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Procurement and Inventory Control

Procurement and Inventory Control. Statistics & Risk Management. Purchasing Overview. Materials and products used for P roduct Production or Resale. Supplies needed for daily operations. Vendor Selection. Competitive Pricing & Terms Product/Service Quality Performance Criteria

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Procurement and Inventory Control

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  1. Procurement and Inventory Control Statistics & Risk Management

  2. Purchasing Overview Materials and products used for Product Production or Resale. Supplies needed for daily operations.

  3. Vendor Selection • Competitive Pricing & Terms • Product/Service Quality • Performance Criteria • Order Placement Methodologies • Location • Shipping Issues • Political Issues

  4. Bid Processes • Private Entity Process • Creating RFP • Evaluating Proposals • Public Entity Process • Often strict laws regulating the process for both government and vendor employees.

  5. Order Processing • Manual • Vender • Customer Managed • Automated • Maintain Stock Levels • Just-in-time

  6. Inventory Management Physical Inventory Book Inventory Reconciliation Process

  7. Inventory Evaluation Itemized (ID or Serial Numbers) LIFO (Last in First Out) FIFO (First In First Out) RDI (Retail Dollar Inventory)

  8. Inventory Control Minimum Stock Level Minimum Order Size Returns Shrinkage - Obsolescence

  9. Inventory Turnover Why is Turnover Important? How many Times a Year. How many Days until Turned Over. Ratios

  10. Asset Acquisition Real Cost of Acquisition Payback Period Return on Investment Net Present Value

  11. Human Resource Application-Resume Interview(s): Phone/Onsite Testing Background Check Selection

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