Economic Order Quantity (EOQ) and Effective Inventory Management training centre in Bangladesh

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Economic Order Quantity (EOQ) and Effective Inventory Management

  • Date : 17 - 30 March 2018
  • Duration : Evening(6:30 PM-9:30 PM)
  • No. of Classes/ Sessions : 4 sessions
  • Class Schedule : Friday and Saturday
  • Total Hours : 12
  • Last Date of Registration : 16 March, 2018
  • Venue : Bdjobs Training, BDBL Building (Level 19), 12 Kawran Bazar C/A, Dhaka 1215.

Introduction

Overview

Economic order quantity (EOQ) is the order quantity of inventory that minimizes the total cost of inventory management.
Two most important categories of inventory costs are ordering costs and carrying costs. Ordering costs are costs that are incurred on obtaining additional inventories. They include costs incurred on communicating the order, transportation cost, etc. Carrying costs represent the costs incurred on holding inventory in hand. They include the opportunity cost of money held up in inventories, storage costs, spoilage costs, etc.
There is also a cost for each unit held in storage, commonly known as holding cost, sometimes expressed as a percentage of the purchase cost of the item.
We want to determine the optimal number of units to order so that we minimize the total cost associated with the purchase, delivery and storage of the product.
The required parameters to the solution are the total demand for the year, the purchase cost for each item, the fixed cost to place the order and the storage cost for each item per year. Note that the number of times an order is placed will also affect the total cost, though this number can be determined from the other parameters.

Methodology

PowerPoint Presentation, Brainstorming, Case Study, Games and Class Work

Contents of Training:

Training Contents
Session - 1
o What is an 'Economic Order Quantity – EOQ?'
o How Inventory Impacts Cash-Flow Planning
o Factoring in a Reorder Point
o Example of Using EOQ
o 'Carrying Cost Of Inventory'
o Total Cost of Ownership
o 'Days Sales Of Inventory - DSI'

Session - 2

o Inventory and inventory management
o The three pillars of inventory management
o Inventory planning pyramid
o Inventory Turnover
o Management of inventory in business systems
o The cost of inventory and the ability to react to change
o Inventory management in the supply chain

Session - 3

o Business system development
o The building blocks of MRPI, MRPII and ERP
o ERP implementation and management
o Inventory planning at its simplest
o Complexity in managing inventory in MRPI and MRPII

Session - 4

o Traditional thinking in inventory optimization
o Determining the order size
o Protecting against supply and demand issuesv o Using Pareto to plan inventory using cycle and safety stock
o K-curve methodology
o Creating a composite curve
o Testing the different options for inventory classes

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Employees with supply responsibilities in organizations in the private, public and governmental sectors. Factory and inventory control professionals, manufacturing and production control managers, industrial engineers, plant managers, material and purchasing managers, factory manager and customer/technical service managers who can benefit from enhancing their inventory management techniques. Logistics managers and personnel. Warehouse managers and personnel. Intended for Finance, procurement, and supply chain professionals looking for ways to become more effective and efficient by improving their inventory management methodologies.

Resource Person

Dr. Mohammad Ali Khalid

Adjunct Faculty-MBA,Ahsanullah University of Science & Technology

Dr. Mohammad Khalid is Consistent, energetic and talented, Passionate, self motivated individual with a drive to succeed, having excellent organizational skills and a management researcher with a strong desire to advance his position in the work force to expand his knowledge and skills, with a proactive approach to performance. Dr. Mohammad Khalid has been associated in the field of Business Development, Overseas Procurement, Administration, Human Capital Development, Inventory Control ,Government Regularity Affairs, Training and Logistics Management for the last 38 years at home and abroad in Multinational, Sector Corporations, Service Industries and Nationally reputed Organization in senior most and responsible position. During the tenure of service, he earned lots of creditability and achieved significantly in the related areas' of Human Capital Development and Management. He is a researcher and recently published articles on “The Strength of Human Resource in Organization” and “Stress Management and Motivation”.
Dr. Mohammad Khalid has started his carrier in 1975 in managerial cadre (Class 1 position) in Adamjee Jute Mills' Ltd. (100 % owned by Bangladesh Government) and extensively trained by P. A. Management Consultant, British Mission in Bangladesh after having M.Sc from Dhaka University and in later part obtained Doctor of Philosophy(PhD) from USA.
Dr. Khalid also engaged in Toyo Engineering Corporation (TEC), Japan in 1986 and served for about a decade as Project Coordinator and Head HR and Admin in Bangladesh Office, Dhaka to facilitate for the construction, commissioning, commercial production and Operation and Maintenance Services (OMAS) of Chittagong Urea Fertilizer Factory (CUFL- Project ) Funded by ADB,SFD,OECF,CIDA and Bangladesh Government in addition to Ghorashal Fertilizer Renovation Project (GFR- Project) and awarded as best performer for outstanding achievement. He also served in Rahimafrooz Bangladesh Ltd., Desh Group of Companies, Dhaka, Gonosyastha Kendra, (National NGO’s), Dhaka in senior most position. He was holding in the position as Director and Executive Director in large National NGO's.He is Director, Academic Programs of Professional Institute of Business.

PowerPoint Presentation, Brainstorming, Case Study, Games and Class Work