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Best Practices for Calculating Safety Stock and Service Levels

Date: Wednesday, September 26, 2018
Time: 1:00 - 2:30 pm EST

Sponsored by Lorman Education Services


Registration - Live Webinar Only: $199.00

Registration - Live Webinar Plus CD Recording: $268.00

 

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.

This Live Webinar Covers These Hot Issues:

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

Credit Information (Sponsored by Lorman Education Services):

  • CPE
  • ISM
  • AIPB
  • NASBA

For Detailed Credit Information page click here

Only registered attendee will receive continuing education credit.

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 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

(Not available outside the US)