Assessment Activity 2: Inventory Management Report, Alif Australia

This report provides an overview of the inventory management practices at Australis Institute of Technology and Education (Alif Australia Pty Ltd), a registered training organization. It details the regulatory requirements the institute must adhere to, including those related to chemical management and lobbying transparency. The report explores organizational obligations related to inventory control, highlighting strategies such as Just-In-Time (JIT) and Material Requirements Planning (MRP). It further outlines the key responsibilities of the inventory manager, such as evaluating suppliers, preparing documentation, and purchasing new inventory. The report references key publications and regulations relevant to effective inventory management within the educational context.

Assessment Activity 2- Knowledge Question
Australis institute of technology and education Australis institute of technology and
education is also known as Alif Australia Pty Ltd is a registered training organization
founded in 2010. The business is involved in offering quality education to the person with
greed to learn and educate in accounting and business fields. The aim of the institute is to
fulfill the desires of the students by providing different variety of programs that could support
students in making their successful carriers.
Regulatory Requirements
Inventory Management is defined as the process of ordering, storing, and using organization
inventory such as raw materials, components, and finished products. Australis Institute of
Technology & Education systems has a vast amount of inventory to administer such as
cleaning equipment, computers, projectors, desks, textbooks, and other materials. Besides
this, the institute is also involved in offering knowledge to the students related to chemicals in
their laboratories. The company fulfills the regulatory requirements related to management of
chemicals products in the premises such as Emergency planning Right to Know Act (Laferte,
2015). This regulation requires a precise, informed chemical inventory system. EPCRA
possess four key provisions: emergency release notification, toxic chemical release inventory,
emergency planning, and hazardous chemical storage reporting requirements. Besides this,
the Institute complies with Lobbying Register act in order to maintain transparency regarding
lobbying. It determines the specific type of communications as regulated lobbying
(Lobbying, 2018).

Organizational Obligations related to inventory management
Australis Institute of Technology & Education systems is involved in the inventory control,
which is designed to assist the requisition processing, management of inventory, buying, and
physical inventory settlement functions of inventory management by a group of extremely
interactive competences. The planning of Inventory Control is dependent on the key
objectives:
 To offer information regarding the availability and status of different inventory
 To enhance financial control of the inventory by the episodic settlement of the
inventory well-adjusted with the physical counts
Australis Institute of Technology & Education has adopted different inventory management
strategies such as:
Just In Time - A just-in-time strategy of inventory states the variations of the conventional
model. Under this method, the company purchase the units only whenever needed to fulfill
the demand of the customers (Japan Management Association, 2018).
Material Requirement Planning - Materials requirements planning make use of
applications of computer software in order to manage the inventory.
Organizational obligations of Inventory Manager
The inventory manager performs the key responsibilities related to inventory management in
the Australis Institute of Technology & Education such that all the damages and uncertainties
can be avoided at the maximum level. Some of the responsibilities of the inventory manager
are:
Evaluate Suppliers - Inventory managers perform a key responsibility of searching for a
supplier that can offer the required goods to the business.

Prepare Documentation – Inventory manager in the institute is accountable for managing
the documents of inventory. The manager properly records the type, quantity, style, quality,
etc. such that different business departments can have a clear understanding of the availability
of the stock.
Purchase New Inventory – The responsibility of purchasing inventory comes under the
inventory manager in addition to managing relationships of the business with different
suppliers (Muller, 2019).

References
Muller, M. (2019) Essentials of Inventory Management 3rd ed. U.S: HarperCollins
Leadership.
Japan Management Association (2018) Kanban Just-in-Time at Toyota: Management Begins
at the Workplace 2nd ed. U.S: Routledge.
Laferte, S. (2015) Know the Regulation, Improve Your Chemical Inventory System [online].
Available from https://www.triumvirate.com/blog/know-the-regulation-improve-your-
chemical-inventory-system [accessed 23 January 2019]
Lobbying (2018) The Lobbying (Scotland) Act 2016 is in force from 12 March 2018 [online].
Available from https://www.lobbying.scot/SPS?AspxAutoDetectCookieSupport=1 [accessed
23 January 2019]