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Identify the objectives of inventory management
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Define the objectives of inventory management
Summarize the role of inventory management and working relationship with other functional areas
Describe tools used to support used to work collaboratively with other functional areas
Describe the impacts of with working procurement in identifying number of vendors, lead times, delivery frequency, and quality specifications/inspection
Describe the impacts of working with sales in identifying product life cycles and new product launches
Describe inventory management’s impact on production schedules, order fulfillment and customer service/experience
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Calculate inventory investments
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Interpret a balance sheet
Define average inventory, inventory turnover, and days of supply
Calculate average inventory, inventory turnover, and days of supply
Perform ABC classification and analysis
Relevant facts are identified, utilized and or analyzed
Formulas and calculations are applied properly
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Examine the principles for setting safety stock levels and the tradeoffs for the different strategies
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Describe the factors to consider when determining safety stock levels
Perform calculations using the formulas for setting and adjusting safety stock
Perform correct calculations of carrying costs and annual costs of different safety stock levels
Define and calculate average inventory, inventory turnover, and days of supply
Relevant facts are identified, utilized and or analyzed
Formulas and calculations are applied properly
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Apply key concepts for setting reorder points and determining reorder quantities
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Summarize different systems for demand ordering
Identify the role of MRP systems in this process
Perform calculations for item replenishment points and economic order quantities for different scenarios
Relevant facts are identified, utilized and or analyzed
Formulas and calculations are applied properly
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Analyze the effects different inventory tracking/control systems and reverse logistics system on the business
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Summarize tools used to capture and transmit data
Identify different ways of tracking inventory and at which points ownership is transferred
Summarize the purpose of reverse logistics and ways it can be handled
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Evaluate inventory storage methods
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Identify the different methods for storing inventory
Describe how inventory is stored and moved throughout a warehouse
Explain which methods are best for which types of environments
Determine the costs and benefits for different storage methods
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Evaluate the application of lean principles and wastes to inventory management
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Describe the lean principles and wastes as it applies to inventory management
Summarize the pros and cons of just in time delivery
Explain the impact Lean has had on an industry or specific company
Develop strategies to implement to positively impact inventory management
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Analyze various methods for conducting inventory accuracy audits and addressing inventory loss
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Describe the process and purpose of the periodic inventory audit
Explain the process and purpose of cycle counting
Evaluate different methods of cycle counting and which methods best suit different types of inventory and organizations
Identify sources of loss
Describe the impact and importance of inventory accuracy
Explain how organizations may attempt to prevent or minimize loss
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Examine the role of inventory in an organization’s supply chain
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Identify the different types of inventories that can exist in an organization including raw materials inventory, maintenance, repair and operations (MRO) inventory, work-in-process inventory, and finished-goods inventory
Describe the types of costs related to inventory that an organization can incur including purchase costs, ordering costs, setup costs, holding or carrying costs, and stock-out costs
Identify the reasons why organizations hold excess inventory in their supply chains
Relevant facts are identified, utilized and or analyzed
Submission response is written from a business perspective
Submission includes proper capitalization and grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of requirements
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Describe quantitative techniques of forecasting for supply chain and operations
Assessment Strategies
Case study, project, written test/quiz, and/or written product
Criteria
Summarize quantitative techniques of forecasting
Identify pros and cons of different types of quantitive techniques of forecasting
Describe the different components needed to forecast supply chain
Describe the different components needed to forecast for operations
Identify, utilize, and analyze relevant facts
Submission response is written from a business perspective
Submission includes proper capitalization an grammar
Submission includes persuasive arguments supported by data when requested
Submission meets or exceeds 70% of the requirements