Inventory Management Practices

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1.00 hour
Online Self Study


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About the Course

Recognizing that inventory is an organization’s single largest investment is a critical factor in inventory management. If not properly planned and controlled, your inventory investment can become a liability rather than an asset.

Course Description

Inventory can be defined as the materials or supplies that a business carries to sell or to provide inputs to other processes. On the balance sheet, inventory typically is one of the largest investments made by a manufacturing company and represents 20% to 60% of total assets.

The main reason to carry inventory is to satisfy the needs of your customers. The overall goal is to be able to hold the minimum amount of inventory necessary and still provide the desired level of customer service.

In this course, we will explore the fundamentals of inventory and examine the classifications of inventory and a method for determining the level of control that is necessary for inventory items. In addition, we will discuss processes for locating and organizing storage areas, reporting and recording the movement of material, determining when and how much inventory to order, determining the different costs associated with inventory, and verifying the accuracy of inventory records.

Learning Objectives

After completing this course, you should be able to:

  • Discuss concepts important to inventory management.
  • Use the ABC principle to establish the appropriate level of control for groups of items.
  • Control inventory through the use of proper storage and tracking practices.
  • Control inventory through record accuracy and properly determined inventory value.
  • Explore the factors that must be considered when planning inventory levels and replenishment.