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INVENTORY PLANNING AND CONTROL IN THE NEW NORMAL
₱1,499.00 + VAT
INVENTORY PLANNING AND CONTROL IN THE NEW NORMAL
July 21, 2020 | 09:00am – 12:00nn
Regular Rate Php 1,499.00 + VAT starting July 15, 2020
Early Bird Rate Php 1,399.00 + VAT until July 14, 2020
Group Rate Php 1,299.00 + VAT per pax for 5 or more pax
Inclusive of the Webinar Session, Presentation Materials of the Speaker and the Digital Certificate (with dashboard)
Inventory refers to the stock of materials, supplies, spare parts, and other inputs that are necessary to support operations. These items are normally carried on stock (i.e., available on hand whenever needed). Inventory Planning and Control is a branch of materials management that ensures that users will have the inputs with the appropriate quality in the right quantity at the right place at the time when they are needed. The other two branches are Procurement and Warehouse Management.
Any shortage of an input at the time of need is disruptive. Production or service operations will stop, and customers’ expectations will not be served. On the other hand, stocking on inventory consumes working capital and can be very expensive in terms of tied-up capital, storage costs, insurance, security, etc. There is a need to strike a balance that will optimize stock availability at the least possible cost.
This course will deal with various techniques to achieve such a balance. It will highlight the potential application of modern technological approaches to achieve that balance.
At the end of this course, the participants would have learned :
- The ABC Classification of materials
- Techniques for short-term forecasting of requirements
- The application of the Economic Order Quantity
- The application of major replenishment systems: the Fixed Order System and the Periodic Review System
- Strategies for reducing inventory levels without disrupting operations
- Alternative ways of doing physical inventory taking
- What is Inventory Planning and Control?
- Signs of poor inventory management
- Staffing for IPC
- The basic IPC activities
- Classification of materials
- According to nature
- According to use
- According to value
- ABC Classification using the Pareto Principles
- Insurance items
- Materials Identification and Coding System
- Simple forecasting techniques for the demand for materials
- Simple moving average
- Weighted moving average
- Exponential smoothing
- Components of demand
- Inventory costs and IPC terms
- Carrying costs
- Ordering costs
- Economic order quantity
- Reducing overall inventory costs
- Major inventory systems
- Fixed order quantity system
- Last bag system
- The simple stock card system
- Reservation stock card system
- Fixed order quantity system
- Periodic review system
- Topping-up method
- Mini-max method
- FOS and PRS compared
- Periodic review system
- Supply Chain Management
- Automated pull system
- Third-party logistics
- Vendor-managed Inventory
- Physical inventory taking
- Aims of physical inventory
- Types of physical inventory taking
- Periodic counting
- Cycle counting
- Batch type
- Frequent movement type
- ABC Classification type
- Inventory records and reports
- Establishing inventory standards
- The need for standards
- Measuring IPC performance
- Taking corrective measures against deviations
Resource Speaker – Dr. Enrico Mina
Dr. Enrico C. Mina is an Associate Professor of the Ateneo de Manila University Graduate School of Business, who teaches various economics and business management courses. He has had 27 years of teaching experience, the bulk of which was at the post-graduate level at the AGSB. Dr. Mina returned three years ago from a three-year teaching engagement as Senior Lecturer at the Department of Business Studies of the Papua New Guinea University of Technology at Lae City, Morobe Province, Papua New Guinea. While there, he taught courses in basic economics and management and acted as the Director of the Executive MBA Program, which he helped conceptualize and design and in which he taught six courses.
Dr. Mina also has extensive experience in the business world as a manager, consultant, and trainer, particularly in the areas of Total Quality Management and kaizen (continuous improvement), operations and supply chain management, and strategic management.
Dr. Mina is a faculty member as well at the Ateneo School of Government, teaching Applied Economics in the Public Sector. At the same time, he teaches MBA courses at the Ateneo School of Medicine and Public Health, whose curriculum seamlessly integrates medical science and management.
He has written and published several research papers and original cases. While at PNG University of Technology, he wrote a textbook entitled Introduction to Economics for use by the university’s Department of Open and Distance Learning’s Adult Matriculation Program. He has also been the adviser of the Governance Innovation Report (equivalent to a masteral thesis) of 24 students at the Ateneo School of Government.
Dr. Mina obtained his Doctor of Business Administration (DBA) degree from De La Salle University-Manila in 2011, his MBA from the Ateneo Graduate School of Business in 1979, and two undergraduate degrees (AB major in Economics and BSBA major in Management, Summa cum Laude) from De La Salle University-Manila in 1973.
Who Should Attend
The course is intended for personnel who work in Materials Management or Logistics Management, particularly those involved in Inventory Planning and Control, whether at the managerial, supervisory, or technical levels.
The course will use Zoom as the platform for online teaching, primarily using lectures and some exercises. There will be a Q & A portion where participants will be encouraged to raise questions and to share their experiences in inventory planning and control, including the common problems they encounter, particularly under current conditions of quarantine.
The webinar facilitator and resource person is Enrico C. Mina, DBA. Dr. Mina has more than 40 years’ experience as a manager, consultant, and trainer. He is also a faculty member at the Ateneo Graduate School of Business MBA Programs, in which one of the courses he teaches is Operations Management and Supply Chain.
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A PLEASANT WEBINAR EXPERIENCE
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Thank you and enjoy!
Keep safe and God Bless!
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