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National Property Management Association
Physical and Electronic Inventory Verification
ASTM Standard E2132
July 27, 2011
Rick Shultz, CPPM CFJohns Hopkins University Applied
Physics LaboratoryEnterprise Asset Manager
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National Property Management Association
Topics
History Inventory ? The Standard Recent Changes The Future
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National Property Management Association
History
2001: Designated E2132 2007: Reapproved (limited changes) 2007: First attempt (negatives received) 2008: Second attempt (negatives received) 2010: Third attempt (negatives received) 2011: Forth attempt (negatives received) 2012: ????????
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National Property Management Association
Inventory
Do you have inventory?
Or do you do inventory?
National Property Management Association
Inventory
Inventory - itemized catalog or list of tangible goods or property, or the intangible attributes or qualities (The Business Dictionary)
A Noun…
What we have, not what we do…
National Property Management Association
Scope of the Standard
This practice covers inventory verification which includes either
physically or electronically confirming the existence and
location of an item. While the focus of this standard is on equipment, it may also be used for material and
other types of property.
National Property Management Association
Physically or electronically confirming the existence and location of an item
Inventory Verification
National Property Management Association
Physical Inventory Verification
Physically confirming the existence and location of an item
National Property Management Association
Electronic Inventory Verification
Electronically confirming the existence and location of an item
National Property Management Association
Significance and Use
Inventory verification is conducted to accomplish one or more of the following:
• Assess the accuracy of property records including the records associated with the acquisition and disposition process, especially transfers of large numbers of items,
• Update property records,
• Assess property loss experience,
• Identify process inconsistencies,
• Provide the status of the verified property for reporting purposes.
National Property Management Association
Inventory Verification Planning
Management and Accountability Key Results Required Population Independence Data Requirements Validation Techniques Resources Information Management Training and Communication
National Property Management Association
Inventory Verification Procedure
Conduct the inventory verification in accordance with the written inventory verification plan and/or established property management procedures.
National Property Management Association
Inventory Verification Reconciliation
Compare the various data elements collected during the inventory verification process against the official records.
National Property Management Association
Inventory Verification Reconciliation
This identifies:• Property records in which the data is either
accurate or minor changes are required.• Property recorded in the official record and
not located during the inventory verification.• Property inventoried in a location different
than the location identified on the official record.
• Property verified for which there is no official record.
National Property Management Association
Inventory Verification Results
Loss rate Overages Shortages Accuracy rate
National Property Management Association
Interpreting Inventory Verification Results
This is where the value of the Inventory Verification to the entity is determined.
What is your target (or expected) accuracy rate?
National Property Management Association
Reporting Inventory Verification Results
If no one knows the results, … it’s a tree falling in the woods…
Reporting levels• Raw data• Summary data• Analyzed data = Actionable Information
National Property Management Association
Negative Comments from 2010
Reads like a white paper
5.5 Independence – too restrictive
8.2 – too absolute – forced the use of ATM 2131 (Standard Practice for Addressing and Reporting Loss, Damage or Destruction)
10.2 – the statement should not be so absolute.
National Property Management Association
Latest Negative Comments
Confusing – poorly edited Poorly written and now a little confusing Why have the term Inventory Verification
Campaign
All of the comments were focused on the Scope and Terminology
National Property Management Association
SCOPE
Justifying the major change…..
From v7 to v8 – added wording
From v8 to v9 – removed some wording
National Property Management Association
The Future Re-ballot near future Ongoing process Future questions to address:
• When must Inventory Verifications be done?
• When is the issue not accuracy of existing records?
• What if the records are verified 98% accurate?
• What if you didn’t have to do periodic inventory verifications?
