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STW 004 – Effective Purchasing, Inventory & Store Management

STW 004 – Effective Purchasing, Inventory & Store Management

Teachers
Mr Mohan Selvaraju
Category:
In-House Programs / Logistic & Quality / Store & Warehouse /
STW 004 - Effective Purchasing, Inventory & Store Management

Duration: 2 Days
Lectures: InHouse
Certificate of Completion

INTRODUCTION

Organization’s materials cost constitutes the major cost for the production of their products. Materials cost consists of Ordering Cost, Receiving Cost, Holding Cost, Reject Cost and Purchase Cost. We need to balance or optimize this cost. This course  solely focuses on Materials Management.

Objective

  • To Calculate Total Planned Average Inventory
  • To improve Inventory Turns.
  • To conduct Cycle Counting and improve inventory accuracy.
  • To analyze Demand Variation and Lead Time Impact on Inventories.
  • To initiate Supplier Stocking Programs
  • To drive for Consignment Systems programs
  • To generate Materials Aging Report and Dispositions.
  • To drive for Short Span and Lead Time.
  • Vendor selection criteria
  • To develop Ordering Parameters / Inventory control techniques
  • JIT and Kanban Implementation
  • To understand 80/20 principles in life, manufacturing and Store.
  • To conduct ABC Analysis
  • To calculate Average Inventory Estimation
  • To calculate Statistical Safety Stock.
  • To Compute Economic Ordering Quantity (EOQ)

Who should attend?

  • Factory Manager / Production Manager
  • Materials Manager
  • Warehouse/Store Manager
  • Production & Materials Planner / Manager
  • Purchasing Manager

2 Days Training Modules

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Day One

  • 8 Evaluate any purchases using the appropriate mathematical formulas

  • Realize the importance of price-cost information source and references

  • Identify the ‘best buy’ for a given purchase through price and cost investigation

  • Negotiate total cost of ownership more effectively with supplier and contractors

  • Use forecasting and spend analysis techniques to better understand future market conditions

  • Improve inventory management using Economic Order and Purchase Quantity techniques

  • Show a measurable contribution to the bottom line due to more effective purchasing decision and a deeper understanding of the economics of the marketplace

Day Two

  • Improve the return on investment from every purchasing dollar and your total spend

  • Gain a working knowledge of the methods, techniques, and formulas for analyzing purchasing decision

  • A practical, goal-oriented technique for obtaining control of warehouse operations – the ABC analysis. How to recognize and deal with time-wasters in warehouse operations. How to motivate your employees to be more productive. Assignment of task – how to decide what to assign to whom and when. Specific ways to evaluate your own productivity

  • The must-have information you need readily accessible concerning materials handling, inventory and storage methods, the four primary functions job. Tried and true techniques for maximizing space while minimizing cost. Proven methods for improving labor, equipment, and space utilization.

  • Methodologies for layout planning reduce travel time and distance with the proper use of space to smooth the flow, layout philosophies and capacity factor guideline, determine space-building requirement, pinpoint approaches for layout and space resources

  • Various techniques for storage location, use of locator system controls, ABC analysis, how to improve inventory control, establish material location and inventory control guidelines Evaluate physical inventory and cycle counting programs.

  • VMI and VCI, Kanban and JIT implementation for inventory reductions

About Instructors

Mr Mohan Selvaraju
- Council Member of the Charter Institute of Logistics & Transport - Warehouse Management and Operations - Material and Supply Chain Management