SPPM Flashcards
(40 cards)
For OM&S inventories, when must the waiver request be submitted?
Within the first four weeks of the physical inventory cycle.
What are the objectives of a physical inventory?
- Ensure on-hand quantities match inventory record entries.
- Identify inventory deficiencies.
- Ensure material is correctly identified, properly stored and in good condition.
- Update location, price and other management data.
- Identify items that need to be repaired, replaced or acquired.
How many basic physical inventory elements are there?
7
What are the basic physical inventory elements?
- Planning and Scheduling
- Preparation
- Conducting the physical count
- Reconciling accountability inventory record variances to physical count quantities.
- Researching discrepancies and identifying causes for adjustments (root cause analysis).
- Ensuring required reports are created and results reported.
- Ensuring accurate and complete documentation is placed on file.
What are the different types of physical inventories?
- Statistical Random Sample
- Spot Count
- Wall-to-Wall (WTW)
- Post Wall-to-Wall (PWTW)
What is a Post Wall-to-Wall inventory?
A statistical random sample conducted after a wall-to-wall inventory to verify effectiveness of the WTW inventory.
Who has the responsibility of for conducting the physical inventory of OM&S at the unit?
The PICO (Physical Inventory Control Officer
How long do OM&S physical inventory records need to be kept?
Three years plus current.
Who generates the physical inventory report for PICO approval?
The RA
Once the OM&S inventory starts with Prep phase, the unit shall complete through the Reconciliation phase within _______.
15 days
Units shall report results within _______ of completing inventory or by the _______, whichever comes first.
15 days, end of the second month of each quarter
In a Statistical sample of total number of stocked items of 3,200-10,000 how many discrepancies are you allowed?
11
In a Statistical sample of total number of stocked items of 251-500 how many discrepancies are you allowed?
2
In a Statistical sample of total number of stocked items of 1-150 how many discrepancies are you allowed?
1
In a Statistical sample of total number of stocked items of 151-280 how many discrepancies are you allowed?
1
Who is responsible for generating reports for the OM&S inventory process?
PICO
In a statistical random sample inventory, how many copies of the count sheet should the PICO generate?
Two: one master and one copy for the CT
Discrepancies that exist after the 3rd count verification has been completed are counted as _____.
Errors
What are the three levels of research on discrepant OM&S items?
- Post Count Validation
- Pre-Adjustment Research
- Causative Research
Which type of research if the following:
A comparison of physical count with recorded balances and consideration of transactions that have occurred during the time of the physical count, but have not been posted to the records.
Post Count Validation
What is the purpose of Post Count Validation?
To determine the validity of the count.
When does Post Count Validation end?
When the accuracy of the account has been verified.
Which type of research if the following:
A review of potential discrepancies, which involves conducting storeroom/warehouse search counts, consideration of recent transactions, receipt/issue documentation and verification of FEDLOG data.
Pre-Adjustment Research
What is the purpose of Pre-Adjustment Research?
To determine the correct balance.
