CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Inventory Management

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
15 Credits: Business Management & Organization

Course Description

Inventory is expensive and difficult to manage, and yet is an essential requirement for providing great service to customers. Inventory Management provides the tools to retain enough inventory to assure high levels of customer service, while avoiding excessive inventory levels that can absorb cash and generate losses. Topics covered include inventory policies, materials planning, purchasing and the supply chain, receiving, storage, shipping, production activities, record accuracy, warehousing efficiencies, measurements, and much more. This course covers a mix of classic and advanced management techniques to help the user maintain firm control over the mix and amount of inventory.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the types of inventory, and the need for reorder points, safety stock, and economic order quantities.

Chapter 2

  • State the manner in which inventory can be incorporated into a company’s competitive strategy and the situations in which certain strategies should be employed.

Chapter 3

  • Identify the policies that should be used to control inventory, and the situations in which they should be used.

Chapter 4

  • State the types of forecasting variations that can be used, how forecasts can be incorrect, and what can be done to mitigate these effects.

Chapter 5

  • Note the various costs related to suppliers, how a spend management system can be created, and the issues related to volume purchase discounts.

Chapter 6

  • Identify the receiving techniques that can be used to minimize inventory damage, organize incoming deliveries, create cross docking transactions, and similar issues.

Chapter 7

  • State the types of equipment used in putaway and picking transactions, as well as their advantages and disadvantages.

Chapter 8

  • Identify the components of the major production management systems, as well as the techniques used to improve the flow of inventory through the production process.

Chapter 9

  • State the methods used to enhance the efficiency and effectiveness of the shipping function.

Chapter 10

  • State who identifies obsolete inventory and how such inventory is located.

Chapter 11

  • Identify the methods used in the engineering area to minimize the number of parts, improve the production process, and generally reduce the investment in inventory.

Chapter 12

  • Recognize the issues that can reduce inventory record accuracy.

Chapter 13

  • State the situations in which the periodic and perpetual inventory systems should be used, and issues related to physical inventory and cycle counts.

Chapter 14

  • State the impact on inventory and costs of how the supply chain is managed.

Chapter 15

  • Identify the methods used to increase the efficiency of the warehouse.

Chapter 16

  • State the storage characteristics of inventory, as well as the situations in which various types of storage systems can be used.

Chapter 17

  • Identify the steps used to plan the warehouse layout, as well as the impacts of various issues on the final layout and sizing.

Chapter 18

  • Recognize the key inventory measurements and the circumstances under which they are used.

Course Specifics

Course ID
6131248
Revision Date
April 10, 2021
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Inventory Management

Expert Instructors
Format
CPE CREDITS
15 Credits: Business Management & Organization

$375.00$415.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
15 Credits: Business Management & Organization

Course Description

Inventory is expensive and difficult to manage, and yet is an essential requirement for providing great service to customers. Inventory Management provides the tools to retain enough inventory to assure high levels of customer service, while avoiding excessive inventory levels that can absorb cash and generate losses. Topics covered include inventory policies, materials planning, purchasing and the supply chain, receiving, storage, shipping, production activities, record accuracy, warehousing efficiencies, measurements, and much more. This course covers a mix of classic and advanced management techniques to help the user maintain firm control over the mix and amount of inventory.

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify the types of inventory, and the need for reorder points, safety stock, and economic order quantities.

Chapter 2

  • State the manner in which inventory can be incorporated into a company’s competitive strategy and the situations in which certain strategies should be employed.

Chapter 3

  • Identify the policies that should be used to control inventory, and the situations in which they should be used.

Chapter 4

  • State the types of forecasting variations that can be used, how forecasts can be incorrect, and what can be done to mitigate these effects.

Chapter 5

  • Note the various costs related to suppliers, how a spend management system can be created, and the issues related to volume purchase discounts.

Chapter 6

  • Identify the receiving techniques that can be used to minimize inventory damage, organize incoming deliveries, create cross docking transactions, and similar issues.

Chapter 7

  • State the types of equipment used in putaway and picking transactions, as well as their advantages and disadvantages.

Chapter 8

  • Identify the components of the major production management systems, as well as the techniques used to improve the flow of inventory through the production process.

Chapter 9

  • State the methods used to enhance the efficiency and effectiveness of the shipping function.

Chapter 10

  • State who identifies obsolete inventory and how such inventory is located.

Chapter 11

  • Identify the methods used in the engineering area to minimize the number of parts, improve the production process, and generally reduce the investment in inventory.

Chapter 12

  • Recognize the issues that can reduce inventory record accuracy.

Chapter 13

  • State the situations in which the periodic and perpetual inventory systems should be used, and issues related to physical inventory and cycle counts.

Chapter 14

  • State the impact on inventory and costs of how the supply chain is managed.

Chapter 15

  • Identify the methods used to increase the efficiency of the warehouse.

Chapter 16

  • State the storage characteristics of inventory, as well as the situations in which various types of storage systems can be used.

Chapter 17

  • Identify the steps used to plan the warehouse layout, as well as the impacts of various issues on the final layout and sizing.

Chapter 18

  • Recognize the key inventory measurements and the circumstances under which they are used.

Course Specifics

Course ID
6131248
Revision Date
April 10, 2021
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Inventory Management

Expert Instructors
Format
CPE CREDITS
15 Credits: Business Management & Organization

Inventory is expensive and difficult to manage, and yet is an essential requirement for providing great service to customers. Inventory Management provides the tools to retain enough inventory to assure high levels of customer service, while avoiding excessive inventory levels that can absorb cash and generate losses. Topics covered include inventory policies, materials planning, purchasing and the supply chain, receiving, storage, shipping, production activities, record accuracy, warehousing efficiencies, measurements, and much more. This course covers a mix of classic and advanced management techniques to help the user maintain firm control over the mix and amount of inventory.

$375.00$415.00

Clear