Understand the role of inventory and ordering costs US

This unit standard is required by people working in the manufacturing environment and tasked with inventory management. The learner will understand and apply the various concepts associated with inventory, will obtain knowledge of ordering cost and perform inventory valuations.

Learners credited with this unit standard are able to:
Explain the role of inventory in manufacturing and distribution.
Discuss and apply various concepts of ABC analysis.
Discuss the elements of ordering costs.
Perform inventory valuation.
Demonstrate an understanding of financial accounts as they relate to inventory management.