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Elements and Performance Criteria

1. Establish supply arrangements
   • Approved business data, forecasting methods and measures to calculate stock levels for standard business periods, peak seasons and special events are established
2. Optimum supply arrangements are sourced and negotiated using approved purchasing specifications
3. Stock quantities and cost effective terms of purchase are established
4. Agreements are recorded, in accordance with stock control and receival procedures
5. Monitor and maintain stock
   • Stock control systems and equipment to administer and monitor ordering processes and procedures, including real time tacking information from stock handling and data collection technologies, are used
6. Stock levels and reorder cycles are monitored and maintained using approved forecasting methods and tools
7. Evaluation of stock against specifications, including adjusting sources of supply, is undertaken, as required
8. Optimal safety stock placement and service level optimisation is monitored, in accordance with the continuity plan and stock control and receival procedures
9. Stock levels are recorded and reported, in accordance with stock control and receival procedures
10. Process receivals and store stock
    • Orders for stock are processed and documented, including checking and recording receivals, against purchase and supply agreements
11. Stock is distributed, transported and stored in an approved storage area using safe manual handling techniques
12. Stock is inspected for quality, use by dates and damage
13. Stock is labelled and any excess is reported, in accordance with stock control and receival procedures
14. Determine stock wastage and discrepancies
    • Control system and procedures for stock with high wastage or loss is implemented
15. Stock is rotated for maximum use and minimum wastage, as required
16. Excess or spoilt stock, including hazardous substances, is disposed of safely, in accordance with stock control and receival procedures
17. Stock losses and discrepancies are recorded, in accordance with stock control and receival procedures, and security measures are reviewed
18. Perform stock auditsand report
    • Stock audits are performed and reports are produced within designated timeframes
19. Audit findings and discrepancies in stock and receivals are reported to approved personnel

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment. Non-essential conditions may be found in the Companion Volume Implementation Guide.

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Performance Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all the requirements of the elements and performance criteria on at least one occasion and includes

assessing stock loss, wastage, excesses and discrepancies completing stock orders and receivals within established timelines disposing of stock safely including hazardous substances forecasting stock and receivals using approved methods and tools identifying supply sources for different types of products identifying third party inventory control operations implementing cost effective stock purchasing and control systems maintaining stock and receival data and records monitoring optimal safety stock placement and service level optimisation monitoring stock control systems, stock quality and cost effectiveness of supplies performing stock audits producing stock control reports receiving, storing, monitoring and maintaining stock levels over life cycle periods undertaking supplier and customer relationship management utilising stock handling, receivals and data collection technologies working with continuity plan and stock control and receival policies and procedures.

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Knowledge Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all the requirements of the elements and performance criteria and includes knowledge of

continuity plans contractual and preferred supplier arrangements disposal methods for stock and waste including hazardous substances stock control and receivals policies and procedures principles of stock control including: approaches to calculating stock levels and replenishment requirements factors that may influence purchase specifications forecasting methods for calculating inventory consumption methods and tools for calculating cost effective stock quantities including methods of stock control including FIFO (First In, First Out) and LIFO (Last In, First Out) standard measures and formulas for yield testing stock control systems including bin card system, imprest system, integrated point of sale system and ledger systems product life and storage requirements for specific stock real time information using stock data technologies report requirements on stock loss, wastage, excesses and discrepancies safe manual handling techniques safe stock placement and service level optimisation security measures for stock including storage and tracking stock control audits stock ordering and delivery processes stock quality control stock reorder cycles for standard business periods, peak seasons and special events supplier and customer relationship management supply sources for different types of products types of computerised stock control systems, their functions and features.

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