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    Inventory Management: Safety Stock Calculation and Control / Buffer Stock Calculation

    Posted By: lucky_aut
    Inventory Management: Safety Stock Calculation and Control / Buffer Stock Calculation

    Inventory Management: Safety Stock Calculation and Control / Buffer Stock Calculation
    Duration: 2h 25m | .MP4 1280x720, 30 fps(r) | AAC, 48000 Hz, 2ch | 1.16 GB
    Genre: eLearning | Language: English

    Optimize your Supply Chain Safety Stock / Buffer Stock. Simple to Advanced Methods. Reduce Costs and Risk in your Business Operations.

    What you'll learn
    How to Calculate Safety Stock
    Inventory Dynamics - how to Control your Inventory Levels over time to make Better Decisions
    Alternative Approaches to holding Safety / Buffer Stock
    Use Statistics to Model your Lead Time Demand
    Why Bond cant eat Lobster…..
    Super Simple to Super Detailed Methods
    Demand and Lead Time Management to Reduce your Need for so much Safety Stock
    Quantify the Probability of you having a Stockout in a given period of time
    Determine the Optimum "Service Level" for your Inventory

    Requirements
    High School Maths (Age 17 ish)
    Basic Microsoft Excel
    A desire to save a ton of money through your robust inventory management!
    High tolerance for dubious humour

