Role of material_management

Jun 28th, 2015
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Abraham Lincoln University
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Operative Goals : 1) Optimum Materials Acquisition 2) Optimum inventory turnover rate. 3) Good vendor relationship 4) Material Cost control 5) Effective issue and distribution 6) Eliminate losses and pilferage

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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

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