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Elements and Performance Criteria

1. Obtain and interpret information for inventory.
   • Obtain information to be included in inventory from internal and external sources.
   • Interpret and review inventory information for currency and accuracy.
2. Enter data into inventory system.
   • Accurately calculate costs according to commercial agreements.
   • Enter inventory information using clear formats and according to system requirements.
3. Update inventory.
   • Monitor the currency of inventory information and continuously update for accuracy.
   • Monitor bookings, allotments and requests, and adjust as required.
4. Provide inventory information.
   • Prepare inventory information, updates and briefings within required timelines.
   • Distribute inventory reports to colleagues using electronic transmission, wherever possible, to reduce waste of printed materials.
   • Provide assistance to colleagues on inventory use.

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 maintain product inventories for at least five different products, including consideration of the information items to be included in inventories as listed in the knowledge evidence as applicable

monitor currency and accuracy of above inventory information and update it over a period of at least four weeks

produce the following reports relating to above product inventories over the above period:

cost comparisons for various product suppliers

reservation reports

sales reports

usage rates for various product suppliers or agents

complete activities within commercial time constraints and deadlines determined by the organisation.

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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:

different types of inventory systems used

uses of various reports in inventory systems

industry commissions and mark-ups

specific organisation:

role of specific inventory system

functions of the inventory system

product knowledge of the products to be included in inventory

negotiated cost of supply, contractual arrangements and preferred supplier arrangements

appropriate mark-ups for the particular products controlled by the inventory

role of inventory control for:

products purchased from other organisations (suppliers)

products developed and delivered by the organisation itself

information items to be included in inventories:

allotments of any type of tourism, travel, hospitality or event product

commission

mark-up

product description

sales data

supplier net rates

selling cost

special packages

terms and conditions of sale.

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