Effective Stock Control
Course Overview
Basic Prerequisites : Security, Accurate Stock Records and Effective Stock Control
Financial Considerations : Impact of Good Stock Control, Cash Flow, KPI's, Stock Turn
Stockholding Costs : Evaluating, Controlling and Reducing
When to Order : Calculating Re-Order Levels, Lead Time Usage, Implications forr Safety Stock
How Much To Order : Economic Order Quantity, EOQ Formula, MOQ's
Forecasting Future Demands : Variations and Ratios, Exponential Smoothing
Safety Stock : Calculating Safety Stock, Estimating Forecast Error, Setting Service Levels, Standard Deviation
Stock Control Systems : Quantity & Time Systems, MRP, Topping Up, Min-Max, Re-Order Level Systems, Allocation Systems
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A one-day course
Intended for personnel concerned with the control of stocks in retail, manufacturing, distribution or service environments. Material planners, analysts, buyers, production controllers, stores and warehouse personnel and manufacturing managers, will all benefit from the content of this course.
Some experience within the stock control function is desirable but not essential.
Outcomes
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. To examine in depth the theories behind the wide range of stock control techniques available and their practical application in the workplace.
To provide a better understanding and appreciation of stock control computer systems (MRP/ERP) and the way in which data is processed. Equally provide an insight into how stock control formulae work and the benefits of adjusting them to suit your organisation. Attendees will be provided with an MS Excel spreadsheet containing the formulas, calculations and worked examples upon completion of the course. Expertise in Excel is not necessary.
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