Inventory, Logistics, and Expediting (L2M5)
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.
- 30 hours of module learning time
- 3 Course credits
- Total exam time of 1 hour
Module Five - Curriculum
The fifth module “Inventory, Logistics and Expediting” in the CIPS Level 2 Certificate course comprises three sections focused on the concept of inventory, the logistics challenge, and effective logistics control measures.
- 1.1 Identify the classifications of different types 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.
- 1.2 Identify the direct and indirect costs of holding inventory - Direct and indirect costs that are associated with holding inventories; Options to reduce costs whilst mitigating any negative impact on service levels.
- 1.3 Identify techniques associated with inventory control - Re-order quantities; Re-order levels; MRP and MRPII; ERP; Just in Time; Barcoding; Subjective and objective forecasting.
- 1.4 Identify the key aspects associated with the handling, packaging, and storage of supplies - The use of materials handling equipment and palletisation and unit loads, packing and packaging, and the use of automation in warehousing.
- 2.1 Identify the key principles of stores and warehousing facilities - The effective and efficient flows of inventory - Reduction of life-cycle costs; Space optimisation.
- 2.2 Identify the strengths and weaknesses associated with modes of freight transportation - Road, Rail, Air, Sea, Pipeline.
- 2.3 Identify types of Incoterms in international logistics - E, F, C and D terms; Incoterms rules and incorporation into the sales contract.
- 2.4 Identify legislative regulations that affect international sourcing - How to ensure compliance with legislation and regulations for supplies from international sources.
- 2.5 Describe the documentation that is used in transportation of supplies - The single administrative document; Packing list, waybill, consignment notes, bill of lading; Certificate of origin; Letters of credit or other financial documentation.
- 3.1 Explain the assessment of costs of inventory and the cost of stock-outs - Monitor levels of inventories and take actions to mitigate oversupply and minimise the risk of stock-outs; The use of forecasting to achieve timely delivery of supplies; Track deliveries and documentation; The use of forecasting, difficulties, and techniques.
- 3.2 Explain the planning process associated with expediting delivery - Use of problem-solving techniques; Planning milestones and activities.
- 3.3 Explain the significance of payment to suppliers and cash flow - Track any deviations from planned payments and take remedial actions to mitigate disruptions that may be created through difficulties with cash flow.
All Modules in CIPS Level 2 Certification
You can get the full details of CIPS Level 2 – Certificate in Procurement and Supply Operations over here
Why Choose CIPS MatexNet?
- GLOBALLY RECOGNISED COURSES – Throughout the world CIPS qualifications are recognised as driving leading-edge thinking and professionalism in procurement. CIPS is the only independently regulated professional body with an honours degree level qualification. MCIPS Chartered Professional is recognised worldwide as the standard for procurement professionals.
- EXPOSURE TO GLOBAL BEST PRACTICES – MatexNet’s strategic tie up with CIPS to offer professional courses stems out of the essential need of professionally certified procurement and supply chain professionals. Our goal is to bring state of the art best practices and processes in procurement and supply chain to the ever growing market economy in India.
- PRACTITIONERS AS TUTORS – Our tutors are professionally recognised and senior consultants / practitioners and are working across the Public and Private sectors. Each of them bring three decades plus years of industry experience and knowledge to deliver CIPS courses besides sharing up-to-date thinking and best practices.
- EASY ACCESS & FLEXIBILITY – All training is delivered in Classroom format and Live webcasting for Distant learners. You can pick the learning format that works best for you.