Module Purpose
On completion of this module, learners will be able to explain methods of inventory storage and control and analyse the concept of whole life cost from concept through to disposal
Module Aim
Whole life costing takes into account the total cost of a product or service over its lifetime, from concept through to disposal including purchase, hire or lease, maintenance, operation, utilities, training and disposal. Hence, it is important for those involved in the procurement and supply function to take all these elements into consideration when making decisions and comparing the costs of buying, renting or leasing equipment. In most cases the purchase costs are a small proportion of the cost of operating it. Although costly, there are numerous reasons why organisations elect to hold inventory. The management and control of such inventory is therefore vital to organisational success. This module is designed for those who will have responsibility for the whole life management of assets and enables learners to analyse methods for inventory movement and control and to analyse the concept of whole life cost.
Certified Inventory Optimization Professional
CIOP is a global supply chain management and inventory management certification program exclusively developed for corporations to optimize the inventory in their supply chain. CIOP teaches the global best practices in 30 modules over 90 hours of live, faculty-led, online training. It is founded on Inventory Management Body of Knowledge (IMBoK) version 3.0. CIOP is a comprehensive program includes training, reference material, Learning Management and Assessment System (LMAS), examination and certificate.
The LMAS contains classroom presentations, classroom notes, video lessons, audio lessons, quizzes, reference materials, terminologies and articles recommended by faculty.
The CIOP Examination is 3 hours, online, proctored examination with 180 multiple-choice questions. The participant needs to secure 70% of the maximum score (360 marks) to pass in the examination.
You can learn more about the CIOP certification in the below links:
CIOP Website: https://pages.fhyzics.net/ciop
Faculty Profile: https://pages.fhyzics.net/principal-consultant
Click here to request quote for the CIOP certification program.
Fhyzics Business Consultants is an Approved Study Centre of Chartered Institute of Procurement and Supply (CIPS), UK and offering all the modules under Level-2, Level-3, Level-4, Level-5, and Level-6. During this current COVID-19 pandemic, the classes are offered in distance and self-study modes. For more questions related to our CIPS programs, please speak to our Manager-Certifications at +91-900-304-9000 or email at certifications@fhyzics.net.
Online, Instructor-Led Training Program on Whole Life Asset Management [L4M7] Module of Diploma in Procurement and Supply, CIPS, UK
Mode of Delivery: Online
Mode of Teaching: Using the Presentation Deck from CIPS, UK
Duration: 3 Hours
Faculty: Venkadesh Narayanan, CIPS Recognized Instructor
Reference Material: L4M7 Study Guide
Level-4: Diploma in Procurement and Supply
1.0 Understand methods for the storage and movement of inventory
1.1 Identify the principles, purpose and impact of stores and warehouse design
• Location of stores and warehouses
• Stores and warehouse design
• Factors that influence stores and warehouse layout
• Flow, space utilisation and flexibility
1.2 Explain the use of product coding in inventory operations
• Systems for product coding
• Bar coding
• Order tracking technologies
• The use of RFID technologies
1.3 Contrast the impact of the use of different warehousing equipment Approaches such as:
• Materials handling equipment
• Palletisation and unit loads
• Packing and packaging
• Environmental standards for packaging
• The use of automation in warehousing
2.0 Understand the key elements of effective inventory control
2.1 Differentiate between the different classifications of inventory
• Opening stock, work in progress, safety stock and finished goods
• Obsolescent and redundant stock
• Direct and Indirect supplies
• ABC classifications of stock that may apply
• Dependent demand and independent demand items of stock
2.2 Identify the direct and indirect costs of holding inventory
• Acquisition costs
• Holding costs
• Cost of stock outs
• Discuss options to reduce costs whilst mitigating any negative impact on service levels
2.3 Identify techniques associated with inventory control
• Subjective and objective forecasting
• Re-order quantities and levels
• MRP and MRPII
• ERP
• Just-in-time
• Lean
• Inventory performance measures – lead times, service levels, rate of stock turn, stock outs in a given period, stock cover
3.0 Understand the concept of through life cost
3.1 Analyse the contributing factors when establishing total cost of ownership
• Purchase price
• Hire or lease
• Acquisition costs
• Usage costs
• Maintenance costs
• Operation
• Utilities
• Training
• Disposal and end-of-life costs
3.2 Compare the factors to consider when building a total cost of ownership model
• Include all costs
• Use best estimates of values available
• Hidden costs – global sourcing, risks associated with extended supply chain
• Only develop for larger purchases
• Ensure senior management support
• Cross functional support – ensure access to data
• Team working – reduce data collection time
3.3 Identify the contributing elements to end-of-life costs
• Decommissioning
• Removal or disposal processes
• Legal aspects – waste management
• Environmental factors
• Triple bottom line – people, planet, profit
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