Seminar on Forecasting and Lean Inventory Management

This program aims to discuss the best business practices which help in minimizing the total inventory in the supply chain. In this full day program the participants learn why it is necessary to forecast and apply different inventory control techniques to manage the stocks differently thus enabling to improve the overall efficiency of the supply chain.
It is expected that at the end of the program, the participants will have a good understanding of the various aspects that affect the supply chain efficiency which will help in their decision making process relating to forecasting and inventory management.
The various topics that would be covered are:
___________________________________________________________________
Introduction
• The context within which modern supply management systems must operate.
• The role of stocks in the supply chain.
• The types of distribution system to be controlled
___________________________________________________________________
Forecasting
• Classification of Forecasts
• Forecasting requirements for stock management
• Short-term forecasting techniques
• What can and cannot be forecast
• Short term forecasting methods using time series
• Forecasting error
• Factors in a successful forecasting system
________________________________________________________________
Supply Management
• To  understand the  factors that affect the supply management efficiency
• To  understand the need to change the way the purchasing function is carried out to improve the flow
• To understand the new methods of measuring the supply performance
• To understand the new methods of measuring the purchasing efficiency
• Case studies
• Performance measurements
__________________________________________________________________
Inventory Management
• Pull vs. Push system
• Virtual stock management
• The effect of order quantity on stock levels
• Practical constraints in setting the order quantity
• The key cost elements
• Economic order quantity
• Coverage analysis
• Setting buffer stock levels
• To  understand the  factors that affect the inventory management efficiency
• To  understand the need to change the way the inventory management to be carried out to improve the flow
• To understand the new methods of measuring the inventory management efficiency
• Case study
• Sample data analysis to identify ABC classification, pick classification, frequency analysis, excess stocks, risk-of-run out , slow moving , obsolete / dying stocks