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KnoWerX PGP: Course in Materials and Inventory Basics (CMIB)

KnoWerX PGP Series of Programs and Benefits

“KnoWerX Professional Growth Program” series of education, leading to various certificates, is aimed at professionals to be able to get deeper understanding of concepts on which businesses and ERPs (like SAP) runs to improve their own individual performance and performance of their organizations.

Benefits to individuals include more practice oriented knowledge, better job readiness for the corporate world, improved performance on the job, ability to use ERP (like SAP) better, added advantage when applying for jobs, greater preference by corporates, etc. All of these would obviously lead to higher pay and faster job placements.

Benefits to organizations include better trained work force, improved ROI on ERP / technology investments, etc. All these would obviously lead to better productivity, effective business processes, reduction in errors and rework, etc. that would add to competitive advantage, growth and profitability.

Course in Materials and Inventory Basics

Materials are most important resource of supply chain management out of men, machine, material and money. Materials include raw materials, intermediates, finished goods, traded products, service parts, maintenance spares, items for repairs and maintenance, production supplies, general supplies, etc.

This program covers practice-oriented and ERP-oriented basics of materials and inventory management. It builds the foundation of all other programs related to materials management and inventory management. Without the knowledge covered here, no professional will be able to work in materials and supply chain management domain.

Prerequisites

Participants must have basic knowledge of business management concepts and process flows especially in sales and distribution, and, materials management domain.

Target Audience

This program must be attended by everyone in an organization who is directly or indirectly related to materials management, inventory management and/or provide support, including but not limited to:

  • Sales & Operations Planning (S&OP) Coordinators
  • Master Schedulers
  • Supply / Production Planners
  • Material Planners
  • Production Managers
  • Distribution Managers
  • Logistics Managers
  • Sourcing Managers
  • Purchase Managers
  • Inventory Controllers
  • Cost Controllers
  • Cost Accountants
  • Master Data Maintenance Team Members
  • Business Analysts / Business Consultants
  • Information Technology Consultants supporting above functions

Topics Covered

  • Material Number Codification
  • Material Types: raw materials, finished goods, etc.
  • Material Types: non-valuated, non-stocked, etc.
  • Materials Classification (Material type, ABC, FSN, XYZ, VED, SDE, HML, SOS, GOLF, Planner code)
  • Materials Classification by Characteristics
  • Inventory Fundamentals
  • Functions of Inventory
  • Inventory classification (aging, shelf-life, stock valuation) 
  • Achieving Inventory Accuracy
  • Inventory Valuation
  • Treatment of Inventory in Financial Accounting by Material Type

Primary Reference Materials
Customized hand-outs from KnoWerX will be given to participants.

Secondary Reference Materials
Participants must source and study other books authored by practitioners, world-wide web, ERP documentation, etc. to prepare for exam and get deeper insight.

Duration and Teaching Methodology
The program will be covered in 8-10 instructor-led online sessions each of 1-1.5 hours.

Exam Preparation Methodology
Training and self-study.

Exam Format
50 multiple choice questions to be answered in one hour. There is no penalty for giving wrong answer. Participant must score 75% or above to pass the exam.

The exam is based on body of knowledge and not limited to hand-outs or a text book. So, questions may come from outside the hand-out also.

The exam tests the concept and not the memorization of study materials. Basically, it tests skills at the “application” level of Bloom’s Taxonomy, so that participant is able to solve unseen problems in real business situations.

Awards
A certificate will be issued to all participants who pass the exam.

Cost
Total cost is ₹14,750 per participant (including 18% GST) subject to a minimum of 10 participants. The cost includes the hand-out, 8-10 online sessions and the exam.