Inventory management, or inventory control, is an attempt to balance inventory needs and requirements with the need to minimize costs resulting from obtaining and holding inventory. There are several schools of thought that view inventory and its function differently. These will be addressed in this course, but first we present a foundation to facilitate the reader's understanding of inventory and its function.
The course provides an outline on the importance of an effective inventory management system. Inventory is looked at in terms of the overall cash flow of a business entity. The course also looks at methods of applying an effective inventory management system and more current approaches to inventory management.
Preamble. Asset Management
Good asset management is critical in projects and programs. Significant assets are infrastructure assets with long life spans and enormous capital outlay that are vital to providing a foundation for economic activity.
Since the promulgation of the Public Finance Management Act (PFMA), Act No.1 of 1999 and as part of the move towards proper management and recording of assets a strategy was adopted to gradually enable entities to comply therewith.
The strategy involves: The compilation of asset registers; Validation of the completeness thereof through physical identification and counting of assets; and Introducing values to the register through the reference to original documentation of purchase.
The asset management of physical assets is critical for any organization. How we manage the assets determines the efficiency of projects, Programs and organizations. Much money is spent annually on maintaining and developing the asset base and providing services to improve asset management has in itself become a major competitive market internationally.
This training course aims to support this drive to improve management practices by presenting standards, methodologies and guidance how to set up good asset management. The course shows the delegate how the international standards on Asset Management, the Publicly Available Specification PAS 55 and the ISO 55000, can be used to implement the best practices in order to realize higher performance at lower costs within compliance. The course finalizes with an assessment of the current state of your Asset Management processes and results.
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