Definition of Supplies & Equipment
|
|
- Dinah Sanders
- 8 years ago
- Views:
Transcription
1 University of Nebraska Medical Center Clinical Laboratory Science Program Nebraska Methodist Hospital Medical Technology Program CLS Clinical Laboratory Management II Materials Management Note: The majority of the information in this unit was obtained from the text Medical Laboratory Management and Supervision, by Lionel A. Varnadoe. (see references) According to Varnadoe, material management is the systematic process of overseeing and controlling the acquisition and utilization of supplies to ensure both availability and cost effectiveness. This function consists of the purchasing or requisitioning of supplies and the oversight of products after they arrive (166). Varnadoe also mentions that supplies are the second largest expense incurred by the laboratory, overshadowed only by labor costs. Supply expense is a very broad category and covers most of the material purchased by the laboratory, including reagents, pipettes, chemicals, phlebotomy supplies, and even office products (166). Varnadoe (166) states that the goals of material management must include steps to guarantee that: Supplies arrive in a timely manner. Spoilage is reduced to a minimum. Back orders and delays are avoided. Storage space is used to the best advantage. The most economically advantageous price is obtained. Financial resources are not tied up in inventory. Definition of Supplies & Equipment According to Wallace, the general guidelines used for classifying materials identify supplies as those items that are consumable; whose storage lives are a year or less, and/or costs are less than $500 (price varies with each organization). Equipment and instruments are those items with an extended use-life, no expiration date (storage life), and/or a cost of more than $500 (or whatever price the organization sets) (228). Wallace also states that when selecting equipment and instruments, buy to own is being replaced by a lease to upgrade philosophy. This is due to rapid advancements in technology and computerization of equipment and instruments. Standard instrumentation often becomes obsolete within a year. In addition, rapid changes come from the transition of research as analyte studies and methodology-analyte studies become clinically significant (229). CLS 431 Clinical Laboratory Management II Financial Resources Management Page 1
2 Supply Ordering Process When ordering supplies, there are various documents that may be used to expedite and simplify the record-keeping process. The mechanics of purchasing primarily involve two tools: the requisition (example on page 6) and the purchase order (example on page 7). The requisition is used to request the purchase of a product and is completed by the requesting department and sent to the purchasing department. In the purchasing department, the purchase order is prepared after review of the budget and, if necessary, consultation with the vendor. A purchase order (P.O.) is a document authorizing the purchase of a product or services from an outside vendor. The purchase order authorizes payment from the institution (e.g., the lab) to the vendor for delivery of the product (Hudson, 143). The vendor then ships the item requested and bills the institution. According to Varnadoe, products that have a predictable usage level or short shelf lives are frequently ordered in advance via standing orders. Under this procedure, a purchase order is issued to the vendor with instructions to ship a specific amount of product according to an established schedule. Examples of products that are frequently ordered in this manner include blood bank reagent cells and the Q.C. material used in chemistry (168). Varnadoe explains that standing orders offer benefits to both the laboratory and the supplier. The laboratory is assured of the timely delivery of needed items; the lab may also be able to take advantage of bulk prices or discounts offered by the vendors. Suppliers have a commitment from the institution to buy their products; this enables them to plan their production and inventory levels on a more predictable schedule (168). Inventory Management Varnadoe states that inventory management is a continual process of checking stock levels, rotating stock to ensure freshness, ordering supplies in sufficient quantities to meet current needs, and minimizing the cost of carrying inventory (i.e., having too much of the organization s money tied up in items sitting on the shelf waiting for use). According to Varnadoe, there are three methods that can be used to track inventory levels: perpetual, periodic, and random systems (169). Perpetual systems keep account of the inventory each time a product is used. Therefore, when any item is taken off the shelf, the person removing the product adjusts the inventory checklist. When it is time to reorder, the checklist is submitted to purchasing without any need for further checks (theoretically). Periodic systems are more common at the bench or department level. With this system, inventory levels are checked according to an established timetable (e.g., once a week), and then appropriate supplies are ordered. Random checks are used to document the value of supplies at a specific time. This verification process is useful in confirming the accuracy of perpetual systems, which can become distorted if not meticulously maintained. CLS 431 Clinical Laboratory Management II Financial Resources Management Page 2
