Understand the power of safety stock and how to calculate it.
How do you know when there is enough inventory to meet demand? When is the right time to buy? How much should be purchased? Holding too much inventory consumes cash and space and may lead to shrinkage and obsolescence while holding too little leads to backorders, production delays, expedited shipping, and unhappy customers. This course will explore inventory and purchasing concepts and review how to use data to glean insight about your products and establish a systematic approach to purchasing.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Inventory - Review
- Classifications and States (Raw, WIP, Finished)
- Valuation Methods (FIFO, Average, Actual)
- Effects on Balance Sheet and Income Statement
Inventory Usage Patterns
- Continuous vs. Spot
- Seasonal
- Trends
- New and Discontinued SKUs
Service Level
- Overview
- Order Fulfillment History
- Orders Never Entered
The Trade-off: Inventory on Hand vs. Service Level
- How to Keep Service Levels High Without Increasing Inventory
A Systematic Approach Using Reorder Points
- Reorder Point = Lead Time Demand + Safety Stock
- What Is Lead Time?
- Order Interval and How Does It Affect Lead Time?
- Determining Demand
- Demand Variation and How It Affects Service Level
- How Does Service Level Affect Safety Stock?
- Maximum or Order up to Quantity
- Order Quantity
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 18, 2022.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Ian Benoliel
NumberCruncher.com, Inc.
- Founder and president of NumberCruncher.com, Inc.
- NumberCruncher is a developer of inventory and orders management software for product-centric SMBs in manufacturing, wholesale and e-commerce
- Has held positions in technology and accounting firms
- CPA, University of Illinois; CA designation, the Institute of Chartered Accounts of Ontario; B.B.A. degree, York University’s Schulich School of Business
- Can be contacted at [email protected] or 954-302-6811
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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