Inventory Management: Types, Functions, Nature and Auditing

Inventory Management: Types, Functions, Nature and Auditing

The participants will be able to

1. 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.

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

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What you will 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.

Rating: 4

Level: All Levels

Duration: 44 mins

Instructor: Venkadesh Narayanan