3 Varnadoe discusses two techniques for determining how and when to replenish stock; minimummaximum and just-in-time replenishment strategies (169). The minimum-maximum technique establishes a set point (minimum) at which inventory is to be recorded and a reorder to (maximum) level to be maintained. Varnadoe illustrates this technique with a blood bank example: the minimum stocking level for blood bank saline may be fixed at 5 cases and the maximum stocking level at 10. When inventory is taken and 7 cases are found on the shelf, an order for 3 units would be placed to bring the count to the maximum point (169). The just-in-time ordering technique is a commitment by the supplier to guarantee delivery of an item at the exact moment of need. This limits the financial costs associated with stocking and storing inventory items. An example of this technique is the standing-order system used in the lab for obtaining short-dated items such as reagent cells or test kits. Financial Control of Inventory According to Varnadoe, there are several techniques and formulas for managing inventory, and monitoring and controlling supply expenses (170). This next section focuses on some of these formulas: 1. The economic ordering quantity (EOQ) is a formula used to determine the quantity of supplies to order at one time. 2. The economic ordering point (EOP), also referred to as the reorder point (ROP), is the point at which inventory should be ordered. 3. The optimal reorder time (ROT) is the best time to place an order to take advantage of EOQ and EOP. In order to determine the EOQ, EOP, and ROT, managers must understand certain underlying concepts relating to inventory. The following concepts are defined by Varnadoe (170). Annual usage: Determining the level of inventory needed is based on the workload of the laboratory. Historical ordering data based on actual purchases and usage, as well as, predictions of future volume influence the anticipated level of supplies that must be ordered. Average daily usage: This information can be obtained by dividing the amount of supplies ordered in a year by 365 days. Cost of ordering: The cost of running a centralized purchasing department is directly tied to the number of purchase orders placed and the associated work involved with keeping track of invoices as products are shipped and received. This figure is obtained by dividing the expenses of the purchasing section by the number of purchase orders issued. CLS 431 Clinical Laboratory Management II Financial Resources Management Page 3
4 Annual holding cost: This concept involves decisions based on bulk orders, space utilization, and whether it is better to have the product on hand or in the supplier s warehouse. When the vendor is holding the stock, the institution s money is available for other purposes. Also called cost of carrying inventory, its value is determined by considering the interest lost by not having the money in the bank. Annual holding costs should also account for the expense of maintaining a stockroom for storing material not needed immediately. Cost per unit: This is a straightforward calculation once the decision has been made as to the best price available. Factors such as quantity discounts and container size (i.e., box, or case) affect this decision. Dividing the purchase price by the container size provides this value. Lead time: This is the amount of lead time, or advance notice, needed between placing an order and its arrival. It influences the minimum inventory that must be kept in stock, as well as the quantity that needs to be requested. Using the above definitions and concepts, the following formulas are derived for EOQ, EOP, and ROT: EOQ = 2 (annual usage cost of ordering) annual holding cost per unit EOP = annual usage lead time in days 365 days or EOP = (average daily usage lead time) + safety level ROT = EOQ 365 days annual usage CLS 431 Clinical Laboratory Management II Financial Resources Management Page 4
5 Example of Inventory Management Methods (Varnadoe, p.170) Using the following figures we can calculate the EOQ, EOP, and ROT: Annual usage = 11,000 20/pk blood agar plates Cost of ordering = $25 per order Annual holding costs = $2.50 per yr. Lead time = 7 days EOQ = 2 (11,000 packs $25/order) = 550,000 $2.50 holding/yr. $ ,000 = 469 packs/order EOP = 11,000 packs 7 days = 211 packs 365 days ROT = 469 packs/order 365 days = 15.5 days/order 11,000 packs Thus, for maximum financial benefit and storage space utilization, order 469 packs of plates each time the inventory drops to 211 (about every 16 days). However, there may be a need to make some small modification once this information is available. These modifications may be based on such factors as weekly ordering system and bulk sizes. However, keep in mind that the farther the ordering system strays from standards, the fewer the economic benefits (Varnadoe, 170). References: Hudson J. (2004). Principles of Clinical Laboratory Management. Upper Saddle River, NJ: Pearson Prentice Hall. pp Varnadoe LA. (1996). Material management. In Varnadoe, LA (Ed.) Medical Laboratory Management and Supervision. Philadelphia, PA: F.A. Davis Co. pp Wallace MA, Klosinski DD. (1998). Clinical Laboratory Science: Education & Management. Philadelphia, PA: W.B. Saunders Co. CLS 431 Clinical Laboratory Management II Financial Resources Management Page 5
