Warehouse or store management and store keeping is the process of storing raw materials or goods under supervision of a person called store keeper or store controller and includes various responsibilities such as receiving the raw materials, protecting raw materials from damage, spoilage and keep finished goods until the goods are dispatched and also includes distribution of materials in rights quantity at the right time and at the right place. this course is designed to provide participants with an appreciation of the need to control inventory, which represents a significant investment for an organization. They are provided with a sight into how their function can affect profitability and are introduced to a range of modern techniques for securing the efficient storage of inventory.
Need for requisitioning the material
Replenishment of stock items
Dispatch of requisition to user department epuration of materials requisition report
Review order quantity
Valuation of material issues
First in First Out (FIFO)
Highest in First Out (HIFO)
Next in First Out (NIFO)
Simple average method
Weighted average cost method
Factors considered in selection of method of valuation of inventory
Advantages of classification of inventory
Regular inventory item
In-process inventories
Finished goods inventory
Strategic considerations in the control of finished goods inventory
Methods of Codification
Variety reduction
Inventory accuracy and tracking
Customer expectations
Redundant processes
Product diversification
Product picking
Inaccurate purchase orders
Handling product damages
Managing demand fluctuations
Globalization
People management in warehouse
Establish an inventory management system
Regularly conduct a visual inspection of storage areas
Warehouse design and facility management
Implementation and maintenance of safety initiatives
Health and safety
Management of warehouse keys
Closing of warehouse
Issue to authorized individuals
The principles and purpose on inventory management and control.
The costs associated with inventory management.
Inventory verification and valuation methods.
Different approaches for effective management of dependent demand and independent demand inventories and when to apply them.
Apply methods and techniques for the efficient storage of inventory.
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