Those involved in inventory (materials) planning and STOCK control at the operational and supervisory levels. Also, those working in other functions of materials management (purchasing, stores, distribution) who need to understand the mechanics of inventory planning and stock control
List the objectives of inventory management and its impact on cost and customer service
Perform proper classification of inventory and use best practices for item specification/ cataloguing
Use forecasting techniques to predict demand and better manage lead times
Identify the optimum ordering quantity and determine safety stocks and reorder points
Conduct cycle counts, improve inventory record accuracy, and find ways to reduce inventories
List various techniques to reduce inventory, including JIT (Just-In-Time)
Apply Key Performance Indicators (KPIs) to measure and improve inventory performance
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