Inventory Management Types, Functions, Nature And Auditing

What you'll learn
Inventory Types - Raw Materials, Work-In-Process, Finished Goods, Distribution Inventory and MRO.
Inventory Functions - Safety Stock, Cycle Stock, Anticipation Inventory and Hedge Inventory.
Inventory Nature - Independent Demand and Dependent Demand.
Inventory Auditing - Periodic Inventory and Perpetual Inventory.
Requirements
NA
Description
The participants will be able to1. Learn a unique way of defining inventory using the left-hand rule.2. Master the types of inventory such as Raw Material, Work-In-Process, Finished Goods, MRO and Distribution Inventory.3. Understand the inventory functions such as Safety Stock, Cycle Stock, Anticipation Inventory and Hedge Inventory.4. Differentiate the Independent Demand from Dependent Demand.5. The two method of Inventory Auditing such as Periodic and Perpetual.6. Understand the inventory basics required for Certified Inventory Optimization Professional (CIOP), Integrated Institute of Supply Chain Management – IISCM. For more details please visit www.ciop.info. Certified Inventory Optimization Professional (CIOP) is a sought-after qualification by companies to create a competitive advantage by transforming their supply chain practices. CIOP certification program is from Integrated Institute of Supply Chain Management (IISCM), a unit of Fhyzics Business Consultants Private Limited. Fhyzics is an ACP of Association for Supply Chain Management (ASCM/APICS), USA and ASC of Chartered Institute of Procurement and Supply (CIPS), UK. The elements of CIOP program are Progress Report, Reference Book, Learning Management System, Assessment and Certificate. The CIOP examination is for 3 hours with 120 questions and the maximum score is 360. Candidates need to secure 252 (70%) or above to pass in the examination. CIOP Examination is a closed, online, proctored examination available throughout the year.
Overview
Section 1: Inventory Management - Types
Lecture 1 Introduction
Lecture 2 About Author
Lecture 3 Raw Material
Lecture 4 Work-In-Process
Lecture 5 Finished Goods
Lecture 6 Distribution Inventory
Lecture 7 RM, WIP, FG and DI
Lecture 8 Case Study: Sugar Factory
Lecture 9 Case Study: Candle Factory
Lecture 10 Case Study: Car Factory
Lecture 11 Maintenance, Repair and Operating Supplies
Lecture 12 Production Environment
Lecture 13 Importance of Inventory
Lecture 14 RM-WIP-FG Details
Section 2: Inventory Management - Functions
Lecture 15 Safety Stock
Lecture 16 Cycle Stock
Lecture 17 Hedge Inventory
Lecture 18 Anticipation Inventory
Section 3: Inventory Management - Demand Nature
Lecture 19 Independent & Dependent Demand
Section 4: Inventory Management - Auditing
Lecture 20 Inventory Auditing
Lecture 21 Periodic Inventory Auditing
Lecture 22 Perpetual Inventory Auditing
Anyone want to master inventory types, functions, nature and auditing.

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