Stock Management, Forecasting and Demand Planning: Tools and Page 1 of 7
Why Attend Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past. Demand planners are behind the scenes professionals who are entrusted with this task. Their job is not straight forward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference. In this course, many demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost. Course Methodology This course uses a mix of interactive and hands-on techniques. Beside 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. Course Objectives 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 Target Audience 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. Target Competencies Planning logistics Logistics work processes Inventory management Assessment and planning of requirements Forecasting demand Course Outline Introduction to stock management Supply chain management scope Functions and objectives of supply chain 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 The inventory ABC classification ranking model Uses of the ABC ranking Forecasting demand and lead time Page 2 of 7
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 costs Inventory cost elements Cost of item Purchasing cost Carrying or holding cost Stock-out cost Inventory systems The Economic Order Quantity (EOQ) model Dealing with quantity discounts Objectives of safety stocks Setting safety stocks Determining the Reorder Point (ROP) Page 3 of 7
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 Fees: US$ (including coffee breaks and a buffet lunch daily) Per participant - 2019 US$ 3600 Fees + VAT as applicable UAE Tax Registration Number 100239834300003 Page 4 of 7
Courses in Procurement and Supply Chain Management Dates Course Name Language Location Fees 21-25 Apr, 2019 CILT Certificate in Supply Chain and English Dubai US$ 5100 16-20 Jun, 2019 Arabic Dubai US$ 4800 30 Jun - 4 Jul, 2019 CILT Certified Procurement Professional Arabic Dubai US$ 5100 30 Jun - 4 Jul, 2019 Supply Chain Operations: Principles for Continuity and Sustainability 7-11 Jul, 2019 Leading and Managing Vendor Relations 21-25 Jul, 2019 CILT Certificate in Supply Chain and 18-22 Aug, 2019 Purchasing Management and Cost Saving English Vienna US$ 5100 1-5 Sep, 2019 Materials and Supply Chain Management 1-5 Sep, 2019 Purchasing Management and Cost Saving 8-12 Sep, 2019 Procurement Planning and Bid Management Arabic Dubai US$ 4800 15-19 Sep, 2019 Supply Chain Risk Management 22-26 Sep, 2019 Developing Purchasing Policies, Processes and SLAs 29 Sep - 3 Oct, 2019 CILT Certified Procurement Professional English Dubai US$ 5100 6-10 Oct, 2019 Leading and Managing Vendor Relations English Istanbul US$ 4800 13-17 Oct, 2019 CILT Certificate in Supply Chain and 20-24 Oct, 2019 Negotiation Strategies for Better Purchasing Value 27-31 Oct, 2019 Strategic Sourcing: 7 Steps for Better Procurement Value Arabic Dubai US$ 5100 3-7 Nov, 2019 Warehouse Operations and Management 10-14 Nov, 2019 CILT Certificate in Fleet and Transport Management English Dubai US$ 5100 10-14 Nov, 2019 Materials and Supply Chain Management 17-21 Nov, 2019 CILT Certified Procurement Professional Arabic Dubai US$ 5100 24-28 Nov, 2019 1-5 Dec, 2019 Purchasing Management and Cost Saving 1-5 Dec, 2019 Supply Chain Operations: Principles for Continuity and Sustainability Arabic Dubai US$ 4800 8-12 Dec, 2019 CILT Certificate in Stock Management, English Dubai US$ 5100 Page 5 of 7
Courses in Procurement and Supply Chain Management Dates Course Name Language Location Fees Forecasting and Demand Planning 8-12 Dec, 2019 Leading and Managing Vendor Relations 15-19 Dec, 2019 The Successful Buyer Arabic Dubai US$ 4800 22-26 Dec, 2019 CILT Certificate in Supply Chain and English Dubai US$ 5100 Page 6 of 7
Courses in Procurement and Supply Chain Management Dates Course Name Language Location Fees Page 7 of 7