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CIPS L2M5 Inventory, Logistics and Expediting Assignment

CIPS L2M5 Inventory, Logistics and Expediting Assignment Sample UAE

When this module is completed, learners will know how to use inventory management principles and processes in order achieve effective expediting. They should also be aware that there are many ways for effectively managing supplier logistics from start-to finish with just a little planning ahead of time!

To know your suppliers, how they work and communicate is essential. Even better if you have one supplier for the different parts of your project, this way there are no misunderstandings because all parts can be adjusted to each other without any problems.

 

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With normal purchasing it’s even possible to place orders several times a day. To give an example on different levels of strategy, the logistical part is used by purchasing to create forecasts on future demand. The forecast will be given to production management, who will plan accordingly. Production management gives the order lead time and capacity requirements to the shop floor manager.

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Assignment Task 1: Identify the classifications of different types of inventory

Types of inventory can be classified as follows:

  1. Raw materials inventory: This is the inventory of physical goods that a company will use to produce its products.
  2. Work-in-process inventory: This is the inventory of physical goods that are currently in the production process.
  3. Finished goods inventory: This is the inventory of physical goods that have been completed and are ready for sale to customers.

4 Safety Stock: Safety stock for an inventory is defined as the quantity of stock to be held at any particular time in order to avoid adverse effects on services caused by temporary outages.

5 Obsolescent Stock: Items that are no longer manufactured or available, so the company cannot order new ones. This usually happens to an item because it was not ever popular enough to stay on the market for long. 

6 Redundant Stock: Items of stock, usually of old design and production, which may be useful for some purposes if required in small quantities but would not pay economically to manufacture or store due to their relatively high manufacturing cost relative to more recently designed and produced alternatives. 

Assignment Task 2: Identify the direct and indirect costs of holding inventory

The direct cost of holding the inventory is the incidental expenses one accrues when keeping it in storage and bearing its maintenance and insurance. This entails boarding, guarding and monitoring it.

The indirect costs are incurred due to lower net incomes because an inventory will require cash flow in order to run or slow down production so that there is sufficient stock on hand for customers after they have made a purchase In cases where an entrepreneur has incurred debts then the interest also becomes a cost.

 

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In addition, by holding on to his inventories, he exposes himself to risk from business competitors who may be able-buy them from him at low prices.

In some cases companies even lose large sums of money because competitor firms or thieves rob their products while they are in storage. Some of the benefits associated with holding large inventories are that it gives a business a strategic advantage over its competitors. It also provides a sense of security by assuring the availability of products when they are needed and this can help to maintain good customer relations.

Assignment Task 3: Identify techniques associated with inventory control 

  • Re-order quantities: Inventories are periodically reordered. The objective of the technique is to ensure that demand does not exceed supply by having a pre-planned strategy on when to reorder inventory
  • Re-Order Levels:  When a stock item falls below a specified level of inventory, it triggers an order for supplier or manufacturer that then automatically triggers an automatic order from purchasing for new product. MRP and MRPII ERP -Mid Range Planning and Short Range Controlling. Often referred to as “production lines” or “Production Planning”. 
  • Bar coding: This method tracks the movement of materials through the production process step by step on bar codes usually on packaging film.
  • Just In Time-  (JIT): A system of inventory management that uses customer demand and real-time production information to keep only the amount of inventory needed, when it is needed.
  • MRP and MRPII ERP: The master production schedule is a form of control measure employed in production processes such as manufacturing, construction, or transportation where work orders (requests) must be fulfilled at prearranged rates and dates. MRP stands for material resource planning; whereas, MRPII is an extended version of MRP that includes capabilities such as capacity planning, plant simulation, and sales and operations planning. Together, MRP and MRPII make up the category of enterprise resource planning (ERP) software.
  • Subjective and objective forecasting: Subjective forecasting uses past sales data to predict future demand, while objective forecasting relies on statistical models to predict future demand. These techniques can be used in conjunction with each other or separately, depending on the business’ needs.

Assignment Task 4: Identify the key aspects associated with the handling, packaging and storage of supplies

There are many aspects to consider when handling, packaging, and storing any supplies. One aspect is the type of materials that the supplies are made out of. Different types of supplies require different levels of care when in storage. Material changes will cause an increase or decrease in time periods for how long it’s best to store them before one takes them out again. The size and volume of storage equipment needs also have a significant effect on what items can be stored for how long without being taken out again regardless of material type because there are weight restrictions based on these variables which change with different container, container size or containment location.

