Course Code: ICMM Course Name: Inventory Control & Materials Management Version: November 2019 Assignment: Inventory Audit- Counting is as easy as 1,2,3, Materials and Resources Textbook Fundamentals of Materials Management A Guide to Production Planning and Warehousing DDE Publishing -August 2016 Software Microsoft Excel, Word Videos N/A Resource s Internet research. See attachments-Inventory Audit Exercise, Inventory Ticket. See DDE text Chapter 3 Assignment Description This assignment will give you hands-on experience counting and auditing an inventory. There are 2 parts to this assignment. For the first part of the assignment, each student will conduct an inventory count of the letter o lowercase only. See handout AS2-HO1-v2.0 for the article to count. For the second part of the assignment, complete a report based on the inventory process you just went through. See the assignment steps for both parts below. Assignment Steps Part 1 1. Conduct an inventory count of the letter o on AS2-HO1-v2.0 You will have 15 minutes to do the first count 2. Text your instructor your result for your first count so it can be verified if correct 3. The Instructor (Head Auditor) will audit the count and note on the summary sheet if the count is correct or a recount is required. The correct quantity will not be revealed by the instructor until the end of this part of the exercise 4. The instructor will note the overall accuracy of the counters. Students who counted correctly will become auditors and will report to the head auditor the instructor will identify those who counted correctly; the student auditor is not permitted to reveal the correct count to the other students. 5. For the students whose count is incorrect, another inventory count will be required to reconcile the discrepancy. Auditors will observe and provide guidance to the counters regarding improved accuracy. Repeat steps 1 to 3. 6. After the second count, to further help improve accuracy, students will divide into inventory teams of three people. The teams will be made up of two counters and one auditor. Auditors for the team may be a student who previously had a correct count or simply choose one of the group members. Steps 1 to 3 are repeated. Everyone on the team must agree with the count before handing in your paperwork. 7. After the third count all the steps are repeated for a fourth and final count. Use the Inventory Summary sheet provided to record all of your counts. The correct count will be revealed at this point. 8. Class Discussion Review the process and the results. Assignment Steps Part 2 1. Describe the issues you experienced with the counting of the letter o. Was reconciliation required? Why or why not? 2. Research issues with physical inventory counts. List three common issues, and identify some of the solutions that could be implemented to resolve these common issues. 3. What would you do to improve the accuracy of counting the letter o? 4. Summarize your thoughts regarding the inventory process