Essentials of Inventory Control Certificate Course

This program has been updated to an interactive format that consists of four modules, with an exam after each module. This new design gives the opportunity for participants to actively engage with the content. Each module is full of applicable tips and tricks and tried and true advice from seasoned supply chain professionals. Upon successful completion of the four modules, you will receive a certificate in inventory control of healthcare supply chain management. Inventory Control is one of the core functions of a supply chain department. Inventory is a necessary component of operating a hospital. Effective inventory control will assure that the inventory is viewed as a positive part of the supply chain. This course is also available as part of the Essentials of Health Care Supply Chain Certificate Series.

Learning Objectives:

Part 1: Inventory Basics

• Differentiate between the valuation methods, give examples, and apply them appropriately.
• Demonstrate cost saving measurements by effectively managing inventory.
• Determine when to reorder inventory and calculate the amount by applying the EOQ formula.

Part 2: Controlling Inventory

• Recognize the difference between inventory turnover rates vs. the ABC Analysis and determine when to use each.
• Propose the appropriate inventory reduction strategy(ies) to alleviate incurring additional costs.
• Summarize the effects of reducing inventory.

Part 3: Physical Inventories

• Recognize the advantages and disadvantages of using traditional vs. cycle counting.
• Distinguish the three ways to view accuracy; count accuracy, gross dollar accuracy, and net dollar and how to measure each.
• Identify how to keep the general ledger accurate.

Part 4: Inventory Control Beyond the Storeroom

• Identify which areas in the healthcare facility can be deemed for booked departmental inventories.
• Define the difference between annual inventory control and perpetual inventory control methods and describe the benefits and pitfalls of each.
• Explain how to set up par levels and evaluate when to change them.

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