6 Requisition No Anywhere Healthcare Systems Purchase Requisition (Not to be used as a purchase order) To be filled out by department Department Clinical Laboratory Date 3/28/XX Deliver to Clinical Laboratory / 200 Bldg. Room Name and Address of Vendor(s) suggested (if any): 1. Medical Products, Inc Street Des Moines, IA Quantity Unit Description Unit Price Total Price Mononucleosis Test Kit $15.09 $ Microscope Slides, Frosted $55.44 $ Total $ Requested by: Signature Date Department Director approval: Signature Date Administration approval: Signature Date To be filled in by purchaser Purchase Order No. Date Ordered Order to of (representative) (company) Quoted by to (vendor representative) (hospital representative) Expected Delivery Date Freight to be paid by vendor Not to exceed Comments: CLS 431 Clinical Laboratory Management II Financial Resources Management Page 6
7 Anywhere Healthcare Systems Purchase Order Purchase Order: 7000 Department: Clinical Laboratory Date: 3/20/XX Vendor: Medical Products, Inc Street Des Moines, IA Please ship the following items noting the terms, prices and conditions given below: Payment terms: 30 days Freight terms: FOB: Destination Ship by: Trucking Company Department ID: Clinical Lab Requisition ID: 0101 Requestor: Clinical Lab Buyer: Anywhere Healthcare Systems Item # Quantity Unit Description Unit Price Total Price Mononucleosis Test Kit $15.09 $ Microscope Slides, Frosted $55.44 $ Total PO Amount $ Bill to: Anywhere Healthcare Systems Ship to: Anywhere Healthcare Systems Financial Services Receiving Department 2456 A Street 6542 B Street Omaha, NE Omaha, NE CLS 431 Clinical Laboratory Management II Financial Resources Management Page 7
Effective Replenishment Parameters By Jon Schreibfeder
WINNING STRATEGIES FOR THE DISTRIBUTION INDUSTRY Effective Replenishment Parameters By Jon Schreibfeder >> Compliments of Microsoft Business Solutions Effective Replenishment Parameters By Jon Schreibfeder
More informationIn terms of supply and demand, the clinical laboratory has limited control. Test ordering is driven by
SPECIAL FEATURE Thomas McHugh, MS, MT (ASCP) Technical Director for the Clinical Laboratories, Medical Center at the University of California at San Francisco Supply Chain Management in the Clinical Laboratory
More informationSage ERP X3 Distribution
Distribution Distribution Sage ERP X3 distribution functionality is comprised of Sales, Purchasing, and Inventory. Sage ERP X3 Sales enables you to monitor all information concerning customers or prospects,
More informationEffective Replenishment Parameters. By Jon Schreibfeder EIM. Effective Inventory Management, Inc.
Effective Replenishment Parameters By Jon Schreibfeder EIM Effective Inventory Management, Inc. This report is the fourth in a series of white papers designed to help forward-thinking distributors increase
More informationUnderstanding Stock and Inventory Control
Understanding Stock and Inventory Control Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you keep track of it. It applies to every
More informationAlessandro Anzalone, Ph.D. Hillsborough Community College, Brandon Campus
Alessandro Anzalone, Ph.D. Hillsborough Community College, Brandon Campus 1. Introduction 2. Basic Concepts of Inventory 3. Categories of Inventory 4. The Basic Inventory Lot Sizing Model Economic Order
More informationGAO. Inventory System Checklist Systems Reviewed Under the Federal Financial Management Improvement Act of 1996. Financial Management Series
GAO United States General Accounting Office Financial Management Series May 1998 Inventory System Checklist Systems Reviewed Under the Federal Financial Management Improvement Act of 1996 GAO/AIMD-98-21.2.4
More informationTeaching Manual-Operation Management. Gunadarma University. Week : 9 Subject : INVENTORY MANAGEMENT Content :
Week : 9 Subject : INVENTORY MANAGEMENT Content : WHY INVENTORY a. One of the most expensive assets of many companies representing as much as 50% of total invested capital b. Operations managers must balance
More informationCHOICES The magazine of food, farm, and resource issues
CHOICES The magazine of food, farm, and resource issues 4th Quarter 2005 20(4) A publication of the American Agricultural Economics Association Logistics, Inventory Control, and Supply Chain Management
More informationBest Practices: Inventory Management for the Small to Medium-Sized Business
Best Practices: Inventory Management for the Small to Medium-Sized Business You don t have to be a big business to use technology to improve your inventory management processes. In fact, if you are a smaller
More informationImplementing a Purchase Order System
10 Maintaining the Inventory System Implementing a Purchase Order System Introduction The following section explains why and how to use purchase orders in your business. This topic assumes that you are
More informationBeverage Distribution Solution
Beverage Distribution Solution Analyzing data is so much easier, so much more timely. We re looking at things in real time as far as understanding where the business is and where it s headed. - Chuck Warren,
More informationTOPIC NO 30515 TOPIC Supplies and Materials Inventory Table of Contents Overview...2 Policy...4 Procedures...8 Internal Control...
