What is Inventory Management

( 1 ) What is inventory Interpretation of inventory Why do we need inventory ? Ownership of inventory in order to reduce stock holding Company & Department objectives towards inventory management ( 2 ) Classification of inventory How much is the HOLDING COST of inventory in your company ? Classification of inventory ( 3 ) Inventory Planning & Control a. ABC Analysis b. Inventory policy · Economic Order Quantity · Safety Stock Level

· Reorder Point · Maximum Stock Level c. Cycle Count / Stock Take / Stock Audit · Analysis of stock aging · Analysis of stock criticality · How to conduct cycle count / stock take ? ( 4 ) Principal of JUST IN TIME a. What is JIT ? b. Implementation of JIT ( 5 ) Dead stock and Excess Inventory a. Implication of aging stock and dead stock b. Plan & Strategies on HOW to reduce inventory ?

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