    Description
    This MBA style course prepares and empowers you to calculate and control your Safety Stock. A crucial area of Inventory Management.
    The eternal question: How to balance the risk of stock-outs with the quantity of safety stock inventory held?…
    We cover 3 methods to calculate your Safety Stock - from super simple to advanced statistics:
    Method 1: Number of Days of Safety - A fast and very basic method to get a quick decision
    Method 2: HiHi-AvAv (my own name for a very established method ;)  Finding the difference between our high "Lead Time Demand" and the average to determine the level of cover we want from periods of high demand during a slow replenishment lead time.
    Method 3 : Statistical Method - The most rigorous method. We model our "Lead Time Demand" as a "Normal Distribution", determine our desired "Service Level" (acceptable risk of a stockout) and use a little help from some excel formulas to calculate our required Safety Stock and Re-Order Point quantity. 
    Course Sections:
    1. Inventory Control Introduction
    2. Safety Stock Background
    3. Inventory Dynamics
    4. Simple Safety Stock Calculations
    5. Calculating Safety Stock using Statistics
    6. Getting Your Data
    7. Assumptions and Limitations of the Statistical Method
    8. Fixed Lead Time, Variable Demand: Method 3 Continued
    9. Variable Lead Time and Demand: Method 3 Continued
    10. Choosing your Service Level - Your Tolerance for Risk
    11. Probability of a Stockout Over Time - Calculating Risk
    12. Optimizing Safety Stock Levels
    13. Conclusion
    14. Bonus and Appendix
    This course is for dedicated operations manager, the ambitious procurement professionals, the striving logistics supervisors, hands-on production planners and the practical business optimization analysts.
    Remove the guesswork and add structure to your crucial safety stock decisions.
    Take control of your inventory management to have and "impact" and "improve" your business operations - manufacturing, services, industrial operations and production.
    Equip yourself to take a new leading role in your workplace - improving your processes, systems & business / organization.
    Quantify your risk, calculate your inventory requirements and articulate your method - removing the guesswork and fearful overstocking
    Downloadable Summary PDF Documents  - throughout the course
    Almost all businesses have inventory: retail stores, factories, hospitals, hotels, car repair, warehousing, logistics and more - this means we all have to decide how much to hold and when to place an order from the suppliers for more. Place the order too late and, with a little extra demand than usual, you might stockout! Carry too much inventory and you pay for it in holding and financing costs every day, quietly sucking the profit from your business and crippling your cashflow and investment opportunities.
    Having enough stock available whilst minimising costs and risk is the fundamental balance that can determine your business's success. Getting a strong control and continuously improving your business operations is essential to remain competitive, improving profitability, improving customer experience and customer satisfaction, reducing costs and improving delivery.
    Without a solid grasp of safety stock and methods of calculation; no operations manager, can competently or confidently manage their risk without excessive costs.
    Be the one bringing clarity and structure to this most crucial decision!
    Specific Topics Covered in the Course:
    Why we need Safety Stock
    Consequences of Stockouts
    Costs of Inventory
    Inventory Dynamics
    Quick Calculations of Safety Stock
    Rigorous Statistical Method to calculate Safety Stock
    How to Model your "Lead Time Demand"
    How to Determine your own desired "Service Level"
    What the Probability of having a Stockout in a given period of time
    How we can Reduce our Need for Safety Stock
    Alternatives to holding Safety Stock
    Take control! Boost your career and your business!  Start learning today!
    FULL COURSE CONTENTS:
    Inventory Control Introduction
    1. Benefits of Good Safety Stock Inventory Management
    2. Bond’s Lobster Story
    3. What is Safety Stock – Why do we Need Buffer Stock?
    4. Much Obliged!
    Safety Stock Background
    5. Supply Chain Trade Offs – Risk and Consequences of Stock-outs
    6. Supply Chain Trade Offs – Costs of Inventory
    Inventory Dynamics
    7. Basic Inventory Dynamics - Introduction
    8. Basic Inventory Dynamics - Sawtooth
    9. Re-Order Point and Alternatives
    10. Purchasing Order Quantity Choices
    11. How much Safety Stock? - Procurement's Problem Question
    Simple Safety Stock Calculations
    12. Safety Stock Calculations - Introduction
    13. Method 1: Simple Inventory Control Formula: # Days of Safety
    14. Method 1: Practice Question : # Days of Safety
    15. Method 2: HiHi-AvAv - Protecting Against the Worst Case
    16. Method 2: HiHi-AvAv - Explanation
    17. Method 2: HiHi-AvAv - Practice 1 & Answer
    18. Method 2: HiHi-AvAv - Practice 2
    19. Method 2: HiHi-AvAv - Practice 2 – 2nd round
    20. Method 2: HiHi-AvAv - Summary
    Calculating Safety Stock: Method 3: Statistical Method
    21. Service Level and Statistical Distributions
    22. Introduction to the Statistical Method
    23. Service Levels and Statistical Variation
    24. Normal Distribution Modelling
    25. Service Level Definition
    26. Statistical Method - High Level Overview
    27. Jumping Ahead – A quick look
    28. Need to Refresh your Probability Knowledge?
    29. Normal Distribution Introduction
    30. Normal Distributions and Standard Deviations
    31. Lead Time Demand as a Normal Distribution
    32. Representing Service Level on the Bell Curve
    33. Steps Overview
    34. How Many Standard Deviations of Safety Stock
    35. Intermediate Practice Question
    36. Safety Stock in Retail - Example 2
    37. Alternative Formula =norm.inv()
    38. Working Backwards to find your Service Level
    Getting Your Data
    39. Getting your Data - Introduction
    40. Finding the “Mean” and “Standard Deviation” from your Data
    Assumptions and Limitations of the Statistical Method
    41. Assumptions and Limitations of Method 3
    Fixed Lead Time, Variable Demand: Method 3 Continued
    42. Different Input Data- Introduction
    43. Calculating Safety Stock: Fixed Lead Time, Variable Demand
    44. Calculating Safety Stock: Fixed Lead Time, Variable Demand - Example
    Variable Lead Time and Demand: Method 3 Continued
    45. Variable Lead Time and Demand – Method and Example
    46. Variable Lead Time and Demand – Question and Answer
    47. Rounding Up or Down?… - Costs $60k!
    48. Which Formula to Use? Summary
    Choosing your Service Level - Your Tolerance for Risk
    49. Choosing your Service Level - Introduction
    50. Service Level Definition: Recap
    51. What Factors should Influence how “Safe” we want to be??
    52. Marginal Analysis - Choosing your Service Level
    53. Marginal Analysis - Example
    Probability of a Stockout Over Time - Calculating Risk
    54. What’s the Probability of a Stockout? - Introduction
    55. What’s the Probability of a Stockout? – Excel Tool
    Optimizing Safety Stock Levels
    56. When to Review and Optimize your Safety Stock
    57. Reducing the Need for Purchasing Safety Stock
    58. Demand Management to Reduce Safety Stock
    59. Lead Time Management to Reduce Safety Stock
    60. Alternatives to Safety Stock - Other Actions
    Conclusion
    61. Wrap Up
    62. Conclusion
    Bonus and Appendix
    63. What’s Next– Further Reading
    64. My Other Courses
    65. How to Get Your Certificate
    66. Hide Your Nuts!
    My goodness did you read allllll that?!   Time to get to the videos!  :)
    See you on the inside!
    Laurence

    Who this course is for:
    Supply Chain Managers. Working in Operations, Manufacturing or Service sectors, Production and Industry
    Purchasing / Procurement, Logistics & Customer Relationship Managers
    Financial Controllers, Accountants, Business Analysts & Consultants
    Small Business Owners & Operations Managers
    Ambitious Self-Starters who want to have a Bigger Impact at work, Improve Things and Get Noticed
    People working in Production, Manufacturing, Industrial Operations, Business Operations
    A Desire to Become the Authority in your workplace on Business Inventory Management