INVENTORY MANAGEMENT
Inventory Level Checks
- Perpetual systems – keep account of the inventory each time a product is used.
- Periodic systems – once a week or at another specified time the stock level is counted and appropriate supplies are ordered.
- Random checks – are used to document the value of supplies at a specific time.
Inventory Management Methods
- Annual usage
- Historical ordering data based on:
- Workload of the laboratory
- Actual purchase and usage
- Predictions of future volume
- Average daily usage - can be obtained by dividing the amount of supplies ordered in a year by 365 days.
- Cost of Ordering - this figure is obtained by dividing the expenses of the purchasing section by the number of the purchase ordered.
- Annual holding cost
- Cost of carrying
- Accounts for the expense of maintaining a stockroom for storing material not needed immediately.
- Cost per unit - this value is obtained by dividing the purchase price by the container size.
- Lead Time - the amount of time or advance notice, needed between placing an order and its arrival.
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