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90-minute live streaming program
  • September 26
  • 1:00 - 2:30 pm EST

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Best Practices for Calculating Safety Stock and Service Levels

September 26

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, space and may lead to shrinkage and obsolescence, while holding too little leads to back orders, production delays, expedited shipping and unhappy customers. In this topic we will explore inventory and purchasing concepts, how to use data to glean insight about your products and how to establish a ‘systematic approach’ to purchasing.

Learning Objectives

  • You will be able to review inventory on hand vs. service level.
  • You will be able to explain a systematic approach using reorder points.
  • You will be able to discuss inventory usage patterns.
  • You will be able to describe valuation methods.

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Why Lorman?

Over 31 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

Conclusion

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Why Lorman?

Over 31 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 Webinar

This course was last revised on February 22, 2018.

Call 1-866-352-9540 for further credit information.

  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     
  • CPE 1.8 including Production 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Production for 1.8 hours. Prerequisite: basic knowledge of purchasing contracts. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for purchasing and procurement professionals, buyers, material managers, contract administrators, project managers, controllers, accountants and bookkeepers.

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Why Lorman?

Over 31 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

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 ecommerce
  • 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 ianb@numbercruncher.com or 954-302-6811
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Why Lorman?

Over 31 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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Product ID: 403849
Published 2018
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