Subject: Purchasing & Inventory Management

OVERVIEW

Adequate inventory is critical in ensuring the continuity of operations within any industry. However, inventory investment can be a very expensive affair. The direct costs of carrying inventory depress profits and ties up much needed finance. Only through effective inventory management can we provide this support without over-committing the organisation's funds. Purchasing & Inventory Management (PIM) is past gaining prominence as a key area in ensuring competitiveness and is considered more and more to be a professional area where relevant skills and expertise are important.

COURSE OBJECTIVES

•  To understand fundamental concepts with regards to satisfaction of needs and wants, the concept of exchange, utility, value, and the role that purchasing plays in these concepts.

•  To understand the roles, procedures and documents used in the purchase process, the evolution of the purchasing department, and the purchasing profession as a whole.

•  To recognise that the understanding of corporate strategy is important in determining purchasing/inventory strategy and policy.