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Basics of Supply Chain Management
    U   n    i    t    1
 
Unit 1Basics of Supply ChainManagementUUnniitt11 BBaassiiccssoof f SSuuppppllyyCChhaaiinn MMaannaaggeemmeenntt 
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 © Copyright Leading Edge Training Institute
ii
 
Basics of Supply Chain Management
    U   n    i    t    1
 Preface............................................................................................................3
 
Course Description.................................................................................................................3
 
 Lesson 6 – Basics of Inventory Management...................................................4
 
Introduction and Objectives..................................................................................................4
 
Characteristics of Inventory..................................................................................................4
 
Types of Inventory.................................................................................................................4
 
Aggregate Inventory Management.......................................................................................7
 
Item Inventory Management.................................................................................................8
 
Reasons for Holding Inventory.............................................................................................8
 
Inventory Functions and Objectives.....................................................................................8
 
Costs of Inventory................................................................................................................11
 
ABC Inventory Control.......................................................................................................13
 
Inventory and Financial Accounting..................................................................................14
 
Summary...............................................................................................................................16
 
Further Reading...................................................................................................................16
 
Review...................................................................................................................................17
 
What’s Next?........................................................................................................................18
 
 Appendix.......................................................................................................19
 
Answers to Review Questions..............................................................................................20
 
Glossary........................................................................................................22
 
 
 
 © Copyright Leading Edge Training Institute
 3 
Basics of Supply Chain Management
    U   n    i    t    1
 Preface
Course Description
This document contains the sixth lesson in the Basics of Supply Chain Management unit, whichis one of five units designed to prepare students to take the APICS CPIM examination. TheBasics of Supply Chain Management unit provides the foundation upon which the other fourunits build. It is necessary to complete this unit, or gain equivalent knowledge, beforeprogressing to the other units. The five units, which together cover the CPIM syllabus, are:Basics of Supply Chain ManagementMaster Planning of ResourcesDetailed Scheduling and PlanningExecution and Control of OperationsStrategic Management of ResourcesPlease refer to the preface of Lesson 1 for further details about the support available to youduring this course of study.
This publication has been prepared by E-SCP under the guidance of Yvonne Delaney MBA,CFPIM, CPIM. It has not been reviewed nor endorsed by APICS nor the APICS Curricula and Certification Council for use as study material for the APICS CPIM certification examination.
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