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Inventory Management

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Description

We cover 3 methods to calculate your Safety Stock - from super simple to advanced statistics:

Method 1: Number of Days of Safety - A fast and very basic method to get a quick decision

Method 2: HiHi-AvAv (my own name for a very established method ;)  Finding the difference between our high "Lead Time Demand" and the average to determine the level of cover we want from periods of high demand during a slow replenishment lead time.

Method 3 : Statistical Method - The most rigorous method. We model our "Lead Time Demand" as a "Normal Distribution", determine our desired "Service Level" (acceptable risk of a stockout) and use a little help from some excel formulas to calculate our required Safety Stock and Re-Order Point quantity. 

Course Sections:

1. Inventory Control Introduction

2. Safety Stock Background

3. Inventory Dynamics

4. Simple Safety Stock Calculations

5. Calculating Safety Stock using Statistics

6. Getting Your Data

7. Assumptions and Limitations of the Statistical Method

8. Fixed Lead Time, Variable Demand: Method 3 Continued

9. Variable Lead Time and Demand: Method 3 Continued

10. Choosing your Service Level - Your Tolerance for Risk

11. Probability of a Stockout Over Time - Calculating Risk

12. Optimizing Safety Stock Levels

13. Conclusion

14. Bonus and Appendix
This course is for dedicated operations manager, the ambitious procurement professionals, the striving logistics supervisors, hands-on production planners and the practical business optimization analysts.

  • Remove the guesswork and add structure to your crucial safety stock decisions.

  • Take control of your inventory management to have and "impact" and "improve" your business operations - manufacturing, services, industrial operations and production.

  • Equip yourself to take a new leading role in your workplace - improving your processes, systems & business / organization.

  • Quantify your risk, calculate your inventory requirements and articulate your method - removing the guesswork and fearful overstocking.

Who this course is for:
-Supply Chain Managers. Working in Operations, Manufacturing or Service sectors, Production and Industry
-Purchasing / Procurement, Logistics & Customer Relationship Managers
-Financial Controllers, Accountants, Business Analysts & Consultants
-Small Business Owners & Operations Managers
-Ambitious Self-Starters who want to have a Bigger Impact at work, Improve Things and Get Noticed
-People working in Production, Manufacturing, Industrial Operations, Business Operations
-A Desire to Become the Authority in your workplace on Business Inventory Management

AED99.00

1 Week

Master inventory management with Lipslay’s online course. Learn stock control, ordering, and tracking — all from home in Dubai.

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Frequently Asked Questions

Effective inventory management is crucial for reducing costs, preventing stockouts, and maintaining smooth operations. This certification shows employers that you can optimize inventory processes, improving business profitability and operational efficiency.
This certification is ideal for supply chain professionals, warehouse managers, procurement specialists, and anyone working in logistics or inventory control looking to advance their career in inventory management.
You will learn how to track inventory, manage stock levels, analyze demand, optimize warehouse layouts, implement inventory control systems, and use inventory management software effectively.
Inventory management is a critical function in various industries, from retail to manufacturing. This certification enhances your ability to manage inventory processes, leading to improved job prospects, higher earning potential, and career advancement.
Proper inventory management ensures businesses have the right products available at the right time, minimizing waste, reducing costs, improving customer satisfaction, and supporting overall supply chain efficiency.
You can pursue roles such as Inventory Manager, Supply Chain Analyst, Warehouse Manager, Procurement Specialist, or Logistics Coordinator in various sectors like retail, manufacturing, and logistics.
The time to complete the certification varies depending on the program, typically ranging from a few weeks to several months, depending on the certification level and study format.
Yes, certifications like CPIM and CSCP are recognized internationally and respected by employers across various industries, making them valuable for advancing your career in inventory and supply chain management.