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Tutorial 4 Inventory Management (3. Five costs in Inventory Management,…
Tutorial 4
Inventory Management
1. Inventory Management
is determining the policies that
sets the goals for the inventory control system.
Inventory managementis determining the policies that
sets the goals for the inventory control system.
Inventory management
2. Basics in Inventory Management
Location
Inventory ON SITE, OFF SITE or DROPSHIP
Identify
Use STOCK KEEPING UNITS,
Make sure of ID LABELS & UNIT OF MEASURE
Records
All the information recorded via PC or PAPER
Plan
How we manage the inventory
via PUSH @ PULL SYSTEM
3. Five costs in Inventory Management
Management Costs
technology expertise
Stock Accuracy
only hold stock that been sent by supplier
Finance Costs
Holding cost included RENTAL, MOBILE,UTILITY,
EQUIPMENT, COMPLIANCE COST
Human Capital
The labor to MOVING, HANDLING & COUNT the stocks.
Inventory Turnover
the efficiency of the manager for turn the stock into cash
4. Three service classes in inventory management
Non-critical goods
need for a reasons, but not urgent
schedule delivery
Customized @ greater time delivery
Critical Goods
need for emergency
5. Strategies to better manage inventories
Accuracy Tracking
Tracking of all secured is a must
Accountability
Just as important as right attitude. Staff need to be
accountavle for his/her action
Employee Testing
Put new employee on the trilal basis to prevent sudden
departure of new staff