# Lesson Plan: Revision - Inventory Management
**Grade Level:** Senior Secondary 3
**Subject:** Store Keeping
**Topic:** Revision - Inventory Management
**Duration:** 1 Hour
## Objective:
By the end of the lesson, students will:
1. Understand key concepts and terminology related to inventory management.
2. Be able to explain various inventory management techniques.
3. Review and solve sample problems related to inventory control.
4. Discuss the importance of inventory management in storekeeping.
## Materials Needed:
- Whiteboard and markers
- PowerPoint slides or handouts with key concepts
- Sample inventory records
- Practice worksheets
- Projector (if using digital presentation)
- Writing materials for students
## Lesson Outline:
1. **Introduction (10 minutes)**
a. **Greeting & Attendance:**
Briefly welcome students and take attendance.
b. **Objective Review:**
Explain the objectives of the lesson to the students.
c. **Hook:**
Pose a question: "Why is inventory management critical for a successful store operation?" Discuss briefly and jot down responses.
2. **Review of Key Concepts (20 minutes)**
a. **Inventory Management Terms:**
Review key terms such as inventory, stock, reorder level, economic order quantity (EOQ), lead time, safety stock, and stock turnover ratio.
b. **Techniques of Inventory Management:**
Discuss various inventory management techniques:
- Just-in-Time (JIT)
- ABC Analysis
- First-In, First-Out (FIFO)
- Last-In, First-Out (LIFO)
- Economic Order Quantity (EOQ)
c. **Importance of Inventory Management:**
Highlight the importance of accurate inventory records, cost control, and customer satisfaction.
3. **Interactive Activity: Solving Inventory Problems (20 minutes)**
a. **Sample Problems:**
Distribute handouts with sample inventory management problems.
b. **Group Work:**
Divide students into small groups and let them work on the problems. Facilitate and provide hints if necessary.
c. **Discussion:**
Review the answers together as a class, explaining the processes and calculations involved.
4. **Real-World Application: (5 minutes)**
a. **Case Study:**
Present a short case study of a retail store facing inventory management challenges.
b. **Class Discussion:**
Engage students in a discussion on how the store could improve its inventory management practices based on the techniques reviewed.
5. **Conclusion and Q&A (5 minutes)**
a. **Summary:**
Summarize the key points discussed in the lesson.
b. **Questions and Answers:**
Open the floor for any questions from students and provide clear, concise answers.
6. **Assessment:**
- **Formative Assessment:**
Monitor students' understanding during group activities and the case study discussion.
- **Homework:**
Assign a worksheet with additional inventory management problems to be completed at home.
## Reflection:
- **Self-Assessment:**
After the lesson, reflect on what worked well and what could be improved. Consider students' engagement, understanding, and feedback.
- **Student Feedback:**
Collect brief written feedback from students on what they found most helpful or any areas where they need further clarification.
By keeping the lesson interactive and practical, students should have a clearer understanding of inventory management principles and their application in storekeeping.