APICS Principles of Inventory Management (PIM)

Introduction

Participants are introduced to essential vocabulary and skills in identifying and applying the basic principles of inventory management.

The questions of what to stock are addressed through an examination of current and evolving technologies of inventory management.

What is Inventory Management?

Managing inventories is a very important task. Inventories account for an enormous portion of a firm’s cash expenditure, ranging anywhere from 10 percent to as high as 60 percent or more. Failure to effectively manage inventories can result in excess costs that drag down company profitability and create mismatches between what is available and what customers really want. TWO-day workshop will focus on the purpose and function of inventory and inventory replenishment management.

 

At the KnoWerX Education Pvt Ltd, we offer training brought to your location, saving you travel costs and expanding training opportunities to include employees that would otherwise be unable to travel. Our emphasis on improving your company’s Inventory Management, Demand planning, Forecasting, and S&OP methods and processes will have an immediate impact on your company.

KnoWerX senior educators will use their wealth of real-world experience to provide valuable education for empowering employees, uniting departments, gaining consensus, minimizing inventory and improving customer fulfillment & retention during any market condition. Plus, it is geared towards professionals of all levels!

  • Operations Management Foundations
  • Fundamentals of Inventory Management
  • Purpose and Function of Inventory
  • Inventory Replenishment Management
  • Additional Inventory Replenishment Techniques and Inventory Performance
  • Lean Inventory – Theory and Practice
  • Fundamentals of Purchasing
  • Sourcing Strategies
  • Purchase Order Management and Performance Measurement

There are mid-term and final exam as a part of this course, but requires additional time for taking in the training. Alternatively it can be given as self-assessment to participants.

  • Business Process Designers and Implementers
  • Consultant in Supply Chain Management
  • Consultants in Logistics Management
  • Consultants in Operations Management
  • Customer Service Managers
  • Demand Managers
  • Distribution Managers
  • ERP Developers
  • ERP Functional Consultants
  • Logistics Managers
  • Maintenance Managers
  • Master Planners and Schedulers
  • Material Managers
  • Material Planners
  • Purchasing Managers
  • Quality Managers
  • Supply Chain Managers
  • Warehouse Managers

Workshop Duration

  • The workshop duration will be 2 days.
  • Additional one day training on Sourcing can be conducted on request at an added cost.

 

Batch Size

  • The batch size will be limited to a maximum of 20 participants

 

Other Workshops complementing Inventory Management

  • APICS CPIM training & certification
  • Principles of Manufacturing Operations
  • Principles of Operations Planning

 

Contact Details

  • Email: tcd@knowerx.com
  • Phone: +91 77389 26464
  • A certification of participation is awarded by APICS after successful completion of this course.
  • Each individual will gain 16 points for CPIM, CSCP or CLTD certification maintenance
  • Fundamentals of Inventory Management introduces the role of Inventory Management in the organisation, basic inventory flows, classes of inventory, and overview of the inventory planning process.

 

  •  Purpose and Function of Inventory defines the purpose and functions of Inventory, basic issues in inventory management, costing and valuation, and obsolete and excess inventory management.

 

  •  Inventory Replenishment Management introduces basic ordering techniques such as the economic order quantity (EOQ), lot sizing rules, concept of stock replenishment, measuring demand uncertainty, order point concepts, and the role of safety stock.

 

  •   Additional Inventory Replenishment Techniques and Inventory Performance introduces ordering with supplier lead time uncertainty, the time phased order point (TPOP), replenishment by class, ABC classification, inventory accuracy, physical Inventory and cycle counting.

 

  •   Lean Inventory–Theory and Practice defines the lean philosophy, inventory waste elimination strategies, lean inventory practice techniques, quality management, and continuous improvement.