Effective Stock Control
Wednesday 6th November 2024, 9.00am - 4.30pm, Newtown
Workshop Objectives
Intended for personnel concerned with the control of stocks in retail, manufacturing, distribution or service environments. Material planners, stock control, data analysts, buyers, production controllers, stores and warehouse personnel and manufacturing managers, will all benefit from the content of this course.
Outcomes
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. To examine in depth the theories behind a wide range of stock control techniques available and their practical application in the workplace.
To provide a better understanding and appreciation of computer systems and the processing of data. Equally provide an insight into the power of MS Excel for the same purpose by the use of simple workbooks. On completion of the course, attendees will be provided with an Excel workbook with a series of spreadsheets loaded with the formulas, calculations and worked examples used during the course.
This course doesn’t just explain what re-order levels are, what safety stock is and how a forecast works, we show you how to calculate these elements of stock control. This will enable you to manipulate your computer system and apply the principles to your situation. Businesses like Sony Global Technology, Virgin, The Famous Grouse Whisky Distillery, the Met Office, Liz Earle Beauty Products and Lotus Sports Cars are just some of the businesses that have benefitted from this course.
Course Content
Basic Prerequisites - Security of Stock / Accurate Stock Records / Difference Between Stock Recording and Stock Control.
Financial Considerations - The Effect of Stock Control on Cash Flow / Return on Investment / Liquidity / Profitability / Stock Turnover / KPI’s / Concept of Stock as a Non-Productive Asset. ‘SLOB’ Stock.
Stockholding Costs Stockholding Cost Stockholding Cost/ Cost of Money / Running Costs / Wastage / Insurance / Administration / Ordering Costs.
When to Order When should an order be placed? / Calculating Re-Order levels/ Lead Time Usage/ Implications for Safety Stock.
How Much To Order - Full explanation and understanding of the formula for Economic Order Quantity (EOQ) / Practical Application / Minimum Order Quantities (MOQ’s) / Pack Sizes.
Forecasting Future Demands - Demand patterns / Trends / Random Fluctuations / Sporadic Demands/ Mixed Demands/ Averages / Moving Averages / Weighted Averages / Exponential Smoothing & Formula / Tracking.
Safety Stock Active Stock and Safety Stock/ Calculating Safety Stock/ Estimating Forecast Error/ Setting Service Levels/ Calculatng Standard Deviation/ Principles of Diminishing Returns/ Mean Absolute Deviation (MAD).
Stock Control Systems - ABC Analysis/ Quantity Based Systems / Time Based Systems / Min-Max, Topping Up / MRP / Differential Stock Control/ Consignment Stock/ Vendor Managed Inventory/ Kanban..
Duration: 1 Day
Date: Wednesday 6th November 2024
Cost: Free to Attend if you work or live in Powys.
Venue: Newtown
Book your places below or Tel: 01686 628778
Course Delivery: This course will be delivered by Gareth Roden of Purchasing Management Services, Gareth presents training courses at venues around the UK and internationally across all business sectors and has trained delegates from such high-profile organisations as Apple, Sony, Lotus Sports Cars, Toyota, Virgin East Coast, BAE Systems, Nestlé, Rolls Royce and the London Underground. Gareth has been with PMS for 20 years and his hands-on experience and dynamic presentation style have made him a very popular and highly respected presenter.
Book online using the booking form below, call 01686 628778 or email sam@mwmg.org
