SPARE PARTS INVENTORY MANAGEMENT PROCESS

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[ ] Check Current Stock Levels: Retrieve existing inventory records to check quantity on hand for specific part numbers.
[ ] Calculate Total Inventory Value: Sum the value (unit_price * quantity) of all parts in the inventory data model.
[ ] Determine Reorder Necessity: Compare current stock levels against the defined minimum threshold (reorder_point) to identify shortages.
[ ] Create Purchase Requisition Task: Assign a task to the Procurement Officer to initiate the buying process for identified low-stock parts.
[ ] Create Purchase Order Entry: Generate a new entry in the Purchase Orders data model containing part details and requested quantities.
[ ] Notify Vendor of Order: Send an email to the supplier's contact address with the details of the new Purchase Order.
[ ] Assign Goods Receipt Task: Create a task for the Warehouse Clerk to inspect and log incoming parts upon delivery.
[ ] Verify Received Items: Fetch the original Purchase Order entry to compare delivered quantities against ordered quantities.
[ ] Update Stock Quantities: Update the 'Quantity on Hand' field in the Inventory Data Model after successful goods receipt.
[ ] Update PO Status: Change the status of the Purchase Order entry from 'Pending' to 'Fulfilled'.
[ ] Log Inventory Discrepancy: If received quantity does not match ordered quantity, create an entry in the Discrepancy Log model.
[ ] Alert Procurement of Discrepancy: Send an email to the Procurement Manager if a mismatch is detected during the receiving process.
[ ] Calculate Inventory Turnover Ratio: Execute formula to calculate turnover based on Cost of Goods Sold and Average Inventory value.
[ ] Generate Monthly Stock Valuation Report: Create a comprehensive report summarizing total asset value, low stock alerts, and recent movements.
[ ] Remove Obsolete Part Records: Delete entries from the inventory model for parts that have been officially decommissioned or scrapped.

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