INVENTORY PLANNING AND CONTROL IN THE NEW NORMAL

INVENTORY PLANNING AND CONTROL IN THE NEW NORMAL

INVENTORY PLANNING AND CONTROL IN THE NEW NORMAL

by Dr. Enrico C. Mina
TQM & Supply Management Consultant
October 27, 2020
9:00am – 12:00nn
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Regular Rate           Php 1,499.00 + VAT starting October 21, 2020
Early Bird Rate        Php 1,399.00 + VAT until October 20, 2020
Group Rate              Php 1,299.00 + VAT per pax for 5 or more pax

Inclusive of the Webinar Session, the presentation materials and the Digital Certificate ******************************************************************* 

Introduction

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.

Learning Outcomes
At the end of this course, the participants would have learned :

  1. The ABC Classification of materials
  2. Techniques for short-term forecasting of requirements
  3. The application of the Economic Order Quantity
  4. The application of major replenishment systems: the Fixed Order System and the Periodic Review System
  5. Strategies for reducing inventory levels without disrupting operations
  6. Alternative ways of doing physical inventory taking

 

Agenda 

  1. What is Inventory Planning and Control?
  2. Signs of poor inventory management
  3. Staffing for IPC
  4. The basic IPC activities
  5. Classification of materials
    • According to nature
    • According to use
    • According to value
    • ABC Classification using the Pareto Principles
    • Insurance items
  6. Materials Identification and Coding System
  7. Simple forecasting techniques for the demand for materials
    • Simple moving average
    • Weighted moving average
    • Exponential smoothing
    • Components of demand
  8. Inventory costs and IPC terms
    • Carrying costs
    • Ordering costs
    • Economic order quantity
    • Reducing overall inventory costs
  9. Major inventory systems
    • Fixed order quantity system
      • Last bag system
      • The simple stock card system
      • Reservation stock card system
    • Periodic review system
      • Topping-up method
      • Mini-max method
    • FOS and PRS compared
  1. Supply Chain Management
    • Automated pull system
    • Third-party logistics
    • Vendor-managed Inventory
  2. 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.

Methodology
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.

Facilitator
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.

Speaker – DR. ENRICO MINA, DBA

  • 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 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.

IMPORTANT REMINDERS

LIMITED SLOTS. Limited slots are available. To avoid last-minute delays and inconveniences, we advise you to please register at the latest two days or one day before the webinar event.

REGISTRATION. You must register or be registered by someone else to be able to join our webinars.  Webinar access links are strictly sent through email therefore make sure you indicate the right email addresses for the participants. Please indicate how many participants you wish to include before hitting the REGISTER NOW button.

CHECK OUT. When you go to the Checkout Page, double-check the number of participants you have to register, if you change your mind or wish to make last-minute adjustments, do not forget to update your cart by clicking the UPDATE CART button.  Once everything is final, you may now click the PROCEED TO CHECK OUT button.

BILLING DETAILS AND THE NAMES OF THE PARTICIPANTS. On the upper portion, you have to enter your details (esp. your email address) as the one paying for the registration. Underneath, you have to enter the details (esp. the email addresses) of the participants you wish to join the webinar.

PAYMENT

POWERMAX provides three (3) payment options:
(1) Bank Deposit/Online Bank Transfer
(2) G-Cash
(3) PayPal/Credit or Debit Card Through PayPal

Bank Deposit or Online Bank Transfer / G-Cash
If you choose Bank Deposit/Online Bank Transfer or G-Cash, you have to send the proof of payment to info@powermax.ph.

IMPORTANT:  Proof of payment must be sent to info@powermax.ph.  Failure to send the proof of payment to info@powermax.ph means the participants will not receive the webinar links even if the proof of payment is sent to other contact details of Powermax or its representatives (e.g., Facebook, Messenger, Viber, other email addresses, etc.).

