By the end of the course delegates will:
- Understand key principles of materials management and its role in improving organizational efficiency.
- Apply inventory control techniques such as EOQ, ABC analysis, and Just-In-Time (JIT) to optimize stock levels.
- Develop effective stock planning strategies using demand forecasting and risk mitigation methods.
- Enhance procurement processes by building strong supplier relationships and applying evaluation criteria.
- Optimize warehouse and distribution systems to improve material flow and reduce operational costs.
- Leverage technology and data for real-time inventory tracking and informed decision-making.
- Implement lean practices to eliminate waste and improve overall efficiency in materials and stock control.
DAY 1
- Introduction, Aims and Objectives Processes, outcomes, etc.
- Concepts of Materials Management
- Concepts of Stock Control
- Approaches and philosophies
- Example of Best Practice
- Case Study
- Exercise
DAY 2
What is planning and control
- Practice of Stock Control, Types of stock
- EOQ, Buffer Stock, ABC System, EBQ, Re-order levels, Cycle Stock, Pipeline Stock
- Material Classification and Coding
- Storage Systems Design
- Case Study
- Inventory costs
DAY 3
- Methods of planning and control
- MRP (Materials Requirements Planning)
- JIT (Just-In-Time)
- Controlling the operation (Push and Pull Control)
- Valuation of Stock
- Methods of Stock Valuation
- LIFO (Last-In-First-Out)
- FIFO (First-In-First-Out)
- Weighted Average
- TQM
DAY 4
- Human Aspect
- Motivation and management of people
- Leadership and leadership styles
- Team working / Belbin’s Team Roles
- Training and developing personnel
- Exercise
DAY 5
- Benchmarking
- Types of Benchmarking
- Approaches to Improvement
- Health and Safety
- Review of course
- Personal Action Plan