Another major aspect is climate conditions. If there’s anything warmer than room temperature outside then it needs to either be in a cooler room, like a fridge or cellar (ideally between 15 and 60 degrees) , or the supplies need to be shuttled into such an environment.

If we’re talking about medical equipment one should consult the manufactures label for storage information. There is normally a storage life clear statement which says how long you can store it before taking it out again and using it. If the thing has not been opened and used before there will always be a longer period than if the item was previously stored but only if medical equipment that isn’t meant to last forever, like bandages that do expire after six months or so. The expiration date of supplies is based on product stability, this means that its assumed to degrade properly when stored under proper conditions.

The last, but most important factor to take into account when storing anything is how the storage will be used and what will be taken out again. If the stored items are going to be accessed on a monthly basis then it doesn’t make sense to store them in a container that’s difficult to access or very heavy. The same goes for supplies that will only be needed once a year; it wouldn’t make sense to store them in an easily accessible place because they’re not likely to be used for a long time.

 

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Assignment Task 5: Identify the key principles of stores and warehousing facilities

The key principles of stores and warehousing facilities are as follows:

  • The layout of the store or warehouse should be efficient, so that products can be easily located and retrieved.
  • The store or warehouse should be organized by category of product, to make it easy for employees to find what they need.
  • There should be adequate space for storing products, so that they are not crowded together and can be accessed easily.
  • The store or warehouse should be climate controlled, to protect the products from damage caused by extreme weather conditions.
  • There should be a system for tracking inventory, so that the store or warehouse can keep track of what is in stock and what needs to be ordered.

Assignment Task 6: Identify the strengths and weaknesses associated with modes of freight transportation

There are a few strengths and weaknesses associated with different modes of freight transportation. Rail transport is efficient and able to move large quantities of goods over long distances, but it’s often expensive and can be difficult to access certain areas. Trucking is cheaper and more flexible than rail, but less efficient and slower. Ships are incredibly efficient and can move large quantities of goods over long distances, but they’re also relatively slow and expensive. Air cargo is fast and flexible, but also very expensive. Ultimately, the best mode of freight transportation depends on the specific situation.

One of the best modes of freight transportation is rail. This mode can handle massive quantities of goods over long distances, and it’s often the most efficient way to move these goods. While other modes might be cheaper or faster, they can’t typically handle as many products and they’re significantly slower than rail transport. For this reason, rail also tends to be one of the more secure ways to transport items – it’s harder for someone to swipe a train full of cargo than it is for them to steal a container off a truck or ship.

Assignment Task 7: Identify types of Incoterms in international logistics.

The most common Incoterms used in international logistics are EXW, FCA, FOB, CFR, CIF, and DAT.

Ex Works (EXW) is one of the simplest and most common Incoterms in international trade. Under an EXW arrangement, the seller makes the goods available at their premises (‘works’) to the buyer. From there, the buyer is responsible for all costs and risks involved in taking possession of the goods and transporting them to their destination. 

FCA stands for ‘Free Carrier’. Under an FCA arrangement, the seller is responsible for delivering the goods to a named carrier nominated by the buyer. The buyer then assumes all costs and risks from that point onwards.

FOB stands for ‘Free on Board’. The seller is responsible for delivering the goods to the buyer on board a vessel designated by the buyer. The buyer assumes all costs and risks from that point onwards.

CFR stands for ‘Cost and Freight’. The seller is responsible for delivering the goods to the buyer, including the cost of freight. The buyer assumes all costs and risks from that point onwards.

CIF stands for ‘Cost, Insurance, and Freight’. The seller is responsible for delivering the goods to the buyer, including the cost of freight and insurance. The buyer assumes all costs and risks from that point onwards.

DAT stands for ‘Delivered at Terminal’. The seller is responsible for delivering the goods to the buyer, named the terminal at the destination port. The buyer assumes all costs and risks from that point onwards.

 

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Assignment Task 8: Identify legislative regulations that affect international sourcing

Here are four ways in which international sourcing can be impacted by legislation.

