Chapter Name: Management or Maintenance of Stock Levels
Description:Focuses on inventory management techniques, including stock tracking, reordering, and minimizing stockouts.
Purpuse:To enable learners to maintain optimal stock levels, balancing cost and availability.
Rational:Proper stock management reduces costs and ensures that customer demand is met without overstocking.
Chapters Topics
Cash flow available to buy the stock
Managing available funds to ensure sufficient cash is on hand for stock purchases.
Pricing models (application of the various pricing models)
Applying pricing strategies such as cost-plus, value-based, and competition-based pricing in real business contexts.
Record keeping (Small Retailer)
Maintaining organized and accurate records of procurement and inventory for tracking, auditing, and compliance purposes.
Minimum stock levels required
The lowest quantity of stock that should be kept on hand to prevent stockouts and service interruptions.
Methods of determining / replenishing shelves
Techniques to identify when and how to restock shelves, such as FIFO (First-In, First-Out) and periodic checks.
Methods of receiving and checking stock
Processes for verifying received goods, including checking quantities, inspecting for damage, and confirming documentation.
Stock storage including appropriate storage facilities
Best practices for storing goods safely and efficiently, including temperature control, organization, and security.
Seasonal products
Goods that are in demand during specific times of the year and require special planning for procurement and storage.
Methods of calculating stock turnaround
Calculating how quickly inventory is sold and replaced, often using inventory turnover ratios.
Minimising shrinkage and stock losses
Strategies to reduce losses from theft, damage, expiration, and mismanagement.
Stock taking
Periodically counting physical inventory to reconcile with recorded stock levels.
Inventory Management
Overall system of tracking, ordering, storing, and controlling inventory to optimize efficiency and reduce waste.
Documents and record keeping
Keeping essential procurement and inventory documents such as invoices, quotations, debit/credit notes, receipts, and delivery notes.