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Secure Transaction Inventory Management
Format
Self-Study
Course Level
Overview
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
6131248
August 1, 2023
There are no prerequisites.
None
Compliance Information
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. 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 …
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