Introduction to Material-Management

Jun 28th, 2015
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Abilene Christian University
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DEFINITION - Material management is defined as an approach for planning , organizing ,and controlling all those activities principally concerned with the flow of materials into an organization. This includes the storage of raw material and parts and the manning of production operation centres.

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MATERIAL MANAGEMENT DEFINITION - Material management is defined as an approach for planning , organizing ,and controlling all those activities principally concerned with the flow of materials into an organization. This includes the storage of raw material and parts and the manning of production operation centres. SCOPE OF MATERIAL MANGEMENT1. Materials planning and control Function:the materials planning and control is performed on the basis of sales forecast and production plans. It involves estimating the individual requirements of parts, preparing materials budget, forecasting the levels of inventories, scheduling the orders and monitoring the performance in relation to production and sales.2. Purchasing Function:It involves choosing of sources of supply in terms of purchase, purchase orders, follow-up, keeping good relations with suppliers, payments to suppliers, evaluating suppliers.3. Stores Management Function:It includes physical control on materials such as conservation of materials on stores, timely disposal and efficient handling, maintaining stores records, proper location andstocking.4. Inventory Control Function:Effective inventory control is a must for effective and efficient running of the production cycle with least interruptions. Inventories refer to those items, which are either stocked for sale or they are in the process of manufacturing or they are in the form of materials, which are yet to be utilized.5

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