Inventory management..
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This document discusses inventory management. It defines inventory as goods and materials held by a business for resale. Inventory management involves specifying stock levels and placement. There are three types of inventory: raw materials, work-in-process, and finished goods. The objectives of inventory management are to maintain sufficient inventory levels for production and sales while minimizing costs and maximizing profitability. Methods like economic order quantity and ABC analysis help determine optimal inventory levels.
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Inventory management
This document discusses inventory management. It defines inventory as goods or materials used for production and sale. Inventory management is the process of overseeing the flow of units into and out of existing inventory through purchasing planning and tracking. Key considerations for inventory management include warehousing space, costs, delivery times, and turnaround. The main types of inventory are raw materials, work-in-process, and finished goods. Effective inventory management helps maintain adequate supply while minimizing costs and avoids stock-out issues.
inventory control
The document discusses various inventory control techniques including ABC analysis, VED analysis, and fixed order quantity systems. It describes how inventory turnover ratio is calculated and what it indicates about how quickly a company is selling and replacing stock. Classification methods for materials in inventory and concepts like reorder point are also covered.
Inventory management
Inventory includes raw materials, work in progress, and finished goods. The objectives of inventory management are to ensure sufficient supply while avoiding overstocking or understocking. It aims to meet production needs and customer demand with optimal investment levels. Inventory is classified into raw materials, work in progress, consumables, finished goods, and spares. The goals are to control costs, minimize losses, and properly organize inventory management.
Material Management
This document discusses material management (MM) in a manufacturing organization. It describes the scope of MM, which includes planning, organizing, controlling production, purchasing, inventory control, and warehouse management. The objectives of MM are to smooth production flow, reduce costs, save labor time, and utilize resources efficiently. Key functions of MM are production control, inventory control, and material handling. It also discusses various systems that support MM like JIT, SCM, and WMS. Challenges in implementing MM include selecting vendors, demand forecasting, product line diversification, and information management.
integrated material management
This case study examined the implementation of an integrated materials management strategy on a large 4.2 billion pound civil infrastructure project in the UK. The strategy focused on pulling materials as needed, delivering them to the work site on time, minimizing vehicles on site, and increasing workflow reliability. It defined objectives based on these principles, designed a system around marketplaces, collection runs, supplier agreements, satellite stores and inventory management, then implemented the strategy in three steps. The results included cost savings, high supply reliability, reduced inventory and lead times, improved performance, transparency and standardization.
Unit 1 materials management
This document provides an overview of materials management. It defines materials management as managing the flow of materials in an organization from suppliers to conversion into the finished product. The objectives are to ensure continuous operations and reduce costs. Materials management involves functions like purchasing, inventory control, and distribution. It aims to maximize production while minimizing costs. An integrated approach coordinates departments like purchasing, production, and distribution to optimize benefits.
Material cost and control
This document discusses material control and inventory management. It defines key terms like materials, inventory, and different stock levels. It describes the objectives and operations of material control like purchasing, inspection, and storage of materials. Methods to determine economic order quantity, set stock levels like reorder point, minimum and maximum levels are presented. Documentation for material procurement, storage, and issuance are covered. Pricing methods for materials issued like FIFO, LIFO, simple average and weighted average are also summarized.
Stores control
This document discusses stores (materials) control. It describes stores as an important current asset and how efficient control helps minimize costs. There are three types of store organizations: centralized, decentralized, and centralized with sub-stores. Centralized stores are controlled from one location while decentralized stores have independent departments. Centralized with sub-stores has a main store and sub-stores. Key aspects of stores control covered include requisitioning, bin cards, stores ledger, issue control, and spoilage. The storekeeper's duties in receiving, storing, and issuing materials are also outlined.
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Inventory management
This document discusses inventory management. It defines inventory as goods or materials used for production and sale. Inventory management is the process of overseeing the flow of units into and out of existing inventory through purchasing planning and tracking. Key considerations for inventory management include warehousing space, costs, delivery times, and turnaround. The main types of inventory are raw materials, work-in-process, and finished goods. Effective inventory management helps maintain adequate supply while minimizing costs and avoids stock-out issues.
inventory control
The document discusses various inventory control techniques including ABC analysis, VED analysis, and fixed order quantity systems. It describes how inventory turnover ratio is calculated and what it indicates about how quickly a company is selling and replacing stock. Classification methods for materials in inventory and concepts like reorder point are also covered.
Inventory management
Inventory includes raw materials, work in progress, and finished goods. The objectives of inventory management are to ensure sufficient supply while avoiding overstocking or understocking. It aims to meet production needs and customer demand with optimal investment levels. Inventory is classified into raw materials, work in progress, consumables, finished goods, and spares. The goals are to control costs, minimize losses, and properly organize inventory management.
Material Management
This document discusses material management (MM) in a manufacturing organization. It describes the scope of MM, which includes planning, organizing, controlling production, purchasing, inventory control, and warehouse management. The objectives of MM are to smooth production flow, reduce costs, save labor time, and utilize resources efficiently. Key functions of MM are production control, inventory control, and material handling. It also discusses various systems that support MM like JIT, SCM, and WMS. Challