Effective Stock Control
Effective Stock Control - 2-day in-house course
This two-day Effective Stock Control course is designed 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. It will examine in depth the theories behind a wide range of stock control techniques available and their practical application in the workplace.
The course will provide attendees with a better understanding and appreciation of computer systems (MRP/ERP) and the processing of data. Equally it will provide an insight into the power of MS Excel for the same purpose by the use of simple workbooks.
Attendees will be provided with an Excel spreadsheet containing the formulas, calculations and worked examples upon completion of the course. Expertise in Excel is not necessary.
The training focuses on providing participants with a thorough knowledge of the full spectrum of existing stock control techniques, as well as their application, covering a range of aspects including
- costs
- forecasting
- MRP and ERP
- stock-taking
It is ideal for candidates with some experience in a Stock Control function who need to solidify their knowledge.
Upcoming start dates
Suitability - Who should attend?
This Effective Stock Control course is suitable for personnel concerned with the control of stocks in retail, manufacturing, distribution or service environments including:
- Stock controllers
- Buyers
- Material planners
- Stores managers
- Warehouse managers
- Manufacturing managers
- Production controllers
Pre-requisites
Some experience in the Stock Control function is desirable.
Effective Stock Control Course Content
This Effective Stock Controlcourse is designed to cover the following key areas:
Basic Prerequisites of Stock Control
Security of Stock / Accurate Stock Records / Difference Between Stock Recording and Stock Control / Reasons for Holding Stock.
Financial Considerations
The Effect of Stock Control on Working Capital / Cash Flow / Return on Investment / Liquidity / Profitability / Stock Turnover / KPI’s / Concept of Stock as a Non-Productive Asset.
Costs
Stockholding Cost / Cost of Money / Running Costs / Wastage / Insurance / Administration / Total / Ordering Costs.
When to Order
Service Levels / Standard Deviations / Safety Stock Levels / Service Levels / Principal of Diminishing Returns / Re-Order Levels.
How Much To Order
Full explanation and understanding of the formula for Economic Order Quantity (EOQ) / Practical Application / Lot Sizing / Minimum Order Quantities (MOQ’s) / Pack Sizes.
Forecasting Future Demands
Demand patterns / Trends / Seasonal Variations and Ratios / Random Fluctuations / Sporadic Demands / Mixed Demands / Averages / Moving Averages / Weighted Averages / Exponential Smoothing & Formula / Tracking.
Stock Control Systems
ABC Analysis / Quantity Based Systems / Time Based Systems / Differential Stock Control / Consignment Stock / Vendor Managed Inventory / Kanban.
MRP/ERP
Time Phasing / Explosion Routines / Schedule Regeneration / Just-in-Time / Zero Defects.
Stocktaking
Importance / Continuous Stocktaking (Cycle Counting) / Periodic Stocktaking / Choice of System / Treatment of Discrepancies.
Surplus, Obsolete and Redundant Stocks
‘SLOB’ Stocks / Identification / Causes / Control and Reduction / Disposal Options.
Training Course Content
Basic Prerequisites of Stock Control
Security of Stock / Accurate Stock Records / Difference Between Stock Recording and Stock Control / Reasons for Holding Stock.
Financial Considerations
The Effect of Stock Control on Working Capital / Cash Flow / Return on Investment / Liquidity / Profitability / Stock Turnover / KPI’s / Concept of Stock as a Non-Productive Asset.
Costs
Stockholding Cost / Cost of Money / Running Costs / Wastage / Insurance / Administration / Total / Ordering Costs.
When to Order
Service Levels / Standard Deviations / Safety Stock Levels / Service Levels / Principal of Diminishing Returns / Re-Order Levels.
How Much To Order
Full explanation and understanding of the formula for Economic Order Quantity (EOQ) / Practical Application / Lot Sizing / Minimum Order Quantities (MOQ’s) / Pack Sizes.
Forecasting Future Demands
Demand patterns / Trends / Seasonal Variations and Ratios / Random Fluctuations / Sporadic Demands / Mixed Demands / Averages / Moving Averages / Weighted Averages / Exponential Smoothing & Formula / Tracking.
Stock Control Systems
ABC Analysis / Quantity Based Systems / Time Based Systems / Differential Stock Control / Consignment Stock / Vendor Managed Inventory / Kanban.
MRP/ERP
Time Phasing / Explosion Routines / Schedule Regeneration / Just-in-Time / Zero Defects.
Stocktaking
Importance / Continuous Stocktaking (Cycle Counting) / Periodic Stocktaking / Choice of System / Treatment of Discrepancies.
Surplus, Obsolete and Redundant Stocks
‘SLOB’ Stocks / Identification / Causes / Control and Reduction / Disposal Options.
Expenses
Request information - obligation free
Purchasing Management Services - Training Courses in Purchasing, Store and Stock Control
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