Inventory, Logistics and Expediting - L2M5

Purpose: On completion of this module, learners will be able to identify the key role that inventory has to play and define the principles and processes associated with effective logistics control, explaining how effective expediting can be achieved in procurement and supply.

Aim: Inventories can account for a significant cost for many organisations. This module has been designed to enable learners to appreciate the concept of inventory and to explain contemporary methods for reviewing and planning effective inventory control. The module also focuses on the logistics challenge and on effective logistics control measures. Finally, learners will be able to explain how effective expediting can be achieved in procurement and supply through effective planning and processing.

Learning Outcomes

Session 1:
[1.0] Know the key elements of effective inventory control
[1.1] Identify the classifications of different types of inventory
[1.2] Identify the direct and indirect costs of holding inventory

Session 2:
[1.3] Identify techniques associated with inventory control
[1.4] Identify the key aspects associated with the handling, packaging and storage of supplies

Session 3:
[2.0] Understand the principles and processes associated with effective logistics control
[2.1] Identify the key principles of stores and warehousing facilities
[2.2] Identify the strengths and weaknesses associated with modes of freight transportation
[2.3] Identify types of Incoterms in international logistics
[2.4] Identify legislative regulations that affect international sourcing
[2.5] Describe the documentation that is used in transportation of supplies

Session 4:
[3.0] Know how effective expediting can be achieved in procurement and supply
[3.1] Explain the assessment of costs of inventory and the cost of stock outs
[3.2] Explain the planning process associated with expediting delivery
[3.3] Explain the significance of payment to suppliers and cash flow

Session 5:
Module Recap