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Level 7 Diploma in Strategic Management and Leadership

Inventory control: the principles of FIFO, LIFO and AVCO

SL706 · Supply Chain and Operations Management — Week 11 of 16

CourseSL706
Week11 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Inventory control: the principles of FIFO, LIFO and AVCO

  1. Inventory management; shipment; lead time reduction; lean organisational control
  2. Online business communities; information sharing; online inventory management
  3. FIFO (first-in, first-out), LIFO (last-in, first-out) and AVCO (average cost or weighted cost): definition, characteristics, capacities
  4. Effectiveness in changed global environments; roles in managing inflation, taxation and cost flow

What you will be able to do

  • 4.2 Critically evaluate the role of the principles of LIFO and FIFO in inventory control.

Study materials

The teaching notes, exercises and videos of this week are in the student portal. Your portal is set up as soon as you receive final acceptance, so you can open them before the semester starts.
Week 10Week 12
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
Course plan
  • Week 1: Operations management, supply chains and other business fun…
  • Week 2: Key success factors for an integrated supply chain strategy
  • Week 3: Supplier relationships: alliances, networks and supplier de…
  • Week 4: Factors and strategies that drive operations management: th…
  • Week 5: Information technology and supplier relations systems
  • Week 6: The importance and use of logistics in supply chain managem…
  • Week 7: Procurement strategies and procedures
  • Week 8: Midterm evaluation
  • Week 9: Improving logistics and procurement strategies
  • Week 10: Procurement control and economic order quantity
  • Week 11: Inventory control: the principles of FIFO, LIFO and AVCO
  • Week 12: Just in time systems of managing inventory
  • Week 13: Factors in developing a strategy to improve the supply chain
  • Week 14: Planning and justifying supply chain improvement strategies
  • Week 15: Review and coursework completion
  • Week 16: Final evaluation and project assessment
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