MGMT19125 - Inventory Management

General Information

Unit Synopsis

This unit is an introduction to inventory management. There may be many inventory managers named as such but there is not a lot of sophisticated professional inventory management. Even where organisations use sophisticated computer systems for inventory management this is no guarantee that inventory management is effective, as with limited skills and knowledge the managers are forced to take a black box approach. This unit is designed to increase awareness of good inventory management practices including the use of packaged computer systems, however it does not deal with mathematical models except at the basic level. This unit is about getting to know more about inventories i.e. what they are, why they are held, how they behave, and of course how they are managed. The complexity of inventory management should not be underestimated. There are many different inventory situations and each inventory situation requires its own system of management. Also resolving issues in particular inventory situations can become quite difficult, because of the conflicting expectations of the providers and the users of those inventories.

Details

Level Undergraduate
Unit Level 2
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the unit.

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2014

Term 2 - 2017 Profile
Distance
Term 2 - 2018 Profile
Distance
Term 2 - 2019 Profile
Online

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Written Assessment 20%
2. Written Assessment 30%
3. Examination 50%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University’s Grades and Results Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 2 - 2019 : The overall satisfaction for students in the last offering of this course was 4.3 (on a 5 point Likert scale), based on a 75% response rate.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Source: Have your say
Feedback
"I’ve enjoyed the material and support provided by the lecturer in assisting with weekly lectures at a time that students that work full time hours during the day could reach, the PowerPoint presentations were very helpful and concise."
Recommendation
Maintain effort and continue updating teaching materials and resources.
Action Taken
This was maintained
Source: Have your say
Feedback
"Assessment Tasks one and two were very clear and i learned a lot from these tasks"
Recommendation
Maintain student support through forums and recorded materials and with emphasis on student success.
Action Taken
This was maintained
Source: Have your say
Feedback
"Exam revision was unclear what was needed to focus on, guidance give was to revise the whole text book with no clear idea on what principles or concepts need to be revised in particular. This is a lot of information to remember in detail in a closed book examination."
Recommendation
Review and update the exam revision presentation slides and guideline for each topics by including all key concepts and principles of this unit.
Action Taken
Additional revision slides were provided and discussed in Week 12 Zoom Session.
Source: Have your say
Feedback
"The written assessments provided a good opportunity to practically apply the content. Assessments were returned very quickly."
Recommendation
Arrange zoom sessions with enrolled students and get the feedback from students.
Action Taken
Nil.
Source: Have your say
Feedback
"I would have also liked to see more practical content in the weekly lectures. The youtube videos etc were good but it would make the weekly lecture less dry by referencing more practical application."
Recommendation
Review and include additional learning materials, such as YouTube, supplementary lecture recordings, and etc. in addition to that, suggest to have some journal articles as an additional source to demonstrate the usefulness of practical and theoretical applications.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Discuss and define all aspects of the importance of inventory in organisations.
  2. Compare and contrast the key components of inventory management.
  3. Identify and critically discuss the strategic aspects of the principles and philosophy of inventory management.
  4. Explain how to manage inventories in a manufacturing situation where demand is dependant.
  5. Discuss the various forecasting models which are used to predict demand in order to managed inventories.
  6. Determine the order quantities, safety stock and service levels required to meet market situations.
  7. Select and implement a basic inventory management program.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
1 - Written Assessment
2 - Written Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5 6 7
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
6 - Information Technology Competence
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
1 - Written Assessment
2 - Written Assessment
3 - Examination