CILT Certificate in Stock Management, Forecasting and Demand Planning. Contents are subject to change. For the latest updates visit

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1 CILT Certificate in Stock, Forecasting and Demand Planning Page 1 of 7

2 Why Attend Demand planning is a critical process within Supply Chain (SCM) which ensures continuity of supply of the inventory at the lowest cost. Effective demand planning will help the SCM team improve the accuracy of forecasts, ensure enough inventory levels at all times, and enhance profitability by optimizing the expenses. The control side of this process is to ensure that plans are being met and to take the necessary actions when needed. Demand planners are the 'behind the scenes' professionals who are entrusted with this critical responsibility. When they do their job right, no one recognizes them. However, they will be noticed quickly when they fail to deliver, given the negative impact this will have on customer service and the bottom line. In this course, many demand planning theories, models and best practices will be discussed which will assist the participants in dealing with various future scenarios to ensure continuous flow of the inventory at the least possible total cost. Course Methodology The course uses a mix of interactive and hands-on techniques. Besides the brief presentations by the consultant and the participants, there will be many individual and group exercises. In these work related exercises participants need to calculate and draw the optimal solutions after understanding the process. Course Objectives By the end of the course, participants will be able to: State the objectives of inventory management and list their impact on cost and customer service Prepare proper classification of inventory and use best practices for item specification and cataloguing Use forecasting techniques to predict demand and better manage lead times Compute the optimum ordering quantity and determine safety stocks and reorder points Schedule cycle counts, improve inventory record accuracy, and find ways to reduce inventories List various techniques to reduce inventory, including Just-in-Time (JIT) Identify relevant Key Performance Indicators (KPIs) to measure and improve inventory performance Target Audience Those involved in inventory or demand planning and stock control at the operational and supervisory levels. Also, those working in other functions of supply chain management (purchasing, stores, distribution) who need to understand the mechanics of inventory planning and stock control. Target Competencies Logistics theory and practices Planning and logistics work processes Inventory management Assessment and planning of requirements Demand planning Warehouse management Performance management Course Outline Introduction to inventory management Objectives of inventory planning and stock control Reasons to hold inventory Inventory information system considerations Inventory push versus pull systems Identifying inventory costs Customer service in inventory management Description and classification of inventory Types of inventory Page 2 of 7

3 The inventory ABC classification ranking model Uses of the ABC ranking Materials specifications and cataloguing Forecasting demand and lead time The inventory order cycle Dependent versus independent demand Factors affecting demand Factors impacting demand forecast accuracy Demand patterns Time series forecasting methods: Seasonal demand Moving average Exponential smoothing Measuring the accuracy of the forecast Setting lead time and methods to control it Inventory systems Elements of inventory holding and ordering costs The Economic Order Quantity (EOQ) model Dealing with quantity discounts Objectives of safety stocks Setting safety stocks Determining the Reorder Point (ROP) Counting and controlling inventory Importance of accurate inventory records Warehousing functions Causes of inaccurate inventory records Requirements for accurate inventory records Reporting record accuracy Periodic and cycle counting Reducing inventory investment The importance of JIT or pull theory in inventory management to reduce total cost Identification of surplus Disposal options of excess inventory JIT methods JIT requirements JIT risks Measuring inventory management performance Importance of tracking the effectiveness of the inventory planning and control functions Reasons behind poor inventory management performance Setting inventory KPIs and targets Examples of KPIs used in the inventory planning and control functions Qualities of the inventory specialist Page 3 of 7

4 Associations Chartered Institute of Logistics and Transport (CILT) : Meirc is an Approved Training Provider (ATP) in the region for the Chartered Institute of Logistics and Transport (CILT). Established in 1919, CILT is the world s leading supply chain, logistics and transport professional body with over 33,000 members across the globe. CILT seeks to add value to individual and corporate members by enhancing their knowledge, careers, and businesses by setting, supporting and delivering professional standards and education in the fields of logistics, transport and supply chain. By attending Meirc s CILT accredited courses, participants can earn CPD units as well as attain modular unit award courses that can be combined for international certification Meirc Professional Certificate (MPC) MPC certified courses by Meirc Training & Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for full attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside. Location & Date 3-7 Mar, 2019 To be assigned 8-12 Dec, 2019 To be assigned Fees: US$ (including coffee breaks and a buffet lunch daily) Per participant Per participant Fees + VAT as applicable UAE Tax Registration Number Page 4 of 7

5 Courses in Procurement and Supply Chain Dates Course Name 4-8 Nov, 2018 Materials and Supply Chain Nov, 2018 Negotiation Strategies for Better Purchasing Value Nov, 2018 Certificate in Supply Chain and Logistics Nov, Nov, Dec, 2018 Certificate in Stock, Forecasting and Demand Planning 2-6 Dec, 2018 Warehouse Operations and Dec, 2018 Certificate in Supply Chain and Logistics Dec, 2018 Certified Purchasing Professional Jan, Jan, Feb, 2019 Developing Purchasing Policies, Processes and SLAs Feb, Feb, 2019 Negotiation Strategies for Better Purchasing Value Mar, 2019 Strategic Sourcing: 7 Steps for Better Procurement Value Mar, 2019 Materials and Supply Chain Mar, 2019 CILT Certificate in Fleet and Transport 31 Mar - 4 Apr, 2019 Purchasing and Cost Saving Techniques 2-4 Apr, 2019 Stock, Forecasting and Demand Planning: Tools and Techniques Beirut US$ Apr, 2019 Warehouse Operations and Apr, 2019 Riyadh Apr, Apr - 2 May, 2019 The Successful Buyer Jun, Jun - 4 Jul, Jul, 2019 Language Location Fees Page 5 of 7

6 Courses in Procurement and Supply Chain Dates Course Name Jul, 2019 Vienna Aug, 2019 Purchasing and Cost Saving Techniques 1-5 Sep, 2019 Materials and Supply Chain 8-12 Sep, 2019 Procurement Planning and Bid Sep, 2019 Supply Chain Risk Sep, 2019 Developing Purchasing Policies, Processes and SLAs 29 Sep - 3 Oct, Oct, 2019 Istanbul 6-10 Oct, 2019 Production and Material Requirements Planning Oct, Oct, 2019 Negotiation Strategies for Better Purchasing Value Oct, 2019 Strategic Sourcing: 7 Steps for Better Procurement Value 3-7 Nov, 2019 Warehouse Operations and Nov, 2019 CILT Certificate in Fleet and Transport Nov, 2019 Materials and Supply Chain Nov, Nov, Dec, 2019 Purchasing and Cost Saving Techniques 8-12 Dec, Dec, 2019 The Successful Buyer Dec, 2019 Language Location Fees Page 6 of 7

7 Courses in Procurement and Supply Chain Dates Course Name Language Location Fees Page 7 of 7