**Lesson Plan: Types of Inventory**
**Grade Level:** Senior Secondary 1
**Subject:** Store Keeping
**Duration:** 60 minutes
**Learning Objectives:**
1. Understand the different types of inventory.
2. Distinguish between raw materials, work-in-progress (WIP), and finished goods inventories.
3. Comprehend the importance of each type of inventory in the production and supply chain.
4. Discuss real-life examples of each type of inventory.
**Materials Needed:**
- Whiteboard and markers
- PowerPoint Presentation
- Handouts with definitions and examples
- Chart paper and colored markers
- Sample items (pictures or models) representing raw materials, WIP, and finished goods
**Lesson Outline:**
I. **Introduction (10 minutes)**
A. Greeting and attendance.
B. Brief review of the previous lesson.
C. Introduction to today's topic: Types of Inventory.
1. Define inventory.
2. Mention the three main types of inventory: raw materials, work-in-progress (WIP), and finished goods.
II. **Lecture and Discussion (20 minutes)**
A. Raw Materials
1. Definition: Basic materials that are used to produce goods.
2. Examples: Wood for furniture, metal for machinery, fabrics for clothing.
3. Importance: Necessary for starting the production process.
B. Work-In-Progress (WIP)
1. Definition: Materials and components that have begun their transformation into finished goods but are not yet complete.
2. Examples: Partially assembled products, items in the production line.
3. Importance: Represents ongoing production and is a crucial phase in manufacturing.
C. Finished Goods
1. Definition: Completed products ready for sale and distribution.
2. Examples: Cars, electronics, clothing, completed food products.
3. Importance: Main revenue-generating items for a business.
D. Interactive Discussion
1. Ask students to provide additional examples of each type of inventory.
2. Discuss how the types of inventory are interconnected in the supply chain.
III. **Group Activity (15 minutes)**
A. Divide students into three groups.
B. Assign each group one type of inventory (raw materials, WIP, finished goods).
C. Provide chart paper and markers to each group.
D. Task: Create a poster that includes:
1. Definition and characteristics of their assigned inventory type.
2. Examples with real-life products.
3. Importance in the production
IV. **Group Presentations (10 minutes)**
A. Each group presents their poster to the class.
B. Encourage questions and class participation after each presentation.
C. Provide feedback and highlight key points from each presentation.
V. **Conclusion (5 minutes)**
A. Recap of the lesson's main points.
B. Importance of understanding different types of inventory.
C. Homework assignment: Write a one-page essay on why inventory management is crucial for businesses.
VI. **Q&A and Closing (5 minutes)**
A. Open the floor for any questions from students.
B. Address any queries and provide clarifications.
C. Thank the students for their participation and remind them of the next class.
**Assessment:**
- Participation in group activities.
- Quality and accuracy of group presentations.
- Homework essay assignment.
**Homework:**
- Write a one-page essay on "Why Inventory Management is Crucial for Businesses."