Payment Through PayPal
If you choose to pay for your registration using PayPal you may do so.  Please take note that PayPal also accepts Debit Cards and Credit Cards bearing the VISA and Mastercard logo. Unlike the Bank Deposit/Online Bank Transfer, the PayPal process automatically updates our system to issue the participants their access to our webinars.

WEBINAR ACCESS LINKS.  Once payment is made and verified, we can activate the spot on the webinar then we can send the webinar access links to the email addresses of the participants – this only goes with Bank Deposit/Online Bank Transfer / G-Cash.  However, for payments made using PayPal, the activation process is automatic. Note that your webinar access link cannot be shared with anyone else.  If you cannot attend on the date and time of the webinar kindly advise us at the latest one day ahead.

POWER WEBINARS. Powermax live webinars are designed to give you an incisive insight into a plethora of interesting and relevant topics using Zoom technology. It aims to uncork the latest updates, best practices, useful strategies, and tactics, and/or practical tips and techniques not just to widen your horizon but also to equip you with the essential knowledge and skills. Hopefully, this will also encourage you to register for the other webinars of Powermax. Just visit our site – www.powermax.ph to see our other webinars.

A PLEASANT WEBINAR EXPERIENCE

To ensure a pleasant webinar experience, we recommend to registrants to:

  1. Download and install the Zoom application beforehand
  2. Ensure that there is a proper internet WIFI connection
  3. Use a working webinar streaming device.

TERMS AND CONDITIONS

  1. Definition of Terms
    • REGISTRANT – The person who has registered himself or other people for a webinar of Powermax
    • ENROLLEE(S) – The person(s) registered by the REGISTRANT
    • PAID REGISTRANT – The registrant who has paid in full for the registration of the ENROLLEE(S)
    • ATTENDEE(S) – The enrollee(s) who has / have actually attended the webinar
  1. The Official Receipts will be made available for pick up at the office of

Powermax Consulting Group. If you need a soft copy, we can take a picture of it and send you a copy online. However, if you want the physical copy delivered to your office, you can arrange with and pay for a local courier service like Lalamove or Grab Express.

  1. Sharing of the presentation materials depends on the webinar speaker.

(a) Some speakers willingly share their materials while others don’t.
(b) For the speakers who are willing to share their presentation materials

  • Some prefer that the materials be sent in advance while others prefer that they be sent after the webinar
  • Some prefer that the handouts to be given to the attendees are different from the PowerPoint files that they use and will not share the PPT files

Powermax cannot guarantee that the presentation materials of each webinar will be shared, or shared in advance, or will be the same as the PPT file of the speaker.

  1. Any form of video, image or audio recording during the webinar is not allowed unless with the express permission of the speaker and the management of Powermax Consulting Group.
  2. Your registration fee entitles your enrollee(s) to a slot in a webinar you have paid for but no record of the video of the webinar will be given.
  3. If an enrollee fails to join the webinar because Powermax fails to give the webinar link, the payment of his / her REGISTRANT will be refunded in full or if the REGISTRANT prefers, the payment will be rolled over to other webinars of his / her choice.
  4. If an enrollee advises Powermax five (5) days before the scheduled date of the webinar that he / she cannot attend it, the payment for that slot will be rolled over to another webinar. But if he / she avails of the presentation materials of that webinar (assuming the speaker has shared the materials), the payment cannot be rolled over to another webinar.
  5. If an enrollee fails to attend a webinar and also fails to advise Powermax five (5) days before the scheduled date of the webinar, the presentation materials of that webinar (assuming the speaker has shared the materials) will be given to him / her but there will be no option for rollover.
  6. If an enrollee fails to attend a webinar because of a technical glitch on his / her device but other enrollees manage to join the said webinar, there will be no liability on the part of Powermax unless it can be established that there is a clear fault by a representative of Powermax.
  7. Certificates will be given to the ATTENDEES only.
  8. Questions or clarifications about the subject matter of a webinar can only be entertained by the speakers during the holding of the webinar only. After the webinar, the speaker cannot be obliged to answer them.

 

Thank you and enjoy!

Keep safe and God Bless!

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