SITXINV004: Control Stock Student Assessment Task - Management Assignment Help

Assignment Task:

Task:

assessment guide
The following table shows you how to achieve a satisfactory result against the criteria for each type of assessment task. The following is a list of general assessment methods that can be used in assessing a unit of competency. Check your assessment tasks to identify the ones used in this unit of competency.
Assessment Method Satisfactory Result Non-Satisfactory Result
You will receive an overall result of Competent or Not Yet Competent for this unit. The assessment process is made up of a number of assessment methods. You are required to achieve a satisfactory result in each of these to be deemed competent overall. Your assessment may include the following assessment types.
Written Questions All questions answered correctly Incorrect answers for one or more questions
Answers address the question in full; referring to appropriate sources from your workbook and/or workplace Answers do not address the question in full. Does not refer to appropriate or correct sources.

• Third Party Report Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard
• Written Activity The assessor will mark the activity against the detailed guidelines/instructions Does not follow guidelines/instructions
• Attachments if requested are attached Requested supplementary items are not attached
• All requirements of the written activity are addressed/covered. Response does not address the requirements in full; is missing a response for one or more areas.
• Responses must refer to appropriate sources from your workbook and/or workplace One or more of the requirements are answered incorrectly.
• Does not refer to or utilise appropriate or correct sources of information
• Observation/Demonstration All elements, criteria, knowledge and performance evidence are demonstrated at the appropriate AQF level Could not demonstrate elements, criteria, knowledge and performance evidence at the appropriate AQF level
• Case Study All comprehension questions answered correctly; demonstrating an application of knowledge of the topic case study. Lack of demonstrated comprehension of the knowledge required to complete the case study questions correctly. One or more questions are answered incorrectly.
• Answers address the question in full; referring to appropriate sources from your workbook and/or workplace Answers do not address the question in full; do not refer to appropriate sources.
• Practical Activity All tasks in the practical activity must be completed and evidence of completion must be provided to your trainer/assessor.
• All tasks have been completed accurately and evidence provided for each stated task. Tasks have not been completed effectively and evidence of completion has not been provided.
• Attachments if requested are attached Requested supplementary items are not attached
• This assessment task only consists of Written Questions and Written activity.

ASSESSMENT TASK 1
Written Question

• You require to complete the following activity, you may use reference material to assist you such as texts and the internet, however you must correctly reference your information.
• You must answer all questions correctly and in accordance with the instructions given.
• List four general capabilities, features and functions of computerised stock control systems
• Identify fast- and slow-selling items
• Record and report stock quantities
• Provide reorder quantities
• Automatically reorder items when below par levels
• What is an impress system and when is it commonly used?
• A fixed amount is reserved and, after use or a period of time, it is replenished back to original amount.
• Most common use of this system is for petty cash.
• Describe how manual or electronic bin card systems are used to record and track stock levels.
• A bin card records the comings and goings of all stock.
• There’s a separate bin card for every stock item.
• Each bin card shows the desired minimum level/‘par level’.
• When the item gets near the minimum level, reorder it to the maximum level to make sure you don’t run out.
• A new staff member has just joined the team. Provide six tips on what stock information they can use to monitor and order stock
• Size of stock (weight, volume, number of items)
• The value of opening stock
• Cost and selling price of items on hand
• Actual quantity and dollar value of stock on hand and in storage
• The minimum order quantity specified by the supplier
• Quantity and dollar value of items currently on order and received in response to orders
• You also need to coach the new staff member on how to maintain records and reports on stock levels. List six actions they’re required to take
• Check computer-generated records and reports for accuracy, interpret the information and look for discrepancies.
• Manually count and order stock using an electronic scanner.
• Record discrepancies between actual stock on hand and book value following a stock count.
• Ensure you’ve actually received stock from suppliers before issuing payment.
• Ensure that any stock under your control is sold at the correct price.
• Match stock received with stock ordered by checking delivery documentation against stock order forms
• Monitoring stock performance helps you identify and report fast- and slow-moving items. Look at the data below. Identify which stock is selling fast and which is selling slowly.
• Total sales of beer X over a six-month period was $24,000
• The value of opening stock was $33,000
• The value of closing stock was $3,000
• Total sales of beer Y over a six-month period was $24,000
• The value of opening stock was $40,000
• The value of closing stock was $26,000
• Beer X is fast-selling.
• Beer Y is slow-selling.
• What is a stock reorder cycle and how do you know when to adjust them?
• Designated daily, weekly, fortnightly or monthly cycles for reordering stock.
• Keep an eye on stock records such as bin cards and usage reports, regularly calculate stock turnover rate, and count the stock in work and storage areas regularly.
• Describe the difference between an order form and an internal requisition form.
• Order forms are for placing orders with suppliers
• Internal requisition forms are for drawing goods from one department of an organisation to another
• Describe three features and functions of computerised ordering systems.
• They monitor sales of all individual stock items and can alert you to low stock levels as they occur
• They can be customised to suit a range of industry needs.
• They generate a range of reports at the touch of a button with up-to-the-minute accuracy.
• What are the names of two documents that contain information on negotiated cost of supply and other contractual arrangements between your organisation and preferred suppliers?
• Standard purchase specifications
• Purchase and supply agreement
• List the steps you take to process a delivery and identify discrepancies between your order and the stock that’s been delivered.
• Check the stock itself (count number of cartons, pallets, etc.) against the supplier’s delivery note or invoice so you can check that nothing is missing.
• Which areas of your establishment should you monitor to ensure stock is secure?
• Processing returns, credits, refunds or exchanges
• Storage areas
• Delivery and despatch areas

POS transactions
Identify eight security systems or equipment used to protect stock
• Locks
• Keys
• Passwords
• Mirrors
• Closed-circuit television (CCTV)
• Security cameras
• Unlawful entry alarms
• EAS tags
List four things you should check for when monitoring the quality of stock in storage areas
• Dates on stock labels
• Seasonal stock
• Slow-moving stock
• Cleanliness of storage area

ASSESSMENT TASK 2
Written activity

• You require to complete the activity (1-10) using the below assessment instructions provided to you. you may use reference material to assist you such as texts and the internet, however you must correctly reference your information.
• You must answer all questions correctly and in accordance with the instructions given.
• Assessment Instructions:
• You are to complete the following activities (1-10) following these instructions and present your findings to your assessor.
• In order to achieve consistency of performance, evidence should be collected over a set period of time which is sufficient to include dealings with an appropriate range and variety of situations.
• You will be required to check your progress with the trainer/ assessor at the completion of each part of the assessment before commencing the next.
• The trainer/ assessor will inform you of any significant errors or misjudgements throughout the procedure and give valuable feedback to you for the rectification of the problem.
• If the result of the assessment is that you are Not Yet Satisfactory, you may be required to retake the assessment.
• Maintain stock levels and records to be able to:
• Use stock control systems and equipment to administer all stock control and ordering processes
• Monitor and maintain stock levels to meet organisational requirements
• Monitor stock security and adjust procedures as required
• Inform colleagues of their individual stock ordering responsibilities
• Maintain records of stock levels and create reports according to organisational procedures
• Monitor stock performance, and identify and report fast or slow-selling items
• Monitor and adjust stock reorder cycles
• Process stock orders to be able to:
• Process orders for stock according to organisational procedures
• Maintain stock levels and record current accurate details
• Check and record incoming stock against purchase and supply agreements
• Minimise stock losses to be able to:
• Regularly check storage of stock and ensure its protection
• Identify, record and report stock losses
• Identify avoidable losses and establish reasons for them
• Recommend solutions and implement procedures to prevent future losses
• Follow-up orders to be able to:
• Monitor delivery of stock to ensure agreed deadlines are met
• Liaise with suppliers to ensure continuity of supply
• Resolve routine supply problems or refer to appropriate person for action
• Distribute stock within the organisation according to required allocations
• Organise and administer stocktakes to be able to:
• Organise stocktakes at appropriate intervals
• Allocate stocktaking responsibilities to staff and supervise the operation of the stocktake
• Produce accurate stocktake reports within designated timelines
• Activity 1: Required stock levels
• Talk to the forecasters or whoever is responsible in your enterprise for determining required stock levels. Find out how these levels are determined and get an explanation of any 'peaks' and 'troughs' in these levels.
• Complete an answer of between 250 to 500 words and attach to this assessment
• Attach information relating to required stock levels to show your assessor when you are ready for assessment.

Activity 2: Stock movement and security

• Investigate the systems in place within your workplace to secure stock and record stock movement. Use the following questions to guide your investigation and record your responses after each question. Retain these responses to show your assessor when you are ready to be assessed:
• How is the store secured against theft or break-in during non­working hours (night-time, weekends, shut down periods)?
• What controls are there on access to the storage area during working hours?
• How is stock movement recorded?
• Can stock be removed from the store without any record being made of this movement?
• Does the system work to record stock movement? Have any problems been identified with stock movement in the past and what improvements or changes have been made to address these problems?
• What are your responsibilities in relation to stock security and stock movement?
• Activity 3: Re-ordering cycles
• Investigate the systems in place within your workplace to re-order stock. The system will link to required stock levels that you investigated in Activity 1. Use the following questions to guide your investigation and record your responses after each question. Retain these responses to show your assessor when you are ready to be assessed:
• What is the cycle for ordering stock for a number of stock items (pick examples that are different and are supplied by various companies)?
• What arrangements are in place to order stock outside of the set or predetermined re-ordering cycles? When these alternative arrangements are used, does this cost more than ordering stock through the standard cycle for ordering (pick examples that are different and are supplied by various companies)?
• In your investigations, have you come across a situation where production or sales were lost because stock was depleted? What actions were taken in these examples and what changes or improvements resulted from these actions (pick examples that are different and are supplied by various companies)?
• Summarise the links between required stock levels and re-ordering cycles (pick examples that are different and are supplied by various companies).
• Activity 4: Users' responsibilities
• Investigate the strategies used within your workplace to inform users of their responsibilities in relation to stock storage and movement. Use the checklist below to record the results of your investigations. Space is allowed to comment on the effectiveness of the strategies and any improvements you can identify to make in this area. The last two rows are for you to add any other strategies you have in your workplace or think would be good to introduce.
• Strategy Used or not used in your workplace Effectiveness Possible improvement
• Documenting policies and procedures Including information in induction programs Providing a 'users guide' for the store Designing and delivering training programs or courses for users Providing a 'help desk' function for users Facilitating reviews of the system through questionnaires and focus groups Using company internal communications to provide reminders or inform users of changes in the system Activity 5: Stock performance
• Analyse stock usage records and identify three examples of a slow-moving item and three examples of a fast-moving item. Talk to others in the workplace (users of these items) and get responses to the questions above.
• Summarise what you find out about each item using the table below:
• Item description Slow or fast moving How identified as slow moving Findings from research and actions recommended in relation to these items
• Activity 6: Stocktaking schedules
• Talk to other team members who have been involved in stocktaking and whoever is responsible for setting the schedule for stocktaking. Find answers to the following questions and record your answers in the space provided:
• How often are stocktakes conducted?
• How long does a stocktake take?
• How many people are involved in a stocktake?
• What activities can be carried out while the enterprise is still operating?
• What activities have to be carried out when the enterprise is closed or stops business operations?
• What is the variance between actual stock and stock records?
• What processes or aids are used to undertake the stocktake ( see examples given in the learning guide above)?
• What changes or improvements have been made in stocktaking over the past few years?
• How are other team members selected for stocktaking?
• Can you identify areas of the stocktaking process that need to be improved or made more efficient?
• How is human error eliminated from the process of stocktaking or minimised?

Activity 7: Maintaining stock control

• Investigate the strategies used in your workplace to control stock between stocktakes. The table below lists some strategies as discussed above, that may be put into place in your enterprise. Find out if any of these are actually in place or have been tried in the past and rejected or whether these might suit your particular workplace. Add any relevant comments in the last column.
• The last 3 rows are to add other strategies that are in place in your workplace or have been used in the past.
• Strategy Used in workplace? Tried in past? Suited to workplace?
• Rolling stocktakes or sampling Maintenance Checking inventory lists Ensuring that records are current Activity 8: Stock loss
• Talk to other team members who have been involved in stock control and discuss what stock losses typically occur and the causes of these. Do this investigation for five different types of stock. Find out what strategies have been implemented to minimise these losses. Use the space below to record the findings from your discussions with other staff members.
• Types of stock Causes of stock losses Strategies used to minimise losses
• 1 2 3 4 5
• Activity 9: Stock ordering
• Investigate how stock is ordered in your company. For a range of different stocks (five different examples including a contract arrangement if relevant in your organisation), find answers to the following questions and use the table to record the information.
• An example is provided to guide you:
• Stock item How ordered Payment method Time/method to deliver How you are identified to supplier
• 15kg wagyu face cheeks Phone call giving order number Invoice on monthly account 3-4 days by supplier truck Required to supply code to place order

Activity 10: Stock ordering systems
Discuss how stock is ordered with some of your fellow team members. Develop a summary of what you have learnt and record this below. List the steps in order from when you are asked to order some stock to when it arrives.
Step number Description of what’s done

 

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