Table of Contents Overview...2 Introduction...2 Effective management system...3 Maintenance versus value...3 Cost reduction...3 Policy...4 Inventory records...4 Considerations for agencies with large inventories...7
More informationInventory Management IV: Inventory Management Systems
Inventory Management IV: Inventory Management Systems This module discusses periodic vs. perpetual systems, inventory position, quantity to order, time between orders, target inventory, lead times, reorder
More informationProfitTool Inventory Management System Item Demand Forecasting & Automated Purchasing
ProfitTool Inventory Management System Item Demand Forecasting & Automated Purchasing A White Paper on the Key Functions ProfitTool Inventory Management General Data Systems has developed the ProfitTool
More informationOffice of Inspector General
AR 11-004 Office of Inspector General AUDIT OF THE FEDERAL TRADE COMMISSION WAREHOUSE OPERATIONS September 26, 2011 TABLE OF CONTENTS EXECUTIVE SUMMARY -------------------------------------------------------------------------------------------------------
More informationInventory management within a food factory
Inventory management within a food factory Daniela Magdalena DINU Ph.D. Student, University of Economic Studies, Bucharest, Romania e-mail: danielapopa74@yahoo.com ABSTRACT An efficient management of inventories
More informationInventory Decision-Making
Management Accounting 195 Inventory Decision-Making To be successful, most businesses other than service businesses are required to carry inventory. In these businesses, good management of inventory is
More informationManaging Working Capital cntd... (EOQ - Example)
Managing Working Capital cntd... (EOQ - Example) A Manufacturing Company expects to use 8000 steel plates in the coming year. The estimated cost of placing an order (including follow up costs and written
More informationChapter 6. Inventory Control Models
Chapter 6 Inventory Control Models Learning Objectives After completing this chapter, students will be able to: 1. Understand the importance of inventory control and ABC analysis. 2. Use the economic order
More informationPurchasing for Manufacturing Businesses
Introduction: Purchasing for Manufacturing Businesses This is a list of the basic procedures needed to ensure that purchasing (acquisition) needs are met for companies that manufacture a product. Included
More informationPORTAL Purchases DETAILED CONTROL WORKSHEET
Detailed Control Worksheet Modules: Purchasing/Contract Management Assumptions The main functions/processes are: 1) General Administration 2) Selection of Vendors 3) Request for Quotation Process on Purchase
More informationPurchase Requisition. Sporting Goods Department Purchasing Department. Request purchase of the following item(s):
Extend Your Knowledge 9-2: Voucher System of Control A voucher system is a set of procedures and approvals designed to control cash disbursements and acceptance of obligations. The voucher system of control
More informationMAXIMO 7 TRAINING GUIDE PURCHASING & RECEIVING FLORIDA INTERNATIONAL UNIVERSITY. P 202.262.2500 3451 NE 1 st Ave M1008 Miami, FL 33137
MAXIMO 7 TRAINING GUIDE PURCHASING & RECEIVING FLORIDA INTERNATIONAL UNIVERSITY P 202.262.2500 3451 NE 1 st Ave M1008 Miami, FL 33137 Table of Contents I CHAPTER 1 THE PURCHASING MODULES...5 1.1 Objectives...
More information3.7 Logistics Execution
106 3 SAP EP Operations 3.7 Logistics Execution The Logistics Execution (LE) component controls and organizes both the movement of material within the enterprise (warehouse management) and also transportation
More informationRoss Systems Inventory Control Module
Ross Systems Inventory Control Module The information found on the following pages is intended to present functional details associated with Ross Systems Inventory Control Module. For questions or details
More informationNumber of methodological EUPA_LO_005_M_006. Work Area Code and Title 2.1 OFFICE PROCEDURES. Learning Outcome Number and Title
Number of methodological EUPA_LO_005_M_006 Tool Work Area Code and Title 2.1 OFFICE PROCEDURES Unit Code and Title 2.1.2 Handle the stock Learning Outcome Number and Title LO005: Be able to maintain the
More informationContent Sheet 4-1: Purchasing and Inventory Overview
Content Sheet 4-1: Purchasing and Inventory Overview Role in quality management systems Purchasing and inventory management is a critical, or essential, component of the quality management system. Efficient
More informationPrinciples of Inventory Management (PIM)
Principles of Inventory Management (PIM) Session 1: Operation Management Foundations Define the science and practice of operations management (OM) Answer the question why OM should be studied Describe
More informationAccounts Payable. Best Practices: Existing Control: Control Gap: Controls Evaluation and Gap Analysis. Purchasing
Accounts Payable Gap Analysis: POS identifies the following Best Practices as efficient and effective control processes for the above risk. Listed for comparison are the controls currently in place, if
More informationBusiness Basics: Inventory Management Wholesale/Retail
Business Basics: Inventory Management Wholesale/Retail 1. Introduction You are in trouble if you have to keep telling customers, "I'm sorry we're out of that size. May we order it for you?" Even though
More informationPROCUREMENT TECHNICIAN
MICHIGAN CIVIL SERVICE COMMISSION JOB SPECIFICATION PROCUREMENT TECHNICIAN JOB DESCRIPTION Employees in this job participate in and oversee a variety of activities involving the purchasing, leasing, management,
More informationApparel Importing/Manufacturing ERP Solutions
Apparel Importing/Manufacturing ERP Solutions Inventor y & Production Management Purchasing & Supplier Management Order Processing Sales & Client Management Accounting & Financials & Payroll Business Reporting
More informationSUGGESTED CONTROLS TO MITIGATE THE POTENTIAL RISK (Internal Audit)
Unit: Subject: Sarbanes-Oxley Act Review - Inventory Management Title: Risk & Control Identification Year end: MILL RAW MATERIALS Receiving of Raw Materials Raw materials are received and accepted only
More informationChapter 04 - Accounting for Merchandising Operations. Chapter Outline
I. Merchandising Activities Products that a company acquires to resell to customers are referred to as merchandise (also called goods). A merchandiser earns net income by buying and selling merchandise.
