Stock Forecasting and Management Workshop
2 Day Training
Dates: 05 – 06 September | 07 – 08 November 2024
Locations: Grayston Ridge Office Park, Sandton
Platform: Available In-Class / Online
Price: Available on request
Course Introduction
Equip yourself to generate more accurate forecasts, set appropriate inventory levels, and monitor and improve forecasting and inventory management over time with our Stock Forecasting and Management Workshop. Explore the impact of inflated inventory levels, diagnose process constraints, and leverage techniques to improve inventory performance.
Course Objectives
By the end of the Stock Forecasting and Management Workshop 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.
Who should attend?
This Prospen Africa Stock Forecasting and Management Workshop is for managers and directors who are involved in supply chain processes and particularly those working in demand management (forecasting and inventory management).
Training Methodology
Our diverse instructional approaches ensure effective learning:
– Lectures & Presentations: Engage with expert-driven, stimulating content.
– Course Material: Access well-crafted supporting resources.
– Group Work: Collaborate on discussions and case studies for practical insights.
– Workshops & Role-Play: Participate in immersive, scenario-based activities.
– Practical Application: Focus on applying theoretical knowledge in real situations.
– Post-Training Support: Receive extensive support after training for skill implementation.
Training 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
Importance of Inventory Management
Description and classification of inventory
Types of inventories
Relationship Between Forecasting and Inventory
The inventory ABC classification ranking model.
Uses of the ABC ranking
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 costs
Inventory cost elements
Cost of item
Purchasing cost
Carrying or holding cost
Stock-out cost
Inventory systems
The Economic Order Quantity (EOQ) model
Determining Inventory Levels to Ensure In-Stock Levels While Minimizing Obsolescence
Dealing with quantity discounts
Objectives of safety stocks
Setting safety stocks
Evaluating Software Used to Enable Forecasting and Inventory Management
