Essentials of Inventory Management | Virtual Class | August 2017

1:00pm Friday, 11 August 2017
3:00pm Friday, 29 September 2017
Short Courses/Workshops
Melbourne, Victoria 3000

Essentials of Inventory Management

In this virtual classroom short course, you will be introduced to essential vocabulary and skills necessary for identifying and applying the basic principles of inventory management. Basic methods of planning and controlling inventory in manufacturing, institutional, distribution and retail environments will be covered as well as the questions of what to stock is addressed through an examination of current evolving technologies of inventory management.

Learning outcomes

 ·        Learn fundamental principles and techniques of inventory management

·         Understand your role and responsibility in the control of inventory

·         Discover the impact that inventory can have on your business

Course outline

Topics covered include the following:

Inventory functions

-  Inventory defined

-  Inventory Turnover ratio; Excess and obsolete inventory

-  Return on Investment

-  Costs of inventory

-  ABC Analysis

-  Periodic Inventory and Cycle Counting

-  Inventory Record Accuracy


Inventory replenishment

-  Perpetual systems, Min Max, Two Bin, Kanban

-  Economic Order Quantity (EOQ), POQ

-  Mean absolute deviation (MAD) and safety stock

-  Periodic review systems

-  Material Requirements Planning



-  Forecast characteristics

-  Trend, seasonality, random variation

-  Quantitative and qualitative forecasts

-  Intrinsic and extrinsic information sources


Warehouse management and Distribution Requirements Planning

-  Kinds and role of warehousing

-  DRP

-  Physical control & security

-  Inventory record accuracy


Supply Chain Management and purchasing

-  Supply Chain

-  Purchasing cycles and supplier selection

-  Vendor partnering


Lean/Just-in-Time & Total Quality Management, trends in inventory management

-  Value & Waste elimination

-  Continuous improvement


Who should attend

Participants of this course would be those inexperienced in managing inventory or

who would like to understand the theoretical aspects of their roles. The course will

also be useful for those considering undertaking APICS CPIM qualification.


About the facilitator

Mark Davy is an experienced APICS CPIM facilitator and trainer in sales and operations planning and supply chain management. For over 25 years Mark has worked in a number of supply chain management roles, many of which involved implementing ERP systems, in across a variety of industries including chemical, sheet metal & electronics.  He is an ISO9000 Auditor & was involved the implementation and maintenance of quality systems to meet the requirements of the Australian defence forces and for the Collins Class Submarine Project.

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Additional Information


Dates: 11 August, 18 August, 25 August, 1 September, 8 September, 15 September, 22 September and 29 September

Timings: 1 pm to 3 pm AEDT

Fees: ASCI Member:  $900

ASCI Non-Member:  $999*

(GST inc)

* Please note you will be deemed a member for the purpose of this course only. For more information about joining as a member, visit here