10 Unit Credit Values

• Inventory: raw materials; work-in-progress; maintenance, repair and operation; anticipation inventory; investment inventory; manufacturing organisations; service industries; military
• Purpose of Inventory: variation in production demand; unexpected customer demand; seasonal demand; price discounts; avoiding price increase
• Inventory Control Process: goods receipt; put-away; audit trails; inventory accuracy; training; monitoring for compliance; accuracy tracking; lead time; inventory identification and tracking; inventory location and storage; inventory numbering; safety inventory
• Alternatives to Holding Inventory: just-in-time; material requirements planning; Master Production Schedules (MPS); bills of materials; inventory status; distribution requirements planning; vendor-managed inventories
• Stock: finished goods; stock-outs
• Customer Service: competing on flexibility; competing on responsiveness; fast delivery; reliable delivery; after sales service; supplier appraisal; Service Level Agreements (SLAs)
• Alternatives to Holding Stock: direct ordering; drop shipping
• Financial: balance sheets; assets; profit and loss accounts; inventory trade-offs; holding costs
• Inventory Systems: stock cover; backward scheduling; forward scheduling; Pareto based ordering; variable order quantity or periodic review system; rolling schedule; economic order quantity; fixed order quantity; safety stock; average deviation; vendor managed inventory; Kanban; reserve stock (or brown bag) systems; perpetual inventory systems; inputs, outputs, adjustments; push and pull systems

The above is the unit content for the Inventory Processes unit found in the Level 3 qualification. To view more units, click here and select the “Units” tab.