More informationUnlocking the Value of Distributors
Unlocking the Value of Distributors Ed Borger, SVP of Operations John Lunger, VP Operations Strategy Bio Supply Chain Academy Conference November 8 th, 2011, Foster City, CA Industry dynamics drive Distributor
More informationINVENTORY CONTROL TECHNICIAN
PERSONNEL COMMISSION Class Code: 5126 Salary Range: 20 (C1) INVENTORY CONTROL TECHNICIAN JOB SUMMARY Under general direction, perform capital or stock inventory control work in support of the District
More informationChapter 24 Stock Handling and Inventory Control. Section 24.1 The Stock Handling Process Section 24.2 Inventory Control
Chapter 24 Stock Handling and Inventory Control Section 24.1 The Stock Handling Process Section 24.2 Inventory Control The Stock Handling Process Key Terms receiving record blind check method direct check
More informationOperations Management Part 12 Purchasing and supplier management PROF. NAKO STEFANOV, DR. HABIL.
Operations Management Part 12 Purchasing and supplier management PROF. NAKO STEFANOV, DR. HABIL. Introduction basic terms Supply management describes the methods and processes of modern corporate or institutional
More informationOperations Management
11-1 Inventory Management 11-2 Inventory Management Operations Management William J. Stevenson CHAPTER 11 Inventory Management 8 th edition McGraw-Hill/Irwin Operations Management, Eighth Edition, by William
More informationVeterinary Practice Management
Veterinary Practice Management Inventory Management for Veterinary Practices Although it plays a critical role in any business, inventory management is a task that is often handled ineffectively in veterinary
More informationChapter 14 Inventory Management
Chapter 14 Inventory Management Overview Nature of Inventories Opposing Views of Inventories Fixed Order Quantity Systems Fixed Order Period Systems Other Inventory Models Some Realities of Inventory Planning
More informationChapter 8 Inventories: Measurement
Chapter 8 Inventories: Measurement AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools, departments, and faculty may
More informationCHAPTER 5 SMALL PURCHASES
PIM 98-033 CHAPTER 5 SMALL PURCHASES In this Chapter look for... 5. General 5.1 Competitive Requirements 5.2 Charge Cards for Small Purchases (Deleted) 5.3 Single Quotation 5.4 Deleted 5.5 Deleted 5.6
More informationcapital. Stock Management System of Mcdonald s and benefits
Stock Management for Food and Beverage Department; Case of Mcdonald s Company Limited Tanchanok PRASARNSUKLAP Introduction It is acceptable that Mcdonald s is one of the most successful restaurant businesses,
More informationOverview Party City (includes Party City, Party America and The Paper Factory)
Electronic Data Interchange Overview Party City (includes Party City, Party America and The Paper Factory) Electronic Data Interchange (EDI), with our trading partners establishes standardization of information
More informationJune 2014 exam. (4CW) SME Cash and Working Capital. Instructions to students:
1 June 2014 exam (4CW) SME Cash and Working Capital Instructions to students: 1. Time allowed is 3 hours and 10 minutes, which includes 10 minutes reading time. 2. This is a closed book examination. 3.
