Executive Guide:

Best Practices in Achieving Consistent, Accurate Physical Counts of Inventory and Related Property

GAO-01-763G, Jul 1, 2001

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This draft Executive Guide describes fundamental practices and procedures used in the private sector to achieve consistent and accurate physical counts of inventory and related property. It summarizes the principles that have been successfully implemented by companies recognized for their outstanding record of inventory management. It also explains and describes leading practices from which the federal government may be able to draw lessons and ideas. This guide applies to most forms of federal inventory, but some of the discussed practices may not be applicable to various types of bulk, natural resource, and nonturning inventories, such as the Department of Energy's strategic petroleum reserve.