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Elements and Performance Criteria

1. Determine stock requirements.
   • Use business data, forecasting methods and standard measures to calculate required stock levels.
   • Determine stock requirements for standard business periods, peak seasons and special events.
   • Establish cost-effective purchase quantities based on business information and supplier advice.
2. Establish optimum supply arrangements.
   • Evaluate quality of supply, based on feedback from colleagues and customers.
   • Source and review potential suppliers.
   • Develop appropriate and accurate purchase specifications.
   • Assess suppliers against specifications considering all relevant factors.
   • Assess terms of purchase and negotiate with suppliers to achieve optimum supply arrangements.
   • Adjust sources of supply and make accurate records of agreements.
3. Develop and implement stock control systems.
   • Develop stock control systems and communicate to relevant staff.
   • Develop special control systems for stock with high wastage or loss.
   • Monitor workplace systems and make adjustments according to feedback and operational experience.
   • Initiate training of staff to minimise stock wastage.
4. Manage stock reconciliation.
   • Plan and implement stock reconciliation process.
   • Monitor stock reconciliation procedures in consultation with an auditor as required.
   • Complete and maintain stock reconciliation records according to relevant legislation.
5. Determine stock requirements.
   • Use business data, forecasting methods and standard measures to calculate required stock levels.
   • Determine stock requirements for standard business periods, peak seasons and special events.
   • Establish cost-effective purchase quantities based on business information and supplier advice.
6. Establish optimum supply arrangements.
   • Evaluate quality of supply, based on feedback from colleagues and customers.
   • Source and review potential suppliers.
   • Develop appropriate and accurate purchase specifications.
   • Assess suppliers against specifications considering all relevant factors.
   • Assess terms of purchase and negotiate with suppliers to achieve optimum supply arrangements.
   • Adjust sources of supply and make accurate records of agreements.
7. Develop and implement stock control systems.
   • Develop stock control systems and communicate to relevant staff.
   • Develop special control systems for stock with high wastage or loss.
   • Monitor workplace systems and make adjustments according to feedback and operational experience.
   • Initiate training of staff to minimise stock wastage.
8. Manage stock reconciliation.
   • Plan and implement stock reconciliation process.
   • Monitor stock reconciliation procedures in consultation with an auditor as required.
   • Complete and maintain stock reconciliation records according to relevant legislation.

Performance Evidence

Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:

establish and implement cost-effective stock purchasing and control systems for at least three of the following stock items:

food and beverages

office supplies and stationery

equipment

cleaning agents and chemicals

maintenance supplies

general stores

monitor stock control systems involving above stock items, stock quality and cost-effectiveness of supply

produce stock control reports and data required to calculate cost-effective purchasing of above items.

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Knowledge Evidence

Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:

specific industry sector:

forecasting methods for calculating required stock levels including formulas for yield testing and use of standard measures

methods to calculate cost-effective order quantities for different stock items

types of computer stock control systems used, their functions and features

stock security systems

types of storage and their suitability for different kinds of stock

supply sources for different types of product

formats for and inclusions of purchase specifications, including appropriate terminology

specific organisation:

relevant stock, product life and storage requirements for specific goods

standard business periods, peak seasons and special events

stock control systems

reasons for stock loss and damage and methods to control these

formats for, inclusions and uses of stock control procedures including those for stock with high wastage or loss

various stock control reports.

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