More informationSage ERP X3. Distribution. Sales. Business Partners and Products. Flexible Pricing Rules. Flexible Order Acceptance and Processing
Sage ERP X3 Distribution Sage ERP X3 distribution functionality is comprised of three domains Sales, Purchasing, and Inventory. Sage ERP X3 Sales enables you to monitor all information concerning customers
More informationContent Sheet 3-1: Equipment Management Overview
Content Sheet 3-1: Equipment Management Overview Role in quality management system Equipment management is one of the essential elements of a quality management system. Proper management of the equipment
More informationGXS Active. Orders. Optimizing the Procure-to-Pay Process. Order Planning and Execution. Order Lifecycle Management. www.gxs.com
www.gxs.com SM GXS Active Orders Optimizing the Procure-to-Pay Process GXS Active Orders automates the procure-to-pay process for companies interacting with a global and diverse supplier community. Active
More informationOffice of Contracting & Procurement and Support Service Center Desk Reference
Oracle PeopleSoft Enterprise I m in. DETROIT PUBLIC SCHOOLS Office of Contracting & Procurement and Support Service Center Desk Reference Created by the Division of Finance Office of Strategic Management
More informationPosition Classification Standard for Supply Clerical and Technician Series, GS-2005. Table of Contents
Position Classification Standard for Supply Clerical and Technician Series, GS-2005 Table of Contents SERIES DEFINITION... 2 EXCLUSIONS... 2 OCCUPATIONAL INFORMATION... 2 DISTINGUISHING BETWEEN SUPPLY
More informationFacilities Planning & Management Maintenance Repair Parts Policies & Procedures
Facilities Planning & Management Policies & Procedures Revised 10/2013 Facilities Planning & Management Policies & Procedures PURCHASE REQUESTS cspolicy1.wpd 1-4 ISSUES FROM STOCK cspolicy2.wpd 5-7 MONTHLY
More informationSOLUTIONS. Learning Goal 22 LG 22-1. LG 22-2.
S1 Learning Goal 22 Multiple Choice 1. b 2. d A purchase discount is recorded when payment is made. 3. a The payment is within the discount period, so $5,000.02 = $100. 4. b The discount is ($1,000/.98)
More informationChapter 9 Managing Inventory in the Supply Chain
Chapter 9 Managing Inventory in the Supply Chain Inventory is an asset on the balance sheet and inventory cost is an expense on the income statement. Inventories impacts return on asset (ROA) Inventory
More informationVICS EDI RCHITECTURE. Voluntary Interindustry CommerceStandard EDI
A VICS EDI RCHITECTURE G UIDE Voluntary Interindustry CommerceStandard EDI VICS EDI ARCHITECTURE GUIDE DISCLAIMER The Uniform Code Council, Inc. (UCC) is providing this voluntary guide as a service to
More informationBy: ATEEKH UR REHMAN 12-1
12 Inventory Management By: ATEEKH UR REHMAN 12-1 Inventory Management The objective of inventory management is to strike a balance between inventory investment and customer service 12-2 Importance of
More informationDENTAL INVENTORY CONTROL. Nashville Area Practice Management Series Cathy Hollister, RDH, MSPH, PhD Dental Support Center
DENTAL INVENTORY CONTROL Nashville Area Practice Management Series Cathy Hollister, RDH, MSPH, PhD Dental Support Center How Much? Dental supplies should comprise approximately 6%-12% of total operating
More informationInventory Control User Manual
Inventory Control User Manual Confidential Information This document contains proprietary and valuable, confidential trade secret information of APPX Software, Inc., Richmond, Virginia Notice of Authorship
More informationA Cross-Functional View of Inventory Management, Why Collaboration among Marketing, Finance/Accounting and Operations Management is Necessary
A Cross-Functional View of Inventory Management, Why Collaboration among Marketing, Finance/Accounting and Operations Management is Necessary Richard E. Crandall, Appalachian State University, John A.
More informationProject Cost Guidelines
Project Cost Guidelines Bonneville Power Administration Energy Smart Industrial Program Developed by the Energy Smart Industrial Quality Assurance Team Revision 12.0 (revised: Q2 2014) Disclaimer: The
More informationModule 10: Inventory Managing Stocks at the HIV Rapid Testing Site
Module 10: Inventory Managing Stocks at the HIV Rapid Testing Site Purpose To equip the participants with necessary knowledge so they can properly manage the stocks at the rapid testing sites. Pre-requisite
More informationProject and Production Management Prof. Arun Kanda Department of Mechanical Engineering Indian Institute of Technology, Delhi
Project and Production Management Prof. Arun Kanda Department of Mechanical Engineering Indian Institute of Technology, Delhi Lecture - 38 Basic Inventory Principles In today s lecture we are going to
More informationHolistic Supply Chain Management A Focused Approach to Supply Chain Management through the Lens of Working Capital Management
Holistic Supply Chain Management A Focused Approach to Supply Chain Management through the Lens of Working Capital Management A GT Nexus White Paper Executive Summary There is a renewal of interest in
More informationSee your business in a new way.
