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Stock Forecasting and Management Workshop

2 Day Training

Dates: 05 – 06 June | 05 – 06 September 2024
Locations: Johannesburg, South Africa
Platform: Available In-Class / Online

Price: Available on request

This is a non-Accredited course.

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 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

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

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