Inventory Management: Types, Functions, Nature And Auditing

The participants will learn the types of inventory, its functions, demand nature and inventory auditing methods.

What you'll learn
Inventory Types - Raw Materials, Work-In-Process, Finished Goods, Distribution Inventory and MRO.
Inventory Functions - Safety Stock, Cycle Stock, Anticipation Inventory and Hedge Inventory.
Inventory Nature - Independent Demand and Dependent Demand.
Inventory Auditing - Periodic Inventory and Perpetual Inventory.
Requirements
NA
Description
The participants will be able to1. Learn a unique way of defining inventory using the left-hand rule.2. Master the types of inventory such as Raw Material, Work-In-Process, Finished Goods, MRO and Distribution Inventory.3. Understand the inventory functions such as Safety Stock, Cycle Stock, Anticipation Inventory and Hedge Inventory.4. Differentiate the Independent Demand from Dependent Demand.5. The two method of Inventory Auditing such as Periodic and Perpetual.6. Understand the inventory basics required for Certified Inventory Optimization Professional (CIOP), Integrated Institute of Supply Chain Management – IISCM. For more details please visit www.ciop.info. Certified Inventory Optimization Professional (CIOP) is a sought-after qualification by companies to create a competitive advantage by transforming their supply chain practices. CIOP certification program is from Integrated Institute of Supply Chain Management (IISCM), a unit of Fhyzics Business Consultants Private Limited. Fhyzics is an ACP of Association for Supply Chain Management (ASCM/APICS), USA and ASC of Chartered Institute of Procurement and Supply (CIPS), UK. The elements of CIOP program are Progress Report, Reference Book, Learning Management System, Assessment and Certificate. The CIOP examination is for 3 hours with 120 questions and the maximum score is 360. Candidates need to secure 252 (70%) or above to pass in the examination. CIOP Examination is a closed, online, proctored examination available throughout the year.

Overview

Section 1: Inventory Management - Types

Lecture 1 Introduction

Lecture 2 About Author

Lecture 3 Raw Material

Lecture 4 Work-In-Process

Lecture 5 Finished Goods

Lecture 6 Distribution Inventory

Lecture 7 RM, WIP, FG and DI

Lecture 8 Case Study: Sugar Factory

Lecture 9 Case Study: Candle Factory

Lecture 10 Case Study: Car Factory

Lecture 11 Maintenance, Repair and Operating Supplies

Lecture 12 Production Environment

Lecture 13 Importance of Inventory

Lecture 14 RM-WIP-FG Details

Section 2: Inventory Management - Functions

Lecture 15 Safety Stock

Lecture 16 Cycle Stock

Lecture 17 Hedge Inventory

Lecture 18 Anticipation Inventory

Section 3: Inventory Management - Demand Nature

Lecture 19 Independent & Dependent Demand

Section 4: Inventory Management - Auditing

Lecture 20 Inventory Auditing

Lecture 21 Periodic Inventory Auditing

Lecture 22 Perpetual Inventory Auditing

Anyone want to master inventory types, functions, nature and auditing.

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