Inventory Management

What you'll learn

• Explain why organisations hold inventory and describe the full cost of carrying it
• Distinguish raw materials, consumables, spares and work in progress and why each is managed differently
• Apply ABC analysis by value and by criticality to decide where control effort belongs
• Describe reorder point, safety stock and economic order quantity as balancing concepts
• Compare cycle counting with an annual stocktake and justify why cycle counting gives better control
• Identify obsolescence and slow-moving stock and use accuracy KPIs to argue that record accuracy beats holding more stock

Curriculum

Progress through each competency level in order.