In this practical 1-day course (or 4 x 2-hour sessions), you will explore inventory management, inventory analysis and the concept of whole-life asset management cost, from idea through to disposal. Choose the short course on its own, or add the optional CIPS L4M7 exam to earn 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.
Description
Is excess stock filling your warehouse while the true cost of your assets stays hidden?
In this practical 1-day course (or 4 x 2-hour sessions), you will explore inventory management, inventory analysis and the concept of whole-life asset management cost, from idea through to disposal.
Whole-life asset management takes into account the total cost of a product or service, from idea through to disposal, including purchase, hire or lease, maintenance, operation, utilities, training and disposal. You need to consider these elements when assessing options to buy, rent or lease equipment, and the management and control of inventory is an important driver of organisational success. You will analyse methods for inventory movement and control and consider the concept of whole-life asset cost.
Delivered by AcademyGlobal faculty who are experienced procurement practitioners and hold MCIPS or FCIPS qualifications, the course combines practical activities, group discussion and locally relevant examples drawn from the Australian and New Zealand procurement environment.
AcademyGlobal is Australia and New Zealand's first and only CIPS Centre of Excellence, recognising the quality of our CIPS teaching, learner support and study centre delivery.
Choose your learning pathway
Two pathways, depending on your goals.
Option 1: Short course
Build practical skills you can apply immediately in the workplace. Complete the course and receive an AcademyGlobal Certificate of Course Completion recognising your professional development. There is no requirement to become a CIPS member or sit an examination.
Option 2: Short course + CIPS exam
Build your skills and progress towards the CIPS Level 4 Diploma in Procurement and Supply. Complete the course and register for the official CIPS L4M7 exam. Pass the exam to earn 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.
What the course covers
- Principles, purpose and impact of stores and warehouse design
- Product coding in inventory operations
- Warehousing equipment approaches
- Classifications of inventory
- Direct and indirect costs of holding inventory
- Inventory control techniques
- Factors in establishing whole-life costs
- Building a whole-life cost model
- Factors that support whole-life asset management
What you will be able to do
By the end of the day, you will be able to:
- Explain methods of inventory management and inventory analysis
- Identify the direct and indirect costs of holding inventory and the techniques associated with inventory control
- Explain the concept of whole-life asset management cost, from idea through to disposal
Course format
- Duration: 1 day or 4 x 2-hour sessions
- Delivery: in person or virtual, with practical activities and group discussion
- CIPS module: L4M7 Whole Life Asset Management (https://www.cips.org/qualifications/diploma-in-procurement-supply/whole-life-asset-management)
Fees
- Standalone short course: $475 incl. GST per participant
- CIPS pathway: $695 incl. GST (includes one year CIPS student membership)
- The CIPS exam fee is set by CIPS and paid separately (https://www.cips.org/membership/exam-member-fees)
Assessment
Option 1: Short course. This option is for participants who wish to complete the training without undertaking a CIPS exam or other formal assessment. On completion of the course, you will receive an AcademyGlobal Certificate of Course Completion, confirming your participation in and completion of the training. This option does not include assessment, a CIPS examination or credits towards a CIPS qualification.
Option 2: Short course and CIPS exam. After completing the course, you can sit the CIPS L4M7 Objective Response (OR) exam during one of CIPS’ scheduled exam periods throughout the year (see the CIPS exam schedule (https://www.cips.org/students/exam-success/exam-schedules)). A pass gives you 6 credits towards the CIPS Level 4 Diploma in Procurement and Supply.
The exam is a computer-based Objective Response examination. Rather than writing extended or essay-style answers, you are presented with questions and select the correct response from a range of possible answers. The pass mark for Objective Response examinations is 70%.
Objective Response exams are held during designated CIPS examination periods. CIPS currently schedules exam periods five times each year, in March, May, July, September and November.
All CIPS examinations are computer based, and you can sit the exam through remote invigilation. This means you can undertake the examination from a suitable location such as your home or office, provided you meet CIPS’ technical and examination-environment requirements.
For a remotely invigilated exam, you will need an appropriate desktop or laptop computer, stable internet connection, webcam and suitable private examination environment. The examination itself is completed through CIPS’ computer-based TestReach platform while an approved remote invigilator supervises the examination. CIPS provides candidates with instructions and technical requirements ahead of the exam.
The exam fee is set by CIPS and paid separately (see the CIPS exam fees (https://www.cips.org/membership/exam-member-fees)), and AcademyGlobal will take care of your exam registration and support you with the associated administration.
You must hold current CIPS membership to sit the examination. If you are not already a CIPS member, the CIPS exam pathway fee includes one year of CIPS student membership.
Exam format (objective response): you select a response from a list of possible answers. The exam is 1.5 hours long.
