Consumable Spares Management Course

Session 1. The nature of consumables

How do the inventory dynamics of consumables contrast to permanent, repairable or rotable assets.

Session 2. Economic Order Quantities and Lot Sizes

How to determine Economic Order Quantities and Lot Sizes.

Session 3. ROPs and ROQs

How to calculate Optimum Stock levels, Re-order point and Re-order Quantities.

Session 4.Overview of Forecasting Methods

Methods of demand forecasting including:

• Moving Averages
• Exponential Smoothing.
• Compound exponential smoothing.
• Triple Exponential smoothing.
• Seasonal Forecasting.

Session 5. Moving Averages and Exponential Smoothing

What is Exponential Smoothing? What advantages does it offer over Moving Average?

Session 6. Compound Exponential Smoothing

Exponential smoothing that automatically responds to trends in consumption. How does that work?

Session 7. Triple Exponential Smoothing

Are trends seasonal? How triple exponential smoothing take account of them.

Session 8. Optimal Forecasting Intervals and Frequency

How should you slice up your data? What intervals should you use? Daily, weekly, monthly, quarterly or, perhaps, annually or biennially?

Session 9. Inventory Measures and Performance Indicators

How to set meaningful stock performance measures for contracting and for internal measurement and management.

This course is relevant to ANYONE who has any dependency on, or involvement with, inventory.