Course Details

Objective

By end of the course participants will be able to understand

• Understand inventory management principles and methods.
• Learn strategies for optimizing spare parts inventory.
• Develop skills for demand forecasting and stock level control.
• Learn to implement best practices in spare parts procurement and storage.
• Improve decision-making for inventory replenishment and cost reduction.

Content

Day 1: Introduction to Inventory Optimization

• Key concepts in inventory management
• Types of inventory (spare parts, raw materials, finished goods)
• Importance of inventory optimization in cost reduction and service levels

Day 2: Spare Parts Inventory Strategies

• Classification of spare parts (critical vs. non-critical)
• Stocking strategies: Just-in-Time (JIT), Economic Order Quantity (EOQ), and others
• Managing fast-moving vs. slow-moving parts

Day 3: Demand Forecasting and Stock Control

• Techniques for demand forecasting (historical data, trends, seasonality)
• Replenishment strategies and safety stock calculations
• Managing lead times and order quantities

Day 4: Spare Parts Procurement and Storage

• Sourcing and procurement strategies for spare parts
• Supplier management and relationships
• Storage and organization best practices for spare parts

Day 5: Performance Metrics and Continuous Improvement

• Key performance indicators (KPIs) for inventory management
• Implementing inventory audits and cycle counting
• Strategies for continuous improvement in spare parts management

NOTE:

Pre-& Post Tests will be conducted.

Case Studies, Group Exercises, Group Discussions, Last Day reviews, and assessments will be carried out.

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Methodology

A highly interactive combination of lectures and discussion sessions will be managed to maximize the amount and quality of information and knowledge transfer. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. You will also be encouraged to raise your questions and to share in the development of the right answers using your analysis and experiences.  Tests of the multiple-choice type will be made available daily to examine the effectiveness of delivering the course.

Very useful Course Materials will be given.

• 30% Lectures
• 30% Workshops and work presentation
• 20% Group Work& Practical Exercises
• 20% Videos& General Discussions