Materials Management for Engineering Projects

Introduction

The management of materials in engineering projects is critical as materials are a current asset to a firm. Carrying materials comes with a certain degree of risk which is a component of the cost of carrying materials. When a company stocks items in the warehouse there is always the risk that the items may fall in real value during the period they are stored even during the period of a project. Storing excess, obsolete and miss-managed materials means a reduction in the company equity.

This training course focuses on the management of materials for projects and considers when these items should be procured in time for an effective engineering project.  The materials element is always a major element of the total spend, and can often comprise over 50% of the budget. And yet it is the element most often overlooked.  Lead time and the material life cycle are key factors in materials management.

The purpose of this GLOMACS  training course is to:

• Understand the requirements of the project manager for effective on-time procurement
• Enable delegates to evaluate Inventory visibility levels and segmentation approaches
• Examine stocking level criteria through the project process
• Current integration practices between materials management systems and asset management systems
• Understanding that minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise

Objectives

This training course will help you learn how to:

• Make a more comprehensive contribution to the major engineering projects
• Improve management of inventories reaching from receiving products to storage and delivering
• Professionally manage the inventory and supply chain and help you to reduce cost, improve customer satisfaction and ensure project success.
• Understand the appropriate procurement and inventory methods to be applied
• Establish more accurate forecast demands and maximize the degree of service

Training Methodology

The exciting training course will be presented by an experienced Professional who has operated successful inventory control measures.

Participants will learn by active participation during the training course through the use of exercises, questionnaires, syndicate and group discussion, training videos and practical on-hand application of inventory and stock control tools including a comprehensive manual.

Organisational Impact

• Analyse the key areas of project operation
• Examine the link of inventory in the company supply chain operations and activities
• Identify and understand key performance indicators
• Succeed in improving project operations
• Apply the right cost and service balance
• Assist in achieving a successful project

Personal Impact

• Understand how capital expenditure projects are developed, planned and executed
• Manage the organisational issues that affect procurement and supply performance within a project and the longer-term operational phase
• Distinguish between day-to-day procurement (for maintenance and operations) and project procurement
• Advise Project Management on the full range of project-related procurement and logistics matters, from front-end issues to closeout and surplus management
• Recommend appropriate procurement strategies
• Use different procurement tools and techniques for different project circumstances