Effective Stock Control | In House
Effective Stock Control - 1 -day in-house course
This one-day Effective Stock Control course is designed to demonstrate the importance of effective stock control to any business and its influence on service levels, working capital, cash flow, liquidity, efficiency, and profitability. It will examine in depth the theories behind a wide range of stock control techniques available and their practical application in the workplace.
The course will provide attendees with a better understanding and appreciation of computer systems (MRP/ERP) and the processing of data. Equally it will provide an insight into the power of MS Excel for the same purpose by the use of simple workbooks.
Attendees will be provided with an Excel spreadsheet containing the formulas, calculations and worked examples upon completion of the course. Expertise in Excel is not necessary.
The training focuses on providing participants with a thorough knowledge of the full spectrum of existing stock control techniques, as well as their application, covering a range of aspects including
- Critical Elements in Stock Control
- Financial Considerations
- Identifying and Controlling Stockholding Costs
- Calculating Economic Order Quantity (EOQ)
- Forecasting
- Calculating Safety Stock Levels
- Overview of Stock Control Systems
It is ideal for candidates with some experience in a Stock Control function who need to solidify and expand their knowledge.
Upcoming start dates
Suitability - Who should attend?
This Effective Stock Control course is suitable for personnel concerned with the control of stocks in retail, manufacturing, distribution or service environments including:
- Stock controllers
- Buyers
- Material planners
- Stores managers
- Warehouse managers
- Manufacturing managers
- Production controllers
Pre-requisites
Some experience in the Stock Control function is desirable.
Outcome / Qualification etc.
On completion of the course, attendees will gain a 'CPD' (Continuing Professional Development) Certificate as the course has third party accreditation.
Training Course Content
Basic Prerequisites of Stock Control
Security of Stock / Accurate Stock Records / Difference Between Stock Recording and Stock Control / Reasons for Holding Stock.
Financial Considerations
The Effect of Stock Control on Cash Flow / Return on Investment / Liquidity / Profitability / Stock Turnover / Key Performance Indicators (KPI) / Concept of Stock as a Non-Productive Asset / 'SLOB' Stocks.
Stockholding & Order Costs
Stockholding Cost Elements / Cost of Money / Running Costs / Wastage / Insurance / Administration / Ordering Costs.
When to Order
When Should an Order be Placed? / Calculating Re-Order Levels / Lead time Usage / Implications for Safety Stocks.
How Much To Order
Full explanation and understanding of the formula for Economic Order Quantity (EOQ) / Practical Application / Minimum Order Quantities (MOQ’s) / Pack Sizes.
Forecasting Future Demands
Demand patterns / Trends / Random Fluctuations / Sporadic Demands / Mixed Demands / Averages / Moving Averages / Weighted Averages / Exponential Smoothing & Formula / Tracking.
Safety Stock
Active Stock and Safety Stock / Calculating Safety Stock / Estimating Forecast Error / Setting Service Levels / Calculating Standard Deviation / Principle of Diminishing Returns / Mean Absolute Demand (MAD).
Stock Control Systems
ABC Analysis / Quantity Based Systems / Twin Bin / Re-Order / Allocation Systems / Time Based Systems / Topping Up / Min-Max / MRP Systems / Differential Stock Control / Consignment Stock / Vendor Managed Inventory / Kanban / Just-in-Time.
Expenses
Contact Purchasing Management Services for further information.
Request information - obligation free
Purchasing Management Services - Training Courses in Purchasing, Store and Stock Control
Practical skills for immediate payback in your working environment - This is what PMS - Purchasing Management Services aims to achieve with every course. As a leading provider of purchasing, stores/warehouse and stock control training for purchasing and supply chain...