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INVENTORY MANAGEMENT (42 HOURS)

This course is currently not available for registration. Please contact the Knowledge Transfer Office for enquiries.

Introduction

Effective and efficient inventory management is key to all kinds of businesses. Too much or insufficient inventory can adversely impact the profitability of a company. The essence of inventory management is to decide when, where and how much inventory should be kept for which customer, in order to balance the trade-off between costs and service level. This course is tailor-made for companies to manage their inventory effectively and efficiently. The course covers the fundamental concepts, models and principles of inventory management. Through various industry cases and hands-on exercises, the course equips the participants with knowledge, techniques and skills vital for inventory management.

Why This Course

Designed specifically based on local industry demand
Highly practical and intensive Latest knowledge and up-to-date technology
Case studies highlighting industrial application
Expert trainers in the field with industrial experience

Who Should Attend

This module is designed for Supply Chain Management such as supply chain managers, purchasing managers, sales managers and warehouse managers and other professionals involved in planning, inventory management, procurement, and materials management from Precision Engineering, Electronics, Aerospace, Automotive, Retail, Food & Beverage as well as services industries.

What You Will Learn

Fundamental Concepts, Models, Principles of Inventory Management

Lot sizing models with decision rules
Deterministic inventory models with optimal decision rules
Probabilistic inventory models with optimal decision rules
Dynamic programming in inventory management
Case studies and hands-on exercises

Optimal Demand Forecasting and Inventory Network Optimisation

Optimal demand forecast and intelligent forecasting system
Independent and dependent demand inventory systems
Inventory network planning and optimisation
Case studies and hands-on exercises

Upon Completion of this Course

Electronic Statement of Attainment (SOA) certificates will be issued by SkillsFuture Singapore (SSG) to participants who have attended and attained competency in the Singapore Skills Framework training modules.

Participants must also meet the following criteria to receive their SOAs:

Achieve at least 75% course attendance;
Take all assessments; and
Pass the course.

Click here to learn more about the WSQ SOA certificate.

Note: Trainees will have to bear the full course fee upon failure to meet either one of the criteria.

Sample: Statement of Attainment (SOA) Certificate SSG SOA

Pre-Requisites

Applicants should possess a degree in any discipline or a diploma with a minimum of 3 years of related working experience.
Applicants who do not have the required academic qualifications are still welcome to apply, but shortlisted candidates may be required to attend an interview for special approval.
Proficiency in written and spoken English.

Full Course Fee

The full course fee for this module is $3,000 before funding and prevailing GST.

Nett Course Fee

International Participants	Singapore Citizens, Singapore Permanent Residents and LTVP+ Holders	Employer-sponsored and self-sponsored Singapore Citizens aged 40 years and above (MCES) ²	SME-sponsored local employees (i.e Singapore Citizens, Singapore Permanent Residents and LTVP+ Holders) (ETSS) ¹
$3,240	$972	$372	$372

All fees are inclusive of prevailing GST.

Please note that fees and funding amount are subject to change.

Long Term Visit Pass Plus (LTVP+) Holders

The LTVP+ scheme applies to lawful foreign spouses of Singapore Citizens with (i) at least one Singapore Citizen child or are expecting one from the marriage, or at least three years of marriage, and (ii) where the Singapore Citizen sponsor is able to support the family.

All LTVP+ holders can be identified with their green visit pass cards, with the word ‘PLUS’ printed on the back of the card.

¹ Under the Enhanced Training Support for Small & Medium Enterprises (SMEs) scheme (ETSS), subject to eligibility criteria shown below.

SMEs that meet all of the following eligibility criteria:

Registered or incorporated in Singapore
Employment size of not more than 200 or with annual sales turnover of not more than $100 million

SME-sponsored Trainees:

Must be Singapore Citizens or Singapore Permanent Residents.
Courses have to be fully paid for by the employer.
Trainee is not a full-time national serviceman.

Further Info: This scheme is intended for all organisations, including non-business entities not registered with ACRA e.g. VWOs, societies, etc. Only ministries, statutory boards, and other government agencies are not eligible under Enhanced Training Support for SMEs Scheme. Sole proprietorships which meet all of the above criteria are also eligible.

² Under the SkillsFuture Mid-Career Enhanced Subsidy (MCES) for employer-sponsored and self-sponsored Singapore Citizens aged 40 years old and above.

Singaporeans aged 25 years old and above are eligible for SkillsFuture Credit which can be used to offset course fees (for self-sponsored registrations only).

For more information on the SkillsFuture funding schemes you are eligible for, please visit www.ssg.gov.sg

How course fees are calculated

TYPE	CATEGORY OF INDIVIDUALS
	International Participants	Singapore Citizens, Singapore Permanent Residents and LTVP+ Holders	Employer-sponsored and self-sponsored Singapore Citizens aged 40 years and above	SME-sponsored local employees (i.e Singapore Citizens, Singapore Permanent Residents and LTVP+ Holders)
	FUNDING SOURCE
	Not applicable for SkillsFuture Funding	SkillsFuture Funding (Baseline)	SkillsFuture Mid-career Enhanced Subsidy (MCES) ²	SkillsFuture Enhanced Training Support for SMEs (ETSS) ¹
Full Course Fee	$3,000	$3,000	$3,000	$3,000
SkillsFuture Funding	Not Applicable	($2,100)	($2,700)	($2,700)
Nett Course Fee	$3,000	$900	$300	$300
8% GST	$240	$72*	$72*	$72*
Total Course Fee Payable to Training Provider	$3,240	$972	$372	$372

* Based on 30% of Full Course Fee

SkillsFuture Enterprise Credit (SFEC)

The SkillsFuture Enterprise Credit (SFEC) was first introduced during the Singapore’s Budget 2020 and then recently expanded to a larger group of employers in Budget 2022. It encourages employers to invest in enterprise transformation and capabilities of their employees. Eligible employers will receive a one-off S$10,000 credit to cover up to 90% of out-of-pocket expenses on qualifying costs for supportable initiatives, over and above the support levels of existing schemes.

Submission of SFEC Claim

Employers are required to submit their SFEC claims manually via its microsite if they fulfil any of the following scenarios:

Employers have sent their foreign employees (excluding foreign employees who hold Long-Term Visit Pass Plus) for training on a SFEC eligible course;

Employers have sent their Singapore employees for courses conducted by SkillsFuture Singapore (SSG)’s appointed CET Centres and they are not eligible for additional enhanced course subsidy, such as Mid-Career Enhanced Subsidy (MCES) and/or Enhanced Training Support for SMEs scheme (ETSS);

Employers have sent their Permanent Resident employees and/or employees who are Long-Term Visit Pass Plus (LTVP+) Holders to attend courses conducted by SSG’s appointed CET Centres and they are not eligible for the Enhanced Training Support for SMEs scheme (ETSS).

Employers can only submit the claims for SFEC after their employees have completed the training course(s). Click here to download the SFEC Claim e-guide.

NOTE: You will require a Corppass account with "EPJS_User" role assigned prior to login to your account to manage your claims.

If you are unsure whether your company is eligible for SFEC, you may submit an enquiry to Enterprise Singapore (ESG) via here for their response.