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Self-Diagnostic Test

Inventory Self-Test

1 // Are key inventory flow and control processes standardized and documented, and are they being followed?Deselect Answer

2 // Do the packages that are counted each day of the week and each week of the month change from one week to another so that employees don’t know too far in advance what will be counted each day?Deselect Answer

3 // Does the finance department have adequate oversight of inventory control?Deselect Answer

4 // Is there enough time in the inventory counting process to recount the necessary number of products with variances that are over acceptable levels?Deselect Answer

5 // Is there enough time in the inventory process to research variances, reconcile variances, identify recurring causes of variances, and implement solutions to eliminate the recurring problems that are causing inventory variances?Deselect Answer

6 // Are all products moving into and out of breakage double-checked and verified by a manager?Deselect Answer

7 // Are all requested inventory adjustments, no matter how small, questioned by your controller (or CFO) and is the controller (or CFO) the only person who can adjust book inventory?Deselect Answer

8 // Is there a proper separation of duties in your inventory control process? (For example, counters don’t have access to the book inventory numbers when counting; counters don’t know how far off the SKU is from book inventory before recounts; warehouse management can’t make adjustments to the inventory; moving product into and out of breakage is verified by two managers or supervisors; inventory auditing and control doesn’t report to operations, etc.)Deselect Answer

9 // Does someone other than the warehouse department regularly count the full inventory to verify the count and provide checks and balances with the warehouse staff? (e.g., monthly or quarterly)Deselect Answer

10 // Do you sleep comfortably each night, never worrying about your inventory control?Deselect Answer

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