Materials Management: Meaning, Objectives
(i) ‘Materials Management’ is a term used to connote “controlling the kind, amount, location, movement and timing of various commodities used in production by industrial …
Read MBA, BBA, B.COM Notes
(i) ‘Materials Management’ is a term used to connote “controlling the kind, amount, location, movement and timing of various commodities used in production by industrial …
Material management is a service function. It is as important as manufacturing, engineering and finance. The supply of proper quality of materials is essential for …
Primary Functions The primary functions of material management are required to meet the primary objectives Material Requirement Planning (MRP):Â Material Requirements Planning (MRP) is a computer-based …
Materials management information systems (MMISs) automate the continuous cycle of supplies procurement and usage throughout the care delivery organization (CDO). Traditionally, MMISs have included the …
Standardization means producing maximum variety of products from the minimum variety of materials, parts, tools and processes. It is the process of establishing standards or …
Value Engineering Value Engineering (VE) is concerned with new products. It is applied during product development. The focus is on reducing costs, improving function or both, by …
After the completion of purchase procedure, the next important aspect of materials management is storekeeping. A storehouse is a building provided for preserving materials, stores …
Importance The cost of materials is one of the largest elements of cost. Proper storing of materials is very important to prevent losses from damage, …
Classification and codification of materials are steps in maintaining stores in a systematic way. Materials are classified in such way that storing, issuing and identifying …
Spare parts inventory management shares many traits with standard inventory management, but requires an extra layer of cost consideration. Whether a maintenance and repair organization …