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Course Code: PSCO 119
246 Course Visits
Spare Part Management and Stock Control
Course Sector:
Procurement & Supply Chain Operations
Course Dates and Locations
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Introduction
Training course introducion / brief
Most companies and organizations are reluctant to maintain a comprehensive spare part inventory because they fear that stocking assets like spares is counterintuitive when trying to effectively control operating costs. Practical spare part management is the foundation for reliable plant operation and is crucial to a plant managers success. Plant managers are expected to identify ways to reduce cost while maintaining the performance and efficiency of plant operations.
This training course is designed to provide participants with relevant knowledge and understanding of spares management and inventory control in the maintenance repair and operations (MRO) environment including activities in an organization that ensure the optimal and timely availability of spare parts in order to meet maintenance timely demands.
Course Objectives
At the end of the training course, participants will be able to
- Gain an understanding of product specification and the implications of holding items.
- Understand categories of stock and ways to tailor stockholdings.
- Understand the latest technique and methods in managing inventory to reduce and eliminate inventory obsolesces.
- Learn the techniques which can be used in order to identify, control and coordinate the spare parts requirements on a daily and long-term basis.
- Identify the savings that can be made from implementing an effective and economic spare parts stores system using both manual and computer systems.
- Apply methods of determining levels of stockholding,
- Produce an action plan designed to reduce stockholding.
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
Spare Parts Management
- Spare Parts Against Typical SKU’s
- Factors and Variables Affecting Spare Parts
- Stages of Spare Parts Management
- Stage 1 – Criticality, Demand and Supply Characteristics
- Stage 2 – Segmentation/ Clusters
- Stage 3 – Forecasting and Safety / Buffer Stock
- Eliminating Process Problems
- Spare Need Identification
- Request For Order
- RFO Approval
- Procurement
- Reception
- Warehousing
Spare Parts Management Starts with Good Forecasting
- Quantitative Method Against Common Sense
- Visualization of Time Series
- Calculation of Forecast
- Calculation of Accuracy
- Selection of The Best Method
- Evaluate Parts Critically
- Cost of Inventory Holding
- Lead Time and Other Parameters
- Failure Probability
- Impact of Spare Parts Unavailability
Stock Control
- Inventory Levels
- For new parts
- Existing inventory
- Maximums and minimums
- Reorder points
- Safety stock
- Economic order quantity
- Reserving parts
- Inventory control
- Parts issuing
- Parts receiving
- Parts returning
- Parts requisitioning/purchasing
- Access to stores
- Physical inventory
- Cycle count
- 100% count
- DCON I.R.A.
- Stock-outs
Stock Control Models and Techniques
- Theoretical stock control model
- Elements of stock control model
- Dynamic nature of the stock control model
- Maintenance requirements
- Reorder point fluctuations
- Stock Control Techniques
- Best order quantity
- Economic Order Quantity (EOQ) defined
- Determining Economic Order Quantity (EOQ)
- Variable costs
- ABC analysis
- Other techniques of analysis
Implementing an Information System for Spare Parts and Maintenance Inventory Management
- Forecast Accuracy and Reliability
- Unexplained/Random
- Qualitative Method
- Safety Stock
- Reorder Point
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.
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