Introduction to Material-Management

Jun 28th, 2015
Studypool Tutor
Abilene Christian University
Price: $25 USD

Tutor description

Materials Management consists of Planning For material Demand Estimation Procurement Issues Define :- Ensure availability of right material, in right quantities at right price from right sources

Word Count: 279
Showing Page: 1/4
Materials Management consists of Planning For materialDemand Estimation Procurement IssuesDefine :- Ensure availability of right material, in right quantities at right price from right sourcesOperative Goals : 1) Optimum Materials Acquisition 2) Optimum inventory turnover rate.3) Good vendor relationship 4) Material Cost control 5) Effective issue and distribution6) Eliminate losses and pilferage3. Process of material management1. Demand, forecasting and planning 2. Purchasing 3. Receipt inspection and storage 4. Inventory control 5. Issue and control6. Disposal and condemnation7. Minimizing Losses and Pilferage.Demand forecasting and planning standardizationNon duplication of inventoryVariety ReductionEconomical Purchase cost Efficient use of materials.Method of Demand Forecastingi) Period Methodii) Arithmatic Average Methodiii) Moving Average Method.It is the uncertain demands which pose the most problems.2. PurchasingAim Procurement of items of acceptable quality in appropriate quantities at the minimum price at the right time.Centralised Purchasingi) Lower Costs.ii) Quantity discounts.iii) Lower Inventory Costiv) Better Manag

Review from student

Studypool Student
" Excellent job "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors