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Evidence Guide: SIRXINV003A - Plan inventory levels

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SIRXINV003A - Plan inventory levels

What evidence can you provide to prove your understanding of each of the following citeria?

Forecast inventory demands

  1. Identify links between enterprise planning, sales forecasts and stock levels.
  2. Determine means to forecast demands on inventory.
  3. Establish importance of monitoring market trends and technology changes as part of managing inventory demands.
  4. Anticipate impact of special events on future inventory demands.
Identify links between enterprise planning, sales forecasts and stock levels.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine means to forecast demands on inventory.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish importance of monitoring market trends and technology changes as part of managing inventory demands.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Anticipate impact of special events on future inventory demands.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement inventory control systems.

  1. Identify and describe the role of inventory control systems in inventory management.
  2. Establish operational performance standards or benchmarks to measure and control inventory levels.
  3. Manage scheduling to assist logistics planning and control inventory levels.
  4. Establish and manage relationship between distribution systems and inventory control.
  5. Compare and contrast different approaches to the management and control of inventory levels to achieve specific operational outcomes.
  6. Adopt operations management approaches to achieve wholesale business and inventory plans, including the use of material resource planning, manufacturing requirements planning and just in time.
  7. Devise maintenance plans or processes for inventory equipment, tools and facilities.
  8. Establish purchasing systems.
  9. Ensure inventory supply arrangements meets demand.
Identify and describe the role of inventory control systems in inventory management.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish operational performance standards or benchmarks to measure and control inventory levels.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage scheduling to assist logistics planning and control inventory levels.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and manage relationship between distribution systems and inventory control.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Compare and contrast different approaches to the management and control of inventory levels to achieve specific operational outcomes.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Adopt operations management approaches to achieve wholesale business and inventory plans, including the use of material resource planning, manufacturing requirements planning and just in time.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Devise maintenance plans or processes for inventory equipment, tools and facilities.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish purchasing systems.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure inventory supply arrangements meets demand.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and improve inventory plans.

  1. Determine relationship between inventory control systems and competitive advantage for the business.
  2. Regularly review existing ordering and inventory control tools and procedures.
  3. Continually improve industrial standards or performance benchmarks for inventory control systems.
  4. Review and improve stock control and monitoring systems.
  5. Identify strategies to improve inventory control systems and report to relevant personnel.
Determine relationship between inventory control systems and competitive advantage for the business.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Regularly review existing ordering and inventory control tools and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Continually improve industrial standards or performance benchmarks for inventory control systems.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review and improve stock control and monitoring systems.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify strategies to improve inventory control systems and report to relevant personnel.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the following is essential:

maintenance of accurate and appropriate inventory levels

accurate forecasts of inventory demand

plans for inventory required to meet special events or contingencies

implementation of appropriate operations, inventory control and monitoring approaches

ongoing review and improvement of inventory plans.

Context of and specific resources for assessment

Assessment must ensure access to:

a real or simulated work environment

relevant documentation, such as:

policy and procedures on inventory planning and control

industry codes of practice

OHS legislation and codes of practice

access to:

a stock control system

stock control equipment

merchandise and supplier data.

Methods of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

observation of performance in the workplace

third-party reports from a supervisor

written or verbal questioning to assess knowledge and understanding

review of portfolios of evidence and third-party workplace reports of on-the-job performance.

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.

Assessing employability skills

Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.

Employability skills embedded in this unit should be assessed holistically in the context of the job role and with other relevant units that make up the skill set or qualification.

Required Skills and Knowledge

This section describes the essential skills and knowledge and their level, required for this unit.

The following skills must be assessed as part of this unit:

interpersonal communication skills to:

report strategies to improve inventory control systems to relevant personnel through clear and direct communication

use language and concepts appropriate to cultural differences

use and interpret non-verbal communication

evaluating and analysing:

market trends and projections

inventory levels

projected demands on inventory

inventory control systems

time management

complex planning

literacy skills in regard to:

generating reports

maintaining inventory recording systems

numeracy skills in regard to assessing, analysing and recording inventory figures

implement inventory control procedures.

The following knowledge must be assessed as part of this unit:

inventory and operations management approaches

inventory control

systems and equipment for inventory recording and control

relationships between inventory and distribution

relationships between marketing and inventory management

forecasting as it affects inventory

special events affecting specific business operations or planning cycles

legal, administrative and business supply requirements

industrial or performance standards systems used to measure and monitor inventory levels and performance

business policy and procedures in regard to:

inventory control and distribution systems

OHS.

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below.

Enterprise planning may include:

sales

marketing

strategic

business

purchasing and procurement

disposal

human resources

public relations

contingency

risk management

environmental.

Forecasts may be based on:

database or internet searches

modelling

telephone

fax

mail

formal discussions

formal and informal correspondence.

Demands on inventory may vary according to:

customer demand

seasonal cycles

selling approaches

environmental factors

quality demands

advances in technology.

Special events may include:

sales and discounting

holiday periods

product launches

supplier and enterprise promotions.

Inventory control systems may include:

manual or electronic inventory tracking systems

stocktaking

monitoring stock levels

cyclical counts

minimisation of out-of-date stock

quality control.

Performance standards or benchmarks may include:

Australian standards

international standards

professional standards

industry standards

performance indicators

quality measures and criteria

planning milestones and timeframes

design brief

manufacturer and supplier standards.

Logistics may include:

phases or stages of the supply and distribution chain

timeframes

milestones

payment schedule

targets

outputs

infrastructural resources

levels of service.

Inventory equipment, tools and facilities may include:

electronic bar coding equipment

weighing machines

thermometers

climate control

cold storage units

storage fixtures

trolley return equipment

portable data entry

cutting equipment

protective clothing.

Purchasing systems may include:

requisitions

tenders

competitive bids

production schedules

electronic data interchange (EDI)

just in time

ordering

bills of materials

stock and supply agreements.

Inventory supply arrangements may include:

delivery of products

provision of services

maintenance and support agreements

leasing agreements and consultancies

research and development.

Relevant personnel may include:

employees

supervisors

human resources personnel

team and area manager.