Stock Classification and Stocking Techniques

Teachers

Abbas Shukrlla

Category:

Procurement & supply chain/

Enroll this Course

Duration: 30 Hrs.

Lectures: 6

Logic Institute

COURSE DESCRIPTION

Best Practices of Stock Classification & Stocktaking techniques Course – provides an understanding of the methods used by organizations to constantly obtain and maintain the right quantities of stock or inventory at the right time.

Improve your day-to-day management of inventory with a clear focus on improved efficiency and effectiveness to reduce inventory costs! This course will give you practical knowledge of the processes and best practices to inventory classification and stocktaking.

The holding of stock can be a large financial burden upon an organization and needs to be carefully controlled. It is important that purchasing and supply professionals understand the methods and techniques for reducing the cost of holding goods while providing an efficient and effective service to the customers. You are invited to come to discover relevant yet practical knowledge on inventory classification & stocktaking today.

Course objective:

Participants attending this course will be able to:

Describe the different costs involved in holding stock.
Importance of inventory accuracy and stock valuation in business
The enterprise such as LIFO, FIFO, average cost, standard cost and
Replacement cost.
Explain the need for forecasting and demonstrate knowledge of the different
demand forecasting techniques.
Describe the different ways in which stock can be classified and how to
determine each class mathematically using best business practice.
Outline the different stock recording and stocktaking methods.
Physical inventory techniques and process.
cycle counting and its applications.
How to control stock variances.
Process-related and transaction-related errors.
How the system affects the variance.
The technology available for improvement.
Physical management of stocks.
How to manage obsolete stocks.

What is the target audience?

Stock Controllers & Inventory Control Clerks.
Those who are new to managing inventory.
Those non-inventory people who need to gain an awareness of the
issues and key drivers of stock control operation.
Inventory, Stock, Supply Chain, Logistics, Warehouse and distribution supervisors/ Managers.
Owners, operators, and directors of companies who hold stock and inventory.
Warehouse management personnel.
Accountants who handle suppliers’ accounts.
Finance & Account Executives & Clerks.
Supply & Distribution Executives & Clerks.
Audit Staff undertaking stock check.