function of Material-Management

Jun 28th, 2015
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Abilene Christian University
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Definition It is concerned with planning, organizing and controlling the flow of materials from their initial purchase through internal operations to the service point through distribution. OR Material management is a scientific technique, concerned with Planning, Organizing &Control of flow of materials, from their initial purchase to destination.

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MATERIAL MANAGEMENTDefinitionIt is concerned with planning, organizing and controllingthe flow of materials from their initial purchase throughinternal operations to the service point through distribution.ORMaterial management is a scientific technique, concernedwith Planning, Organizing &Control of flow of materials, fromtheir initial purchase to destination.AIM OF MATERIAL MANAGEMENTTo get1. The Right quality2. Right quantity of supplies3. At the Right time4. At the Right place5. For the Right costFour basic needs of Materialmanagement1. To have adequate materials on hand whenneeded2. To pay the lowest possible prices, consistentwith quality and value requirement forpurchases materials3. To minimize the inventory investment4. To operate efficientlyFunctions of material controlTo provide maximum supply service,consistent with maximum efficiency &optimum investment.To provide cushion between forecasted& actual demand for a materialTechniques of Material ControlLevel SettingDouble Bin SystemEOQABC AnalysisVEDFNSDHMLJust-in-timeRe-order levelMinimum LevelMaximum LevelDanger LevelAverage Stock LevelEconomic order of quantityThe quantity to be ordered should be such whichminimises the carrying and ordering costs.Carrying cost cost of holding the materialOrdering costs cost of placing order for purchase ofmaterial.ABC ANALYSIS(ABC = Always Better Con

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