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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

Course Overview
What is Inventory?
Definitions
Pre-Assignment Review
Types of Inventory
Key Players
Setting up the Warehouse
The Eight Objectives
Maintaining Location Accuracy
What Makes a Good Inventory Management System?
The Warehouse Inventory Cycle
Identifying Demand
Key Formulas
Case Study
The Receiving Process
Validating Inventory
The Put-Away Process
Maintaining Inventory Accuracy
The Outbound Process
Industry Trends
Personal Action Plan
Recommended Reading List
Post-Course Assessment