Management and Inventory control

1. LABORATORY MANAGEMENT INVENTORY CONTROL, ORDERING AND
BUDGETING
A SEMINER PREPARED
BY
LAWAL, BELLO DANCHADI
ADM NO: 22210705001
DEPARTMENT OF CHEMICAL PATHOLOGY AND IMMUNOLOGY
USMANU DANFODIYO UNIVERSITY, SOKOTO
MATCH, 2023

2. Introduction
Lab management
• Involves leadership, planning, structure, values, communication,
and innovation in the laboratory.
• It aims to lead the laboratory staff to carry out their tasks within
limited time and supplies
Laboratory budgeting
• Is a process of planning, forecasting, controlling and monitoring the
financial resources of a lab.

3. laboratory inventory management and control
Lab inventory management
• includes the laboratory processes of product replenishment and
forecasting.
Inventory Management comprises:
• when to reorder products
• how much product to reorder,
• to avoid either stock-outs or holding too much inventory.
• It ensures that the right inventory is in the right place,
• at the right time, and
• in the correct quantity.

4. Laboratory Inventory Management and control
Laboratory inventory Control
• Also called lab stock control,
• The process of ensuring the right amount of supply is available in the
laboratiry
• whether that be in their own warehouse or spread over other locations.
It comprises management of:
• items from the time they're in stock to their final destination
• Monitor movement, usage and storage
• Keeping the optimal amount of each product.

5. Benefits of laboratory Inventory Management Program
• Supplies and reagents are always available
• Save time
• Quality maintained
• Minimize wastage and Stay within budget
• Reduces cost
• Improves Customer Service
• Improve accuracy
• Prevent overstocking and understocking

6. Problems of lab inventory managemnt control
• wastage due to expired stock
• Inefficient Capital management due to overstocking
• Unavailability of stock at peak time

7. What is a Budget
• A financial report containing estimates of incomes and
expenses
• A plan for coordinating income and expenses of the lab
Budget process
• Phase i: Development of goals
• Phase ii: Budget assumption
• Phase iii: Forecast of expenses
• Phase iv: Monitoring

8. Types of budget
• Operating budget
• Capital budget
• Cash budget
Goals of the Budgeting Process
• Aids in the planning of actual operations
• Coordinates the activities of the organization
• Communicating plans to various managers.
• Motivates managers to strive to achieve the budget goals
• Control activities.
• Evaluate the performance of managers

9. Importance of budgeting
It Ensures Resource Availability
Help Set and Report on Internal Goals
Helps Prioritize Projects.
Lead to Financing Opportunities
Challenges associated with lab budgeting
Rigid Decision-Making
Time Required to Complete the Budget
Blame for Outcomes
Expense Allocations

10. Thank You!