Stock Control Course

This traditional stock control training course is aimed at those store-persons and stock controllers whose job it is to forecast, order and manage inventory on a daily basis. By understanding and using classic inventory theory, students will take away an appreciation of why and how to apply scientific method to their task of stock control and inventory planning.

The nature of consumable (as opposed to repairable) stock is explored and the dynamics of how consumables contrast to permanent, repairable or rotable assets is explained.

The key elements of the the inventory equation are introduced, explained and discussed. Through this process, students will develop an understanding of the importance of each element in the overall calculation.

Inventory Performance Indicators and Measures are explained and discussed. What performance measures are available? Which one(s)are most suitable to each different students own organisation and why?

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

Formulas for Economic Order Quantities and Lot Size calculations are discussed, derived and explained. Students learn how to determine optimal Economic Order Quantities and Lot Sizes that best fulfil their own organisations chosen Performance Indicators/Measures.

Students now learn how best to calculate Optimum Stock levels, Re-order point and Re-order Quantities that align to that their own organisations chosen Performance Indicators/Measures.

An overview of various Forecasting Methods is provided and the different scenarios discussed before student learn and use different methods of demand forecasting including:

Moving Averages

Exponential Smoothing. What is Exponential Smoothing? What advantages does it offer over Moving Average? This simple technique is explained before students get a chance to use it straight away in class.

Compound exponential smoothing. Exponential smoothing that accommodates trends in consumption (increasing or decreasing). How and why this works is explained before students make there own forecasts using this method.

Triple Exponential smoothing. When trends are seasonal, triple exponential smoothing can take account of them. building on the previous 2 methods, students are taught the relative complexity of this powerful technique and then invited to try there hand using it for themselves.

NOTE: Students may bring some real data from their own organisations which may be analysed (where possible) during the course to determine the most appropriate forecasting for them.

Forecasting Intervals and Frequency. The question is often asked: how should you slice up your data? What intervals should you use? Daily, weekly, monthly, quarterly or, perhaps, annually or biennially? Answers to all of the questions are offered but the key lesson for students is that it depends (on the particular situation in their organisation)