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1Copyright © Texas Education Agency, 2012. All rights reserved.
Procurement and Inventory Control
Statistics & Risk Management
Copyright © Texas Education Agency, 2012. All rights reserved. 3
Purchasing Overview
Materials and products used for Product Production or Resale.
Supplies needed for daily operations.
Copyright © Texas Education Agency, 2012. All rights reserved. 4
Vendor Selection
Competitive Pricing & TermsProduct/Service QualityPerformance CriteriaOrder Placement MethodologiesLocation– Shipping Issues– Political Issues
Copyright © Texas Education Agency, 2012. All rights reserved. 5
Bid Processes
Private Entity Process–Creating RFP– Evaluating Proposals
Public Entity Process–Often strict laws regulating the process for
both government and vendor employees.
Copyright © Texas Education Agency, 2012. All rights reserved. 6
Order Processing
Manual–Vender –Customer Managed
AutomatedMaintain Stock LevelsJust-in-time
Copyright © Texas Education Agency, 2012. All rights reserved. 7
Inventory Management
Physical InventoryBook InventoryReconciliation Process
Copyright © Texas Education Agency, 2012. All rights reserved. 8
Inventory Evaluation
Itemized (ID or Serial Numbers)LIFO (Last in First Out)FIFO (First In First Out)RDI (Retail Dollar Inventory)
Copyright © Texas Education Agency, 2012. All rights reserved. 9
Inventory Control
Minimum Stock LevelMinimum Order SizeReturnsShrinkage - Obsolescence
Copyright © Texas Education Agency, 2012. All rights reserved. 10
Inventory Turnover
How many Times a Year.How many Days until Turned Over.Ratios
Why is Turnover Important?
Copyright © Texas Education Agency, 2012. All rights reserved. 11
Asset Acquisition
Real Cost of AcquisitionPayback PeriodReturn on InvestmentNet Present Value
Copyright © Texas Education Agency, 2012. All rights reserved. 12
Human Resource
Application-ResumeInterview(s): Phone/OnsiteTestingBackground CheckSelection