Inventory And Treatment Of Waste And Idle Stock
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INTRODUCTION
This MBA style course prepares and empowers you to calculate and control your Safety Stock. A crucial area of Inventory Management.
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COURSE OBJECTIVES
At the end of this course you will be able to:
- How to Calculate Safety Stock
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Super Simple to Super Detailed Methods
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Inventory Dynamics – how to Control your Inventory Levels over time to make Better Decisions
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Demand and Lead Time Management to Reduce your Need for so much Safety Stock
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Alternative Approaches to holding Safety / Buffer Stock
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Quantify the Probability of you having a Stockout in a given period of time
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Use Statistics to Model your Lead Time Demand
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Determine the Optimum “Service Level” for your Inventory
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Why Bond cant eat Lobster…..
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COURSE AUDIENCE
This course is made for
- Supply Chain Managers. Working in Operations, Manufacturing or Service sectors, Production and Industry
- Purchasing / Procurement, Logistics & Customer Relationship Managers
- Financial Controllers, Accountants, Business Analysts & Consultants
- Small Business Owners & Operations Managers
- Ambitious Self-Starters who want to have a Bigger Impact at work, Improve Things and Get Noticed
- People working in Production, Manufacturing, Industrial Operations, Business Operations
- A Desire to Become the Authority in your workplace on Business Inventory Management
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COURSE OUTLINE
DAY 1
Inventory Control Introduction
1. Benefits of Good Safety Stock Inventory Management
2. Bond’s Lobster Story
3. What is Safety Stock – Why do we Need Buffer Stock?
4. Much Obliged!
Safety Stock Background
5. Supply Chain Trade Offs – Risk and Consequences of Stock-outs
6. Supply Chain Trade Offs – Costs of Inventory
DAY 2
Inventory Dynamics
7. Basic Inventory Dynamics – Introduction
8. Basic Inventory Dynamics – Sawtooth
9. Re-Order Point and Alternatives
10. Purchasing Order Quantity Choices
11. How much Safety Stock? – Procurement’s Problem Question
Simple Safety Stock Calculations
12. Safety Stock Calculations – Introduction
13. Method 1: Simple Inventory Control Formula: # Days of Safety
14. Method 1: Practice Question : # Days of Safety
15. Method 2: HiHi-AvAv – Protecting Against the Worst Case
16. Method 2: HiHi-AvAv – Explanation
17. Method 2: HiHi-AvAv – Practice 1 & Answer
18. Method 2: HiHi-AvAv – Practice 2
19. Method 2: HiHi-AvAv – Practice 2 – 2nd round
20. Method 2: HiHi-AvAv – Summary
Calculating Safety Stock: Method 3: Statistical Method
21. Service Level and Statistical Distributions
22. Introduction to the Statistical Method
23. Service Levels and Statistical Variation
24. Normal Distribution Modelling
25. Service Level Definition
26. Statistical Method – High Level Overview
27. Jumping Ahead – A quick look
28. Need to Refresh your Probability Knowledge?
29. Normal Distribution Introduction
30. Normal Distributions and Standard Deviations
31. Lead Time Demand as a Normal Distribution
32. Representing Service Level on the Bell Curve
33. Steps Overview
34. How Many Standard Deviations of Safety Stock
35. Intermediate Practice Question
36. Safety Stock in Retail – Example 2
37. Alternative Formula =norm.inv()
38. Working Backwards to find your Service Level
DAY 3
Getting Your Data
39. Getting your Data – Introduction
40. Finding the “Mean” and “Standard Deviation” from your Data
Assumptions and Limitations of the Statistical Method
41. Assumptions and Limitations of Method 3
Fixed Lead Time, Variable Demand: Method 3 Continued
42. Different Input Data- Introduction
43. Calculating Safety Stock: Fixed Lead Time, Variable Demand
44. Calculating Safety Stock: Fixed Lead Time, Variable Demand – Example
Variable Lead Time and Demand: Method 3 Continued
45. Variable Lead Time and Demand – Method and Example
46. Variable Lead Time and Demand – Question and Answer
47. Rounding Up or Down?… – Costs $60k!
48. Which Formula to Use? Summary
Choosing your Service Level – Your Tolerance for Risk
49. Choosing your Service Level – Introduction
50. Service Level Definition: Recap
51. What Factors should Influence how “Safe” we want to be??
52. Marginal Analysis – Choosing your Service Level
53. Marginal Analysis – Example
Probability of a Stockout Over Time – Calculating Risk
54. What’s the Probability of a Stockout? – Introduction
55. What’s the Probability of a Stockout? – Excel Tool
DAY 4
Optimizing Safety Stock Levels
56. When to Review and Optimize your Safety Stock
57. Reducing the Need for Purchasing Safety Stock
58. Demand Management to Reduce Safety Stock
59. Lead Time Management to Reduce Safety Stock
60. Alternatives to Safety Stock – Other Actions
DAY 5
Conclusion
61. Wrap Up
62. Conclusion
Bonus and Appendix
63. What’s Next– Further Reading
64. My Other Courses
65. How to Get Your Certificate
66. Hide Your Nuts!
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