Friday, 24th Feb: Operations (Inventory Management) Activity Conducted by Dr. Najam Akbar Anjum
Dr. Najam introduced the concept of Inventory and Inventory Management to the participants to ensure that they can conduct their business transactions smoothly. The basic understanding of these concepts is essential in small as well as large businesses because it can affect the performance and timeliness in providing the right goods to the right customer at the required time.
The instructor then discussed some measures that help lay the foundation for an efficient Inventory Management System that included labeling of goods, labeling of different storage areas, marking units of measurement etc and how each of these measures are essential to the business. The session highlighted key points to remember when inventory placement is carried out such as listing down all the storage areas available to the business, having distinctive titles for each inventory storage area, labeling the inventory with distinguishing unit codes and measurement unit of the product itself.
Small business owners often face difficulties in ordering and re-ordering inventory. The basic questions that they face are: 'When to order?' and 'What quantity to order?' and 'Where to place the newly ordered inventory?'
Dr. Najam answered these questions for the participants and then conducted an activity to solidify the concepts learnt in the session. The participants were supposed to work on inventory placement and assigned different categories of inventories to different locations. This activity was to be done in groups and the instructor then highlighted the key improvement areas.