Inventory Management
Why organisations hold stock and what it really costs: inventory types, ABC analysis, reorder points and safety stock, economic order quantity, cycle counting and the accuracy measures that keep a storeroom trustworthy. For storekeepers, planners, maintenance and finance staff and anyone who orders or holds materials.
53m
Total time
4
Competency levels
12
Lessons
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.
1
Awareness
- 2mWhy We Hold Stock — and What It CostsKnowledge
- 2mTypes of Inventory and Why They DifferKnowledge
- 7mAwareness Check: Stock and Its CostAssessment
2
Knowledge
- 3mABC Analysis: Value and CriticalityKnowledge
- 3mReorder Point, Safety Stock and Economic Order QuantityKnowledge
- 8mKnowledge Check: Classification and ReplenishmentAssessment
3
Skill
- 3mCounting Stock: Cycle Counting versus the Annual StocktakeKnowledge
- 3mAssignment: Build an ABC-Based Cycle Count PlanAssignment
- 8mSkill Check: Counting and Control JudgementAssessment
4
Mastery
- 3mObsolescence, Slow Movers and the KPIs That MatterKnowledge
- 3mAssignment: Slow-Moving and Obsolete Stock ReviewAssignment
- 8mMastery Assessment: Inventory Judgement Under PressureAssessment
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