1) Foreign Direct Investment – “An investment made by a person or company to acquire operational control over goods, services, manufacturing facilities, real estate properties or natural resources located in another country.

2) Tariffs – Countries may impose tariffs on imported items in order to protect their own domestic producers and/or generate income for their government.

3) Exporting Goods / Services – It is possible that an exporting country will not allow imports if it feels this threatens its dominance over the international marketplace.

4) Importing Goods / Services – Countries may restrict importing goods or services if it fears it will weaken their domestic producers.

Assignment Task 9: Describe the documentation that is used in transportation of supplies

Documents are needed for transportation of supplies that are being shipped by land, air or sea. The following documents may be necessary to obtain screening at the destination screening facility:

  • Purchase Order(s)
  • Commercial Invoice(s) showing goods being received/issued to the consignee 
  • Declaration Document (which can either be a commercial invoice or packing list) 
  • Bill of Lading issued by carrier to customer’s possession 
  • If shipment is carried by “public pipeline” then no formal documentation other than bill of lading is required. Deliveries via “public pipeline” are usually transacted on an odd lot basis with pipeline company producing receipts which should bear the name and home address of the consignee.
  • If shipment is carried by “private pipeline” then no documentation is required, however shipper may wish to produce a letter of authorization from the consignee permitting the carrier to cross his property with delivery personnel for inspection. Such deliveries are usually made on tanker trucks which are permitted onto private property for this purpose only.
  • If the shipment is transported by rail then no documentation other than bill of lading is required. Deliveries by rail are usually made at the side tracks or private sidings of an industrial plant or consignee’s warehouse facility, where deliveries can be made without entry onto any property except that of the consignee.

Assignment Task 10: Explain the assessment of costs of inventory and the cost of stock outs

Inventory refers to the physical materials that are being sold. Stock outs are when inventory decreases to zero. A stock out will have an impact on inventory costs, but it is difficult to identify with precision the cost of a stock out until after one occurs. It’s also difficult for accounting departments because by definition, they don’t know what has been sold or will be sold in the future.

 

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The uncertainty involved in estimating either sales or purchases necessitates some assumptions being made about these variables. Some possible choices for assumptions would be historical sales trends, estimated sales trends based on consumer behavior over time, statistical averages of those assuming transactions and those not assuming transactions (differences between those two averages). These methods can give you a fairly good idea as to the cost of a stock out, but you may have to further separate between a stock out on a returnable or non-returnable item. These types of costs are not as easily identifiable as those that might be incurred by an outage. A method that has been used is called “lost sales.” This is similar to lost margin and would involve the cost of the item being sold. While that is probably a sound method, it is not often used in practice for either stock outs or outages.

Assignment Task 11: Explain the planning process associated with expediting delivery

There are four steps to the delivery process, and each step has its benefits.

  • First, you must figure out how far your shipment needs to travel. If it is close, don’t expedite it because there’s no need for that extra cost. This might not seem like a problem now, but if you continue shipping without thinking about these things then soon enough it will be your company’s downfall. 
  • Second, step is determining how much time your shipment sits in transit due to traffic delays or accidents – this includes weekends! For example if the package only sat for three days one day is good enough if sitting two weeks six days would be better than 3 unsettled days. Once you tally up that number of days then move on to step three:
  • Third, is to consider the location and time of year that you are shipping your product. For example winter brings fewer travelers and fewer opportunities for stuff to go wrong in transit. You will want to factor in things such as peak season if it applies.
  • Fourth, the last step is the speed at which you ship your items. For example, if you are shipping a package that will be delivered to a hospital then you will want to take all prudent means of transporting your product.

Assignment Task 12: Explain the significance of payment to suppliers and cash flow

To a supplier, the receipt of a payment from a customer is a signal that they have been compensated for their product or service. Payments from customers can be cash payments, letters of credit, trade confirmation documents, or any other form acceptable to both parties.

To a company’s cash flow, it provides an infusion of cash into the business. The use of cash received from paying suppliers allows the business owner to make their own purchases and manages fluctuations in time when either revenues are delayed (i.e., sales orders) or expenses exceed revenue (i.e., payroll).

For example: If you need lumber and pay your lumber yard today with your pocket money for next week’s delivery (because lumber yards don’t work on credit), then your lumber will not be delivered next week and you will not have money to purchase the materials needed to complete that job.

 

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