LOG3040 Inventory Management 2

Advanced · 1 credit · TMT - Trades, Manufacturing and Transportation

Description: Students demonstrate competencies related to product movement and replenishment strategies, budgeting, internal controls and asset recovery.
Prerequisite: LOG2040: Inventory Management 1
Parameters: Access to inventory management and control operations.

Outcomes The student will:

1 identify, describe and apply key principles of: • product movement and replenishment strategies
- 1.1 explain the purpose of product movement and replenishment strategies
- 1.2 identify and describe product movement and replenishment strategies; e.g., degree, level, complexity
- 1.3 demonstrate basic product movement and replenishment strategies in inventory management and control activities • budget procedures
- 1.4 explain the impact of inventory management on the budget procedure
- 1.5 identify key budget procedures
- 1.6 explain how inventory management affects:
  - 1.6.1 product quality
  - 1.6.2 cost control • internal controls
- 1.7 explain the purpose of internal inventory controls; e.g., security
- 1.8 identify and describe the internal inventory controls in effect; e.g., managerial practices, inventory flow, paper trail
- 1.9 demonstrate basic ability to use and maintain internal inventory controls • asset recovery
- 1.10 explain the concept of asset recovery
- 1.11 identify and describe strategies for asset recovery; e.g., asset disposition, recycling, reuse, recovery
- 1.12 assist in asset recovery activities
2 use basic technology to affect inventory management and control
- 2.1 demonstrate ability to manage and control inventory using:
  - 2.1.1 manual records
  - 2.1.2 microfiche
  - 2.1.3 spreadsheets
  - 2.1.4 database systems
  - 2.1.5 word processors
- 2.2 demonstrate ability to:
  - 2.2.1 access inventory information
  - 2.2.2 input inventory information
  - 2.2.3 interpret information from various databases
3 demonstrate basic competencies
- 3.1 demonstrate fundamental skills to:
  - 3.1.1 communicate
  - 3.1.2 manage information
  - 3.1.3 use numbers
  - 3.1.4 think and solve problems
- 3.2 demonstrate personal management skills to:
  - 3.2.1 demonstrate positive attitudes and behaviours
  - 3.2.2 be responsible
  - 3.2.3 be adaptable
  - 3.2.4 learn continuously
  - 3.2.5 work safely
- 3.3 demonstrate teamwork skills to:
  - 3.3.1 work with others
  - 3.3.2 participate in projects and tasks
4 create a transitional strategy to accommodate personal changes and build personal values
- 4.1 identify short-term and long-term goals
- 4.2 identify steps to achieve goals