Operations and Distribution Management Brochure See your business in a new way. Realize the future of your business today. See your business in a new way. Realize the future of your business today. Distribution
More informationVolume EASTMAN KODAK COMPANY. Worldwide Purchasing. Supplier Manual
Volume EASTMAN KODAK COMPANY Worldwide Purchasing Supplier Manual EASTMAN KODAK COMPANY Supplier Manual Purpose of Manual To document standard business practices between Eastman Kodak Company and its suppliers
More informationMaterials: Inventory Control
CHAPTER 14 Materials: Inventory Control Store and Storekeeping Stores playa vital role in the operation of a company. Generally unworked material is stored and the place where it is stored is called Store
More informationCHAPTER 8 Valuation of Inventories: A Cost Basis Approach
CHAPTER 8 Valuation of Inventories: A Cost Basis Approach 8-1 LECTURE OUTLINE This chapter can be covered in three to four class sessions. Students should have had previous exposure to inventory accounting
More informationJD EDWARDS ENTERPRISEONE PROCUREMENT MANAGEMENT
JD EDWARDS ENTERPRISEONE PROCUREMENT MANAGEMENT Integrate and streamline all procurement processes. Simplify supplier analysis and bidding. Eliminate unnecessary transactions. The Issue: Strategic Procurement
More informationEconomic Ordering Quantities: A Practical Cost Reduction Strategy for Inventory Management
Economic Ordering Quantities: A Practical Cost Reduction Strategy for Inventory Management By Todd Duell Abstract Inventory management is an important concern for all managers in all types of businesses.
More informationInfoPrint isupplier Portal Training
InfoPrint isupplier Portal Training After Completion of this Course, you should be able to: Understand InfoPrint isupplier Process Overview Understand isupplier Portal On boarding Process Access isupplier
More informationMERCHANDISING. Forecasting Sales. Forecasting Sales (cont.) Planning Inventory Levels. Stockturn Example Month February Physical Inv.
Developing a Merchandise Budget MERCHANDISING Forecasting Sales (Sales Planning) Planning Inventory Levels (Stock Planning) Estimating Reductions (Planning Reductions) Planning purchases Forecasting Sales
More informationTigernixERP, one of the most used software for inventory management and purchase order system
TigernixERP, one of the most used software for inventory management and purchase order system. TigernixERP inventory management is simple, flexible, and excellent in performance for management of inventory
More informationUnderstanding Gross Margin Impacts on Profitability
Understanding Gross Margin Impacts on Profitability Annual Catalog Conference June, 2001 Presented by: GJM Associates Gross Margin Audit: Agenda Identify Gross Margin Components Review Mathematics Components
More informationSophisticated Yet Simple
Sophisticated Yet Simple A SALESFORCE ADD-ON FOR ORDER FULFILLMENT AND INVENTORY MANAGEMENT You started with, it changed the way you conduct business, in fact, you now have more customers, more employees,
More informationBDO Consulting. Segregation of Duties Checklist
BDO Consulting Segregation of Duties Checklist August 2009 BDO Consulting s Fraud Prevention practice is pleased to present the 2009 Segregation of Duties Checklist. We have developed this tool to assist
More informationTracking Consignment (Floor Plan) Inventory. Introduction. Setup
Tracking Consignment (Floor Plan) Inventory Introduction This document describes the process for tracking consignment inventory within SuccessWare21. Using these procedures, quantities and average cost
More informationInventory Control Subject to Known Demand
Production and Operation Managements Inventory Control Subject to Known Demand Prof. JIANG Zhibin Department of Industrial Engineering & Management Shanghai Jiao Tong University Contents Introduction Types
More informationInventory Management Help Guide
Savance Phone: 248-478-2555 Fax: 248-478-3270 www.savanceenterprise.com 2013 Table of Contents Overview 3 Item Manager 4 1 Create... New Item 4 2 Edit Existing... Item 5 3 Warehouse... 14 Mass Maintenence
More informationAudit of the Inventory and Warehousing Cycle
Audit of the Inventory and Warehousing Cycle Chapter 21 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 21-1 Learning Objective 1 Describe the business functions and the related
More informationCHAPTER 9 WHAT IS REPORTED AS INVENTORY? WHAT IS INVENTORY? COST OF GOODS SOLD AND INVENTORY
CHAPTER 9 COST OF GOODS AND INVENTORY 1 WHAT IS REPORTED AS INVENTORY? Inventory represents goods that are either manufactured or purchased for resale in the normal course of business Inventory is classified
More informationMicrosoft Business Solutions Solomon. Distribution Sample Reports. Release 6.0
Microsoft Business Solutions Solomon Distribution Sample Reports Release 6.0 Copyright Trademarks Warranty disclaimer Limitation of liability License agreement Manual copyright 2004 Great Plains Software,
More informationGXS Active. Orders. Optimising the Procure-to-Pay Process. Order Planning and Execution. Order Lifecycle Management. www.gxs.co.uk
www.gxs.co.uk SM GXS Active Orders Optimising the Procure-to-Pay Process GXS Active Orders automates the procure-to-pay process for companies interacting with a global and diverse supplier community. Active
More informationGlossary of Inventory Management Terms
Glossary of Inventory Management Terms ABC analysis also called Pareto analysis or the rule of 80/20, is a way of categorizing inventory items into different types depending on value and use Aggregate
More informationVendor Managed Inventory. A Guide to VMI. This whitepaper is written by Clear Spider Visit us at www.clearspider.com
Vendor Managed Inventory A Guide to VMI This whitepaper is written by Clear Spider Visit us at www.clearspider.com VMI Basics Managing your clients inventory can be challenging and costly if not done properly.
More informationProcure-to-Pay Best Practices
ITFMA Conference Procure-to-Pay Best Practices Integrating P2P Best Practices with Technology Chris Evanoff: Principal, Soltec, Inc. 1 Presentation Outline Introduction and Background Procure-to-Pay Cycle
More informationXavier University. Policy and Procedure Purchasing Card Program. Purchasing Card Program Policy and Procedure
Xavier University Policy and Procedure Purchasing Card Program Table of Contents 1.0 Introduction 1.1 Purpose of this Policy and Procedure 1.2 Program Vision 1.3 University Credit Card Partner 1.4 Constituents
More informationtutor2u Stock Control The Importance of Managing Stocks AS & A2 Business Studies PowerPoint Presentations 2005
Stock Control The Importance of Managing Stocks AS & A2 Business Studies PowerPoint Presentations 2005 What Are Stocks? Three main categories of stocks Raw Materials Work in Progress Finished Goods Types
More informationAccounting Notes. Purchasing Merchandise under the Perpetual Inventory system:
Systems: Perpetual VS Periodic " Keeps running record of all goods " Does not keep a running record bought and sold " is counted once a year " is counted at least once a year " Used for all types of goods
More informationAn ImproMed, Inc. White Paper Intelligent Inventory
ImproMed, Inc. 304 Ohio St. Oshkosh, WI 54902 www.impromed.com sales@impromed.com Contents What is? 3 Inventory Management in Today s Veterinary Practice. 3 Traditional Solutions to Inventory Management
More informationOperations Management and Inventory Control Techniques That Positively Impact the Bottom Line
Operations Management and Inventory Control Techniques That Positively Impact the Bottom Line Robin J. Ward, VP Strategic Operations Coram Specialty Infusion Services, Denver, CO CE Credit in Four Easy
More informationBika Open Source LIMS. Top level functional specification Inventory and Supply Chain Management
Bika Open Source LIMS. Top level functional specification Inventory and Supply Chain Management This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
More informationReview of IDR Inventory Control Processes and Implementation of Procedures to Minimize Future Discrepancies. Submitted by Karen Young
Review of IDR Inventory Control Processes and Implementation of Procedures to Minimize Future Discrepancies Submitted by Karen Young A case study presentation from the ASQ Healthcare Division: www.asq.org/health.
More informationThe aim behind the calculations of EOQ and ROL is to weigh up these, and other advantages and disadvantages and to find a suitable compromise level.
Stock control by Tony Mock 12 Feb 2004 Stock control features in the syllabuses of several ACCA examination papers, including CAT Papers 4 and 10, and Professional Scheme Papers 1.2 and 2.4. The areas
More informationPharmacy Supply Chain
Pharmacy Supply Chain A Structured Approach to Managing Pharmacy Inventory David Stead Chief Pharmacist Royal Bournemouth & Christchurch Hospitals David Owens Supply Chain Development Manager NHS Logistics
More informationChapter 13. Working Capital Management
Chapter 13 Working Capital Management Learning Objectives 1. Model the cash conversion cycle and explain its components. 2. Understand why the timing of accounts receivable is important and explain the
More informationTransaction Processing and Enterprise Resource Planning Systems. Goal of Transaction Processing. Characteristics of Transaction Processing
C H A P T E R 9 Transaction Processing and Enterprise Resource Planning Systems Goal of Transaction Processing Provide all the information needed to keep the business running properly and efficiently.
More informationStatements on Management Accounting
Statements on Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING TITLE Definition and Measurement of Direct Material Cost T ABLE OF CONTENTS Definitions......................... 1 Materiality.........................
More informationSpecialty Services. Private Ordering. Program Guidelines
Specialty Services Private Ordering Program Guidelines Page 1 of 10 Table of Contents Private Ordering 3 Customer Ordering How to Obtain A Product 3 Agency Ordering Setting Up An Agency with the LCBO 4
More informationExemplar for Internal Achievement Standard. Accounting Level 2
Exemplar for internal assessment resource Accounting for Achievement Standard 9386 Exemplar for Internal Achievement Standard Accounting Level This exemplar supports assessment against: Achievement Standard
More information