Inventory Management – The Nuts and Bolts

This course is currently available as E-Learning, or a private instructor-led class scheduled to suit your availabilty. You can click here to inquire further or you ask us for recommendations on similar classes.

Recommended Prerequisites

No prerequisites are required for this course.

Course 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 course 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 course 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.

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

Course Outline

1. Course Overview
2. What is Inventory?
3. Definitions
4. Pre-Assignment Review
5. Types of Inventory
6. Key Players
7. Setting up the Warehouse
8. The Eight Objectives
9. Maintaining Location Accuracy
10. What Makes a Good Inventory Management System?
11. The Warehouse Inventory Cycle
12. Identifying Demand
13. Key Formulas
14. Case Study
15. The Receiving Process
16. Validating Inventory
17. The Put-Away Process
18. Maintaining Inventory Accuracy
19. The Outbound Process
20. Industry Trends
21. Personal Action Plan
22. Recommended Reading List
23. Post-Course Assessment