Inventory control involves managing the inventory that is already in the warehouse, stockroom or store. Keeping control of your stock so that youre able to hold the least amount of inventory in your warehouses makes for easier organization, lower holding costs, better cash flow, and more space within your warehouses. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. How do decisions about stock affect other operations. Stores management, stores functions, management of stores. Supply chain management na 1 1 supervision na 1 1 inventory management na 1 1 stores and stock control na 1 1 cost data and budgeting na 1 1 purchasing na 1 1 certification upon successful completion of this course, you will receive your dcc storekeeping and stock control certificate. Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet. Select a series from the options below or scroll down to view past papers, examiner reports and marking schemes from past examination series in your selected subject. The chapters assume that youre going or are likely in the near future to implement an inventory control and wms system. Sku is an individual product that differs from other product some way. Centralised storekeeping ensures better layout and control of stores, economical use of storage space, lesser staff, saving in storage costs and appointment of experts for handling storage problems. Through the use of reports generated from the inventory. Procurement and management of supplies and equipment. The amount of capital invested in stock is minimised.
You should be able to complete this course within 12 to 18 months. The marketing department, sales and purchasing must work together to determine the appropriate levels of stock to have on hand. Better layout of stores is possible which results in efficiency in stock control. The inventory control is made by a stockkeeping unit. Efficient stores management europeanamerican journals. Five strategies for improving inventory management. On successfully completing this career development program you will. Download a pdf version for easier offline reading and sharing with coworkers.
Inventory management and control becomes a critical function especially in such situations where multi locations and multiple service providers are involved. I chose the short course at cput, because i am a mom of a two year old. Procurement and management of supplies and equipment this section provides practical guidelines for all stages of procurement and management of medical supplies and equipment. Understand the activities and operations of an efficient store. Inventory control store and storekeeping stores playa. Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you keep track of it it applies to every item you use to produce a product or service, from raw materials to finished goods. Inventory management website template can be used online without download.
Avoid confusion, minimize loss and manage reorders professionally with ease without training in stock management in college. The course covers all aspects relating to the basic functions needed to manage a warehouse which is contained in five study modules. I modified the above excel template and convert it into an inventory management app. At the end of the programme, participants will be able to. A proposal to research the stock control management policy. Have completed a professional program of study with cambridge international college.
To supply all stationary for administrative running of the enterprise. Cput offers evening classes, which enabled me to attend classes for 6 months. Efficient stores management a case study on takoradi polytechnic stores department bainson claudia1 and philip kwesi bainson2 1 finance office, takoradi polytechnic. Typically and at times essentially, a stores has to follow certain activities that are managed through use of various resources and are thus called stores management. A stock inventory control template serves the basic function of helping a business to achieve efficient organization capabilities by helping to track all its goods, implements, resources, tools, etc. Smartturn inventory and warehouse management best practices 1st edition page 5. That is knowing, what products are out there, have much you have each item and where it is.
Five strategies for improving inventory management across. The answers to these questions embrace the most important issues of inventory management. Course multinationals including a long encik saffian heads the and procedures. Inventory, issue, materials, purchase, raw materials, receipt, stores, stores management. Use a barcode scanner to record stock in and stock out your phone or tablet can serve as a barcode scanner. Today, many if not most supply chains are feeling at least several of these sorts of network pressures. The task of storekeeping relates to safe custody and preservation of the materials stocked, to their receipts, issue and accounting. Lets take a look at some inventorycontrol techniques you may choose to utilize in. Daily stock count should be able to reflect location accuracy, stock accuracy as well as transaction summary for the day. Effective inventory management is the result of outstanding inventory control and inventory management.
In order to keep and manage inventory properly you need to use an inventory template. Administration cost relating to stock recording is less. Loss of items, deterioration, obsolescence and inadequacy of what is stored to what is needed are treated as part of life. It also consists of the recruitment, selection, induction and. Smartturn created this ebook for business owners, logistics professionals, accounting staff, and procurement managers responsible for inventory, warehouse and 3pl operations, as well as anyone else who wants to demystify. This topic looks at efficient management of the movement and storage of goods and material, including when to order and store goods to meet operational requirements, how to inspect and receive goods in order to have a balanced flow of stores, and managing stock recording, stock control and stocktaking. Stores management is concerned with ensuring that all the activities involved in storekeeping and stock control are carried out efficiently and economically by those employed in the store. The management of every economic sector gained interest after world war. Additionally, the recovery management area could utilize inventory information to identify an assets criticality especially when the assets location and owner are identified within the inventory management system.
A professionally managed stores has a process and a space within, to receive the incoming materials receiving bay, keep them for as long as they are not required for use custody and then to move them out of stores for use issue. This programme has been approved by the damelin correspondence college academic board. The warehouseinventory manager is responsible for monitoring the movement of goods as they are transported from the supplier and for the control of stock movement in the warehouse facility. Doing a correspondance course just wouldnt work for me. Efficient stores management a case study on takoradi polytechnic stores department bainson claudia1 and philip kwesi bainson2 1 finance office, takoradi polytechnic, p.
A closed stores closed systems are utilized when close control and accounting for inventories are desirable. This study guide like all our training materials has been written by professionals. Business school dcc storekeeping and stock control certificate. The app enables inventory managers to do the following. Loss of items, deterioration, obsolescence and inadequacy of what is stored to. This means that distribution activities that are involved in store keeping, stock control and stock. Inventory and stores management sbl scheme claimable contents develop skills in the field of control for various functions and responsibilities the stores organisation. This topic looks at efficient management of the movement and storage of goods and material, including when to order and store goods to meet operational.
Store is an important component of material management since it is a place that keeps the materials in a way by which the materials are well accounted for, are maintained safe, and are available at the time of requirement. Inventory management is the basis of a wellfunctioning retail business. You might imagine stock as warehouses full of goods but every organization. The course progresses at a moderate pace through the procedures and concepts with which the storeman is likely to be confronted with in a typical stores operation. We use cookies to offer you a better experience, personalize content, tailor advertising, provide social media features, and better understand the use of our services. Chapter 8 purchasing, receiving, storing, and issuing 190 professional beverage management practices managers face a variety of challenges in securing and maintaining the products needed to. This is a program to train and produce effective professional stores and inventory personnel and managers. The book gives a selfcontained introduction to inventory. To receive, store, control and utilize all damaged goods from clients. Diploma in inventory and stores management 4941 second avenue campus, full time. Be awarded the cic diploma on stores management and stock control. Stock transfers between departments or stores occur when merchandise is carried by one department or retailer but is needed by another.
In many cases it will also encompass the recruitment, selection, induction and the training of stores personnel, and much more. A stores manager must be able to manage stores, stockyards and inventory. Were assuming this much because we want to bring a swift end to your days of exclusively using. The company will not have the ability to make purchasing decisions without accurate inventory quantities. It describes recent thinking about stock and methods for its control. Batch control managing the production of goods in batches. Setting stock levels, receipts into and issues from the stores documentation, stocktaking and spot checks. In such cases, storage area are kept locked and entry is limited to stores employees, or to others only on an authorized basis.
When it comes to inventory control procedures, less is definitely more. Stores management and stock control lecture notes series by gabriel lubale phone. Business school dcc storekeeping and stock control. The dcc storekeeping and stock control certificate is a dcc career programme, which is not an accredited nqf qualification. The primary purpose of inventory control is to manage stock and ensure the smooth flow of goods by determining what, how much, and when to order. Haji ahmad saffian is an expert in the area of store, purchasing and materials management. Mar 28, 2015 inventory, issue, materials, purchase, raw materials, receipt, stores, stores management. A proposal to research the stock control management policy in megasea paint company. Introduction store is a place where excess material is kept which will be used as and when required. This materials management process is implemented through inventory control and warehouse management systems, which may be manual or computer based. The popular programme in stock and stores control has been developed to provide a basic education to the stores person at a junior level. Inventory management systems central asset repository of information. Stock management must include an inventory control system to ensure the accuracy of inventory records.
To ensure inventory control is maintained across all locations, following critical points if focused upon will help. Store is an important component of material management since it is a place that keeps the materials in a way by which the materials are well accounted for, are maintained safe, and are. Different types of stores on the basis of storage nature are. Effective inventory management effective inventory management is the result of outstanding inventory control and inventory management. If you are student or lecturer in business management courses at diploma and degree you will find these materials very useful in your career. Absence of any worker does not affect the work since staff become acquainted with different types of stores. Tips for effective stock control and inventory management. It covers stock at every stage of the production process, from purchase and delivery to using and reordering the stock.
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