Stock Management, Forecasting and Demand Planning

Why Attend

Demand planning and stock control will help Supply Chain Management (SCM) improve the accuracy of forecasts, ensure enough inventory levels at all times and enhance profitability by optimizing expenses. When demand planning and stock control are properly executed, shortages of what is needed and extra stocks will be a story of the past.

Demand planners are “behind the scenes” professionals who are entrusted with this task. Their job is not straight forward given the dynamic nature of the scope and its many uncertainties. However, when executed right, the companies involved can capitalize on the many untapped opportunities where SCM can make a difference.

In this course, many demand planning theories, models and best practices will be discussed. When properly implemented, they will help participants in dealing with various future scenarios in order to ensure a continuous flow of inventory at the least possible cost.

Course Methodology

This course uses a mix of interactive and hands-on techniques. Beside brief presentations by the consultant and the participants, there will be many individual and group exercises. The exercises are all work related where participants need to calculate or draw the optimal solutions after understanding the process.

Course Objectives

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

Target Audience

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.

Target Competencies

  • Planning logistics
  • Logistics work processes
  • Inventory management
  • Assessment and planning of requirements
  • Forecasting demand

Location:

South Africa

Training Dates:


Training Schedule
Duration
1 Week
2 Weeks
3 Weeks
Month
Option A
Option B
Option A
Option B
Option A
January
13 - 17 Jan
27 Jan - 31 Jan
6 - 17 Jan
20 Jan- 31 Jan
13 Jan - 31 Jan
February
10 - 14 Feb
24 Feb - 29 Feb
3 - 14 Feb
17 Feb - 29 Feb
10 Feb - 29 Feb
March
10 - 14 Mar
23 - 27 Mar
2 - 13 Mar
16 - 27 Mar
9 - 27 Mar
April
6 - 10 Apr
20 - 24 Apr
30 Mar - 10 Apr
13 - 24 Apr
6 - 24 Apr
May
6 - 10 May
27 -31 May
29 Apr - 10 May
20 - 31 May
13 - 31 May
June
8 - 12 Jun
22 - 26 Jun
1 -12 Jun
15 - 26 Jun
8 - 26 Jun
July
6 - 10 Jul
20 - 24 Jul
29 Jun - 10 Jul
13 - 24 Jul
6 - 24 Jul
August
10 - 14 Aug
24 - 28 Aug
3 - 14 Aug
17 - 28 Aug
10 - 28 Aug
September
7 - 11 Sep
21 - 25 Sep
31Aug - 10 Sep
14 - 25 Sep
7 - 25 Sep
October
5 - 9 Oct
19 - 23 Oct
28 Sep - 9 Oct
12 - 23 Oct
5 - 23 Oct
November
9 - 13 Nov
23 - 27 Nov
02 - 13 Nov
16 - 27 Nov
9 - 27 Nov
December
7 - 11 Dec
14 - 18 Dec
30 Nov - 11 Dec
07 - 18 Dec
30 Nov - 18 Dec


Course Duration:

Unit Standard:

NQF Level:

Number of Credits:


Course Fees


Note: Please fill in the online application form on the left or bottom if this page to receive a quotation with detailed pricing from AATICD.

How to Apply:

To Apply Simply Fill in the Online Enquiries / Applications form on the Right Sidebar or Bottom of this website https://www.aaticd.co.za

NB:

When filling the online application form; please take note of your desired Training Month, Duration in Weeks and Training Session. This will give us the exact dates you will be attending your classes.

Also note that Tuition Fees must be paid upfront on or before training start date. This is to ensure that all resources are made availabe for you before you start. You will not be allowed into training if fees are not paid and verified.

Also note that Tuition Fees Cancellations must be made 14 business working days before the starting date of training. This will allow us to do a 50% refund of the total amount paid. If cancellations are made thereafter note that no refund will be made to delegates.

Tuition Fees include teas and lunch as well as either a laptop or tablet which a delegate will take home free of charge.

Tuition Fee DOES NOT include Accommodation, Dinners and other Extra Curricular Activities or Incidentals. Delegates are expected to fund this on their own. AATICD will not be held accountable for any incidents to delegates.

In-House Trainings are also available for 3 or more delegates for any duration. Please consult with our Administration for such In-House training bookings.


Course Outline

  • Introduction to stock management
    • Supply chain management scope
    • Functions and objectives of supply chain management
    • Objectives of inventory planning and stock control
    • Reasons to hold inventory
    • Inventory information system considerations
    • Inventory push versus pull systems
    • Identifying inventory costs
    • Customer service in inventory management
  • Description and classification of inventory
    • Types of inventory
    • The inventory ABC classification ranking model
    • Uses of the ABC ranking
  • Forecasting demand and lead time
    • The inventory order cycle
    • Dependent versus independent demand
    • Factors affecting demand
    • Factors impacting demand forecast accuracy
    • Demand patterns
    • Time series forecasting methods
      • Seasonal demand
      • Moving average
      • Exponential smoothing
    • Measuring the accuracy of the forecast
    • Setting lead time and methods to control it
  • Inventory costs
    • Inventory cost elements
      • Cost of item
      • Purchasing cost
      • Carrying or holding cost
      • Stock-out cost
  • Inventory systems
    • The Economic Order Quantity (EOQ) model
    • Dealing with quantity discounts
    • Objectives of safety stocks
    • Setting safety stocks
    • Determining the Reorder Point (ROP)