Stock Management, Forecasting and Demand Planning

This course uses a mix of interactive and hands-on techniques. In addition to brief presentations by the consultant and the participants, there will be many individual and group exercises. The exercises are all work related where participants need to calculate or draw the optimal solutions after understanding the process.

By the end of the course, participants will be able to:

• State the objectives of stock management and list their impact on cost and customer service
• Prepare proper classification of stock and use best practices for item specification and cataloguing
• Use scientific forecasting techniques to predict demand and better manage lead times
• Differentiate and categorize stock cost elements
• Compute the optimum ordering quantity and determine safety stocks and reorder points

Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.

• Planning logistics
• Logistics work processes
• Inventory management
• Assessment and planning of requirements
• Forecasting demand