts and Plans

Optimizing Stock Levels

Efficient Stock Replenishment and Order Management

Inventory Control Tools and Technologies

Data-Driven Decision Making and Performance Metrics

Certificate

Certificate

Extra Options

Principles of Inventory Management

Developing Inventory Forecasts and Plans

Optimizing Stock Levels

Efficient Stock Replenishment and Order Management

Inventory Control Tools and Technologies

Data-Driven Decision Making and Performance Metrics