Warehouse is essential for an industrial unit. It is the depository of all materials required by the industrial unit and supplies materials as and when required. Inventory Control and Warehouse Management is critical in operations as inventory is a current asset to a firm. This course focuses on optimizing the development, management and maintenance of strategies of inventory control and warehouse management. It enables professionals to gain command of the key elements of a successful operation and provides a guide to complementing warehousing activities with prudent inventory control management techniques.
Introduction to warehouse organization
Position of Warehouse/stores in the organization
Organization structure of stores division
Organization matters for efficient working of stores division
Delegation of authority
Need for requisitioning the material
Replenishment of stock items
Preparation of materials requisition report
Dispatch of requisition to user department
Review order quantity
Criticism of stores division
Poor inventory control
Improper store-keeping and Tools Management
Performance indicators and evaluation
How is performance evaluation carried out?
Introduction to ISO standards
The importance of ISO standards
Registration for ISO certification
Warehouse activities and quality assurance
Stores division activities in conformance to ISO 9001
Number and size of stores
Location of stores
Layout planning of warehouse
Physical facilities planning
Security
Entry to warehouse
Management of warehouse keys
Closing of warehouse
Issue to authorized individuals
Advantages of classification of inventory
Regular inventory item
In-process inventories
Finished goods inventory
Strategic considerations in the control of finished goods inventory
Market research
Methods of Codification
Variety reduction
Advantages of standardization
Situations where standardization is not preferred
Types of standards
Standardization program
Theoretical inventory control model
Elements of inventory control model
Dynamic nature of the inventory control model
Maintenance requirements
Reorder point fluctuations
Best order quantity
Economic Order Quantity (EOQ) defined
Determining Economic Order Quantity (EOQ)
Variable costs
ABC analysis
Other techniques of analysis
Factors influencing the stocking of inventory
Appropriate maintenance techniques
Administrative and financial factors
Steps for management of inventory
Diagnostic survey
Reconditioning and overhauling of inventory
Importance of valuation of inventory
Valuation of material issues
First in First Out (FIFO)
Last in First Outs
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
Know the principles and purpose on inventory management and control.
Understand the costs associated with inventory management.
Be knowledgeable in Inventory verification and valuation methods.
Understand the different approaches for effective management of dependent demand and independent demand inventories and when to apply them.
Know the fundamentals of warehousing and stock handling.
Understand the organizational structure and functional responsibilities in inventory and warehousing.
Know how to measure and improve inventory management performance.
Understand the different types of inventories and importance of inventory to organizations.
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