This Executive Development Program enables the participants to understand, analyse and apply the inventory management
concepts in their day-to-day work. The syllabus is framed in line with APICS, USA - SCM Body of Knowledge.
Duration: 2 Days
Objectives of Aggregate Inventory Management: (1) Minimise Inventory Investment (2) Meet Targeted Level of Customer
Service (3) Maximise Manufacturing Efficiency. Purposes of Inventory, Goal of Inventory Management, Inventory the Supply,
Value Chains,Independent and Dependent Demand Items, Inventory Functions, What Happens to Inventory Over Time?
Types of Inventory:
(1) Raw material (2) Work-In Progress (3) Finished Goods Inventory (4) Distribution Inventory
(5) Maintenance, Repair and Operating (MRO) Supplies.
Functions of Inventory:
(1) Safety Stock (2) Fluctuation Inventory (3) Inventory Buffer (4) Anticipation Inventory
(5) Lot-Size Inventory (6) Transportation Inventory (7) Hedge Inventory.
Inventory Costs:
(1) Item Costs (2) Carrying Costs (3) Ordering Costs (4) Stock-out Costs (5) Capacity-Related
Costs.
Financial Statements and Inventory:
(1) Balance Sheet (2) Income Statement (3) Statement of Cash Flows.
Financial Inventory Performance Measures:
(1) Inventory Turnover (2) Days of Supply.
Financial Statement Inventory Valuation:
(1) Generally Accepted Accounting Principles (2) FIFO (3) LIFO (4) Average Cost
(5) Standard Cost Accounting (6) Lean Accounting Methods.
Inventory Policies to Protect Against Uncertainty:
(1) Safety lead Time (2) Safety Stock
ABC Inventory Control
Order Quantities:
(1) Lot-For-Lot (2) Fixed Order Quantity (3) Order n Periods of Supply
Economic Order Quantity (EOQ):
How EOQ Manages Tradeoffs, EOQ Assumptions, EOQ Process,
Calculating EOQ, Using Continual Improvement to Change EOQ.
Independent Demand Ordering Systems:
(1) Order Point Systems (2) Periodic Review Systems
Auditing Inventory Records:
(1) Periodic Inventory Audit (2) Cycle Counting.
Inventory Optimisation, Theory of Constraints, Key Performance Indicators for Inventory Management. Inventory
in the Service Industry, Impact of Lean Principles on Inventory Planning, Value Stream Mapping, Total Productive
Maintenance (TPM), Lean Production and Backflushing.
Inventory Storage, Method of Storage, Storage Layout, Fixed Location, Random or Floating Location,
Zoned Storage, Inventory Tracking, Bar Codes, QR Codes, Radio Frequency Identification (RFID).
Fhyzics' Executive Development Programs (EDP) are designed by our Principal Consultant and delivered at our client
organizations across India, Middle-East and South-East Asian Countries. The program cost is worked out on the basis
of the number of days of training and there is no restriction on the number of participants. In case of programs outside
of India, the client shall arrange for the travel and accommodation for the Supply Chain Consultant.
Fhyzics Business Consultants Private Limited is an International Channel Partner of APICS, USA and offers
Supply Chain Consulting, SCM Training, and Certifications such as CSCP, CLTD, and CPIM of APICS, USA.
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