By the end of the course, participants will be able to:
State the objectives of stock management and list their impact on cost and customer service
Prepare proper classification of stock and use best practices for item specification and cataloguing
Use scientific forecasting techniques to predict demand and better manage lead times
Differentiate and categorize stock cost elements
Compute the optimum ordering quantity and determine safety stocks and reorder points
Those involved in inventory (materials) planning and stock control at the operational and supervisory levels. Also, all those working in other functions of materials management (purchasing, stores, and distribution) who need to understand the mechanics of inventory planning and stock control.