Inventory Management: Types, Functions, Nature and Auditing
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.
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.
Who this course is for:
- Anyone want to master inventory types, functions, nature and auditing.
Venkadesh Narayanan is the Principal Consultant at Fhyzics Business Consultants Private Limited and President at Product Development and Management Association (India) - An Indian affiliate of PDMA, USA. He is a Mechanical Engineer and an MBA with over 28 years of experience in Consulting, Business Plan, Business Strategy, Standard Operating Procedure, Business Analysis, New Product Development, Supply Chain Management and Process Improvement.
Mr. Narayanan is a former member of Indian Civil Services [IRAS 2000 Batch] and served at Indian Railways, Larsen & Toubro – ECC, Siemens (USA), Euro-Pro LLC (USA) and Latex International (USA) prior to joining Fhyzics.