Inventory cost is the second largest expense to electrical contractors and poorly planned or managed material on the jobsite dramatically increases man hours and labor cost. Inventory management has not historically been a focus of most project managers and superintendents, as most contractors have left the procurement and management of jobsite inventory exclusively to the field foremen and job site supervisors.
By exploring the practices of other inventory intensive businesses and the principles guiding material procurement, movement and availability, an electrical contractor can develop and implement practices resulting in improved or even ideal inventory cost management and control.
Following this course, participants will be able to:
• Discuss how to establish a practice of maintaining ideal jobsite inventory levels for all of their projects
• Recognize current practices that do or do not effectively utilize fundamental principles
• Discuss how to evaluate potential cost savings and profit improvement associated with improved jobsite material management
• Describe practical policies and procedures for material planning and procurement which support reduced material and labor cost and increased profitability
• Describe the underlying principles of material procurement and inventory management