PIM102 - Principles of Inventory Control

Outline info
Semester
School
Last revision date 2017-05-29 00:39:27.835
Last review date 2017-07-17 00:16:17.389


Subject Title
Principles of Inventory Control

Subject Description
The focus of this course is inventory management principles and techniques, providing participants with a greater understanding of their roles and responsibilities in the control of inventory and the impact that inventory has on a business.

Credit Status
One credit toward the Principles of Operations Management (POM) Diploma provided by APICS - The Association for Operations Management

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Identify specific factors and methods underlying decision making for inventory.
  2. Explain the basic concepts and techniques for maintaining effective physical control and custody of inventory.
  3. Apply basic methods commonly used for determining replenishment timing, quantities or lot sizes.
  4. Apply basic lean principles and practices to inventory management.
  5. Apply basic sourcing strategies to the procurement process.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
No formal prerequisites required.

Subject does involve some quantitative content, so knowledge of basic formulae and their manipulation is an asset.

Topic Outline

  • Inventory Management Techniques and Inventory Performance
  • Fundamentals of Inventory Management
  • Fundamentals of Purchasing
  • Inventory Replenishment Management
  • Lean Inventory - Theory and Practice
  • Operations Management Foundations
  • Purchase Order Management and Performance Measurement
  • Purpose and Function of Inventory
  • Sourcing Strategies

Mode of Instruction
Lectures and small group discussions.

Prescribed Texts
Introduction to Materials Management, 7th Edition; J.R. Tony Arnold, Stephen N. Chapman, Lloyd M. Clive; Publisher:  Prentice Hall ISBN 9780131376700

Reference Material

  • Lean Production Simplified, 2nd Edition; Pascal Denis; New York: Productivity Press, 2007  ISBN 1-56327-262-8
  • APICS Dictionary, 13th Edition ISBN – 1-55822-123-9

Required Supplies
None

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.



Modes of Evaluation
To attain a passing grade for the subject, a student must complete and obtain a passing grade on all combined assignments and tests (term work) and also a passing grade on the final exam. For further information on evaluation and academic standing, see a copy of Academic Policy.

Grading is based on the following marking scheme:

The passing grade for APICS is 60% overall. The final mark will be based on:

Weekly performance checks, plus written assignments & participation 40%
Mid term test (1 hour)  20%
Final exam (2 hours) 40%

The performance checks each consist of ten multiple-choice questions. The midterm test consists of forty multiple-choice questions, and the final exam consists of sixty multiple-choice questions.

Student evaluation includes weekly performance checks of class work, readings, homework, mid-term test, final exam, and case studies. Students should be prepared to perform at least three hours per week of homework to review session material, prepare for weekly performance checks, complete assignments and review assigned readings.

Exams are marked by APICS and the grades are submitted to Seneca as a SAT or UNSAT recorded on students' transcript. Allow 4 to 6 weeks to receive your grade.

Approved by: Denis Gravelle, Sharon Estok