doc3 - J&D Educational Services Purchasing...

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Unformatted text preview: J&D Educational Services Purchasing & Inventory Control 1 Course Administered By: J&D Educational Services, Inc PO Box 130909 The Woodlands, Texas 77393-0909 Voice: 1-866-747-5545 Fax: 1-281-298-8335 www.jdeducation.com FUNDAMENTALS OF PURCHASING AND INVENTORY CONTROL FOR CERTIFED PHARMACY TECHNICIANS A Knowledge Based Course By Jeff Blackburn, C.Ph.T., MBA Healthcare Administration ACPE No. 0096-9999-10-051-H04-T Release Date: 6/21/10 Expiration Date: 8/1/10 Total number of pharmacy continuing education hours: 4 hours (0.4 CEUs) Course Cost: $13.00 (to be paid at time of testing) Average time to Complete: Approximately six hours including testing Course Value: Six Contact Hours Reading: 51 Pages Final Exam: 50 Questions Completion Requirements: Answer 70% of questions correctly. Eval. The Texas Tech University HSC- School of Pharmacy is accredited by The Accreditation Council For Pharmaceutical Education (ACPE) as a provider of continuing Pharmaceutical Education. J&D Educational Services Purchasing & Inventory Control 2 OBJECTIVES At the end of this course, the reader should be able to meet the following objectives: 1. Discuss why inventory control is important for pharmacies. 2. Understand the objectives of inventory control within a pharmacy. 3. Become familiar with some of the more common purchasing concepts. 4. Become familiar with some of the methods for controlling inventory. 5. Discuss purchasing policies and their value within the pharmacy. 6. Discuss some of the different models for inventory control. 7. Having a working knowledge of some of the most common receiving and storage policies. J&D Educational Services Purchasing & Inventory Control 3 WHY INVENTORY CONTROL IS IMPORTANT? Among the many pharmacy management functions performed in a pharmacy, few have more direct impact than purchasing policies and inventory control. Sound purchasing and inventory control are closely interrelated because one cannot be effective without the other. Purchasing requires knowing the right quality and quantity to buy, when to order, at what price, and from what sources. Inventory is simply the result of this buying. Some kind of inventory control system is essential to carry out the purchasing function effectively. For example, one must know how much of a given item is in stock at a given time in order to decide whether it is time to reorder. A pharmacys inventory represents its single, largest investment. Consequently, no other asset has the potential to devastate a pharmacy as much as poorly controlled inventory. In an average pharmacy, cost of goods sold account for approximately 68% of total expenditures. For every 1% change in an average pharmacys costs of goods, profits may increase or decrease by slightly more than 20%. Thus, the sheer magnitude of dollars involved make seemingly minor inefficiencies in purchasing and inventory control matters of great importance to both cash flow and profitability....
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This note was uploaded on 01/23/2012 for the course ECON 261 taught by Professor George during the Spring '04 term at Illinois Tech.

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doc3 - J&D Educational Services Purchasing...

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