Inventory management training, masterclasses and courses - Slimstock Academy Inventory Optimisation Minor

Advanced Inventory Management Course Attain the insight required to build a more profitable supply chain

Enrich your supply chain knowledge to become a true inventory strategist

Apply today

What can you expect?

This intensive programme is designed to help you answer the fundamental questions for supply chain success:

  • When should I order
  • How much should I order

Answering these questions correctly will significantly improve both a business’s cash flow and its profitability.

In the Advanced Inventory Management course, you will learn the theory behind effective inventory management. As a result, you will be able to build more competitive strategies within your business.

Learning goals

Lead inventory initiatives

  • Initiate and guide forecasting and inventory management improvement projects

Utilising tools & technologies

  • Understand how to apply key inventory formulas

Continuous learning

  • Apply forecasting and inventory management theory to improve processes within your organisation

Programme details

This programmes takes place over several days covering the following topics:

The inventory framework

  • Types of theory
  • Theory versus practice
  • Inventory management success factors

Statistics

  • Discrete and Continuous Distributions
  • Utilising standard deviation and the mean
  • Testing distributions: the chi-square test
  • Testing distributions: a pragmatic approach
  • The distribution classification and a theoretical decision tree
  • Central Limit Theorem (CLT)
  • Bootstrapping: a non-parametric distribution
  • Measuring covariance in manufacturing environments

Forecasting

  • Interactive game: “Beat the instructor”
  • A forecasting framework
  • Your forecasting toolkit
  • Responding to forecast exceptions
  • The different methodologies
  • A spotlight on the ‘best’ methodology
  • Forecasting irregular articles
  • From forecast to inventory management

Determining batch-sizes

  • When and why should you apply EOQ?
  • The EOQ in action
  • The cost insensitivity of the EOQ
  • The EOQ with quantity discounts
  • The limitations of EOQ
  • The EOQ for multiple products
  • A simple alternative for EOQ
  • What results can chain collaboration yield?
  • Batch size determination for irregular items

Calculating safety stock

  • The safety stock formula
  • Determining the ‘k-factor’
  • Determining service level
  • Cost of out-of-stock
  • Minimising safety stock
  • Service level setting Vs. customer differentiation
  • Safety stock for irregular a articles

Operational inventory management

  • The relationship between batch size and safety stock
  • Inventory management for new items
  • The order quantity of end-of-life items
  • Determining order quantity for perishable goods
  • Tackling excess stock
  • Inventory management for C items
  • Multi-echelon inventory management

Level

The course is designed for professionals who wish to delve into theoretical inventory management.

Pricing

The costs for participating in the Advanced stock management course are € 900 per person excl. VAT.

Register your interest today!

Slimstock Academy

Grosvenor House Prospect Hill Redditch Worchestershire B97 4DL

+44 1527 509 561

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