Inventory management is a very important function that determines the monetary savings that an organisation can make by properly and professionally educating its staff on its importance. Every organization, from sales to manufacturing, aims to maintain optimum inventory levels to be able to meet demand and avoid outag- es or excess inventory that can adversely affect profits. Inventory is always being expended. Inventory management is a constant evaluation of the usage and supply of stock items and needs personnel to be properly trained to add value to the process of Inventory management and planning. This course is designed to be a refresher course to storekeepers and give a fairly useful approach to keeping of inventory. It’s also meant to demonstrative to warehouse managers as well as storekeepers the importance of managing inven- tory in lowering costs, waste and unmet demands and thereby contributing to the bottom-line of the enterprise.
Learning Outcomes
- Explain ways in which demand can be affected (i.e. seasonal demand)
- Describe the different costs involved in holding stock
- Explain the different stock evaluation methods; LIFO, FIFO, average cost, standard cost, replacement
- Show an understanding of stock replenishment systems and the use of economic order quantities
- Understand the general design and arrangement of stores.
