Effective Stock Control (NOW FULLY BOOKED)
Tuesday 21st march, 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, 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. Attendees will be provided with an Excel spreadsheet containing the formulas, calculations and worked examples upon completion of the course. Our course doesn’t just simply explain what re-order levels are, what safety stock is and how a forecast works, we show you how to calculate these things which will then enable you to manipulate your computer system and apply the principles to your situation. Businesses like Sony Global Technology, Virgin, Cromwell Tools, Lotus Sports Cars and Stelrad are just some of the businesses that have benefitted from our stock control training courses.
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. Stockholding Costs Stockholding Cost / Cost of Money / Running Costs / Wastage / Insurance / Administration / Ordering Costs.
When to Order - Safety Stock & Service Levels / Standard Deviations / Principle of Diminishing Returns / Re-Order Levels.
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 / Averages / Moving Averages / Weighted Averages / Exponential Smoothing & Formula / Tracking. Brief
Overview of Stock Control Systems - Quantity Based Systems / Time Based Systems / Min-Max, Topping Up / MRP / Twin Bin / Re-Order level and Allocation Systems.
Duration: 1 Day
Date: Tuesday 21st March 2023
Cost: Free to Attend
Venue: Newtown
Book your places below or Tel: 01686 628778
Course Delivery: This course will be delivered by Bob Edwards of Purchasing Management Services, Prior to joining PMS, Bob has enjoyed a long career of 30 years dedicated to various roles within the supply chain. Having started out in public sector operational procurement and then moving to manufacturing logistics & procurement in the automotive & agrochemical industries. Bob has held positions across all levels of materials management and procurement. Specifically:-
Kent Fire Service (Purchasing Officer)
Intier Automotive (Senior Buyer. Materials Analyst. Logistics Team Leader)
Magna Inc (UK Purchasing Manager)
Nufarm UK (Head of UK Purchasing)
Dowle VES (Commercial Manager & Head of Logistics)
Through the supply chain Bob has gained a wealth of experience and understanding in many types of manufacturing processes, for example plastics, metal fabrications, chemical, electrical, tooling & robotics. Bob is especially strong in the areas of mathematical and analytical competences of forecasting and cost modelling and presents these aspects with particular skill and enthusiasm.
Book online using the booking form below, call 01686 628778 or email sam@mwmg.org
THIS IS NOW FULLY SUBSCRIBED COMPLETE BELOW IF YOU WISH TO BE ADDED TO THE RESERVE LIST