The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 1 The importance of Business Inventory and Costs Preparation Presentation by
Dr. Paul Mahajan, DM, CPP
MBEC/CHARO, Riverside, CA
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 2 The importance of Business Inventory and Costs Preparation Know the meaning of inventory
List of current assets
List of goods or products or
List of material on hand
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 3 The importance of Business Inventory and Costs Preparation Controlling inventory in business:
Balance your needs
Balance purchasing activities
Balance your cash flow
Balance your documentation (control) activities
Balance your usage of products
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 4 The importance of Business Inventory and Costs Preparation Controlling costs and preparations:
Supplier selections (outsourcing)
Supplier contracts
Internal costs of operations
External costs of operations (Transportation/Sourcing)
Budgets and costs controls
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 5 The importance of Business Inventory and Costs Preparation Understanding commodity requirements:
Customer requirements
Supplier requirements
Government requirements (Fed/Local)
Specialty product requirements
Storage requirements
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 6 The importance of Business Inventory and Costs Preparation Establishing relations for costs and inventory:
Relations with suppliers
Relations with clients
Relations with competitors
Relations with outsourced companies
Relations with the community (associations)
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 7 The importance of Business Inventory and Costs Preparation Establishing stock inventory and control:
Identify stock items
Identify stock locations
Identify documents
Identify quality requirements
Identify personnel responsibilities
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 8 The importance of Business Inventory and Costs Preparation Establishing the right personnel:
Inventory person
Inventory accounting
Inventory Data Collection
Inventory purchases
Inventory manager/supervisor
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 9 The importance of Business Inventory and Costs Preparation Forecasting inventory and costs:
Research your previous inventory costs
Research your previous administrative costs
Research your comparator's costs
Research your commodity buyers
Research your limitations and delimitations
Establish your budget by end of each year for the following year
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 10 The importance of Business Inventory and Costs Preparation Summary
Meaning of inventory
Controlling inventory
Controlling costs and preparations
Commodity requirements
Establishing relations for costs and inventory
Establishing stock inventory and control
Establishing right personnel
Forecasting inventory and costs
The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 11 The importance of Business Inventory and Costs Preparation Notes
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The importance of Business Inventory and Costs Preparation : Excellence in Education and Corporate Training 12 The importance of Business Inventory and Costs Preparation Any Questions?
Thank you ?