Purchasing and Inventory Control

Course Objectives

• Develop the understanding of the importance of the purchase function and how it impacts the business as a whole
• Improve their decision making skills in general and increase productivity and achieve savings through effective purchasing & Cost reduction techniques
• Take decisions effectively as to how much quantity to order, when to order and why only that quantity to order
• Understand the various qualities that a good negotiator should possess
• Get hands on experience of success and failure of the negotiations
• Understand the role of maintaining the inventory and how to release the working capital by holding a lean inventory
• Learn How to categorise the material and thereby improve the efficiency of the purchase and stores department
• Be able to take scientific decision on how to much quantity to order when suppliers gives various price discounts
• Manage Inventory scientifically by measuring KPI, establishing safety stock and reorder point
• Be able to take scientific decision on how to quantity to keep in warehouse thereby avoiding excess quantity or inadequate stock
• How to measure the performance of the purchase function as a whole.

Target Audience

Purchasing Managers, Purchasing Executives and Purchasing Officers and Supply Chain professionals

Methodology

This stimulating program will maximize understanding and learning through Interactive lectures, course notes, individual & group exercises

Course Modules

Module1: Overview of purchasing function
Module 2: Concept of Economic Order Quantity (EOQ)
Module 3: Negotiation for Results
Module 4: Supplier Selection and Evaluation
Module 5: Materials Management
Module 6: Inventory Management
Module 7: Operations/Inventory Excellence