Introduction to Material-Management

Jun 28th, 2015
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Abilene Christian University
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Purchasing: Basically, the job of a materials manager is to provide , to the user departments right material at the right time in right quantity of right quality at right price from the right source.

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Definition & Scope of Materials ManagementAs you know , the fundamental objectives of the Materials Management function ,often called the famous 5 Rs of Materials Management, are acquisition of materials and services : of the right qualityin the right quantityat the right timefrom the right sourceat the right timeFrom the management point of view , the key objectives of MM are :To buy at the lowest price , consistent with desired quality and serviceTo maintain a high inventory turnover , by reducing excess storage , carrying costs and inventory losses occurring due to deteriorations , obsolescence and pilferageTo maintain continuity of supply , preventing interruption of the flow of materials and services to usersTo maintain the specified material quality level and a consistency of quality which permits efficient and effective operationTo develop reliable alternate sources of supply to promote a competitive atmosphere in performance and pricingTo minimize the overall cost of acquisition by improving the efficiency of operations and proceduresTo hire, develop, motivate and train personnel and to provide a reservoir of talentTo develop and maintain good supplier relationships in order to create a supplier attitude and desire furnish the organisation with new ideas , products, and better prices and serviceTo achieve a high degree of cooperation and coordination with user departmentsTo maintain good records and controls that pro

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