Main MenuMain Menu
Course Code: PSCO 106
2576 Course Visits
Certificate in Inventory Management, Demand Planning and Forecasting
Course Sector:
Procurement & Supply Chain Operations
Course Dates and Locations
Choose a date and location to book your seat
No.
Date
Days
Location
Fees
Enrollment
01
5 Days
Barcelona, Spain $4,950
02
5 Days
Online, Virtual $2,150
03
5 Days
Salalah, Oman $4,250
04
5 Days
Dubai, UAE $4,250
Introduction
Training course introducion / brief
In today’s business environment, inventory management can be the key link between success and positive cash flow or failure and overwhelming red ink. The role of inventory in supply chain management puts an organization in the position of trying to strike a balance between fulfilling the demands of customers, which is often difficult to forecast with precision or accuracy, and maintaining adequate supply of materials and goods. In parallel, demand planning is a process of forecasting, or predicting, the demand for products to ensure they can be delivered and satisfy customers with the goal of creating a balance between having sufficient inventory levels to meet customer needs without having a surplus.
Supply chain management
In order to achieve greater results, professionals in the supply chain management field should have the knowledge of Inventory management, demand planning and forecasting best practices. This training course is designed to provide participants with the proactive approach to improving their organization’s methods of management.
Course Objectives
At the end of the training course, participants will be able to
- Establish an inventory management policy
- Reduce your inventory while improving your customer service
- Balance service and safety stock implications
- Understand inventory flow of costs and carrying inventory
- Better forecast your true inventory needs
- Utilize the ordering and planning philosophies that suit your goals
- Plan and reduce lead-time cycle components
- Attain a higher level of inventory record accuracy
- Select the appropriate way to conduct inventory
Course Audience
Who is this course for, and can benefit the most
- Procurement Manager / Supervisor
- Procurement officer / assistant
- Purchase officer
- Vendor manager
- Supplier relationship officer
- Purchase coordinator
- International Buyer
- Category purchasing manager
- Supply chain officer- Procurements
- Logistics Professionals
- Distribution Managers
- Working in this field
- These who wants to start a career in this field
Course Outline
The course aims and learning outcomes
INTRODUCTION TO INVENTORY 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
- DESCRIPTION AND CLASSIFICATION OF INVENTORY
- Types of inventories
- The inventory ABC classification ranking model
- Uses of the ABC ranking
- Materials specifications and cataloguing
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 SYSTEMS
- Elements of inventory holding and ordering costs
- The Economic Order Quantity (EOQ) model
- Dealing with quantity discounts
- Objectives of safety stocks
- Setting safety stocks
- Determining the Reorder Point (ROP)
- COUNTING AND CONTROLLING INVENTORY
- Importance of accurate inventory records
- Warehousing functions
- Causes of inaccurate inventory records
- Requirements for accurate inventory records
- Reporting record accuracy
- Periodic and cycle counting
REDUCING INVENTORY INVESTMENT
- The importance of JIT or pull theory in inventory management to reduce total cost
- Identification of surplus
- Disposal options of excess inventory
- JIT methods
- JIT requirements
- JIT risks
MEASURING INVENTORY MANAGEMENT PERFORMANCE
- Importance of tracking the effectiveness of the inventory planning and control functions
- Reasons behind poor inventory management performance
- Setting inventory KPIs and targets
- Examples of KPIs used in the inventory planning and control functions
- Qualities of the inventory specialist
Providers and Associations
Providing the best training services and benefits to our valued clients
Boost certificate of completion
BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.
ENDORSED EDUCATION PROVIDER
Flexible deadlines
Customized dates accordance to your schedule
Shareable Certificate
Earn certificate upon completion
COURSE METHODOLOGY
Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).
At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.
Since 2001, we have been pioneering the training field in the middle east, we managed to unlock potential and help individuals, teams and organisations to be the best that they can be with our full and integrated solutions.
Quick Links
Our sister companies in Egypt and United Arab Emirates
MOST TRENDING
And Recommended Training Courses
trending
The Scheduling Professional (PMI-SP Exam Preparation)
Date: Feb 10, 2025
Location:Dubai, UAE
trending
Practical Negotiation Skills for Contract Management
Date: Nov 10, 2024
Location:Jeddah, KSA
trending
The Risk Management Professional (PMI-RMP Exam Preparation)
Date: Jun 30, 2025
Location:Istanbul, Turkey
We believe in progress for everyone.
We helped more than 10.000 clients over 20 countries on 4 continents in boosting their knowledge, skills and careers.
Boost Training And Consulting © All Copyrights Reserved 2025