Definition of Stores Inventory Policy

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Offline pmkamal

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Definition of Stores Inventory Policy
« on: April 16, 2016, 04:13:42 PM »

A Stores Inventory Policy (SIP) is a written document that details how the Store’s Inventory Management system will operate and provides published policies for users of the Stores System to follow to ensure continuing effectiveness. The document includes policies on the following:
•   How planned work spares requirements are identified and provided
•   How parts holding will cover critical asset breakdown and will be identified
•   How available budget will be utilized and how stock numbers and value will be minimized
•   Who has responsibility for organization and control
•   How stores will be laid out to reflect organizational needs and to make best use of available space
•   How spares will be located and identified
•   How spares will be ordered
•   How stock booking in and out will be controlled
•   How data accuracy will be maintained
•   How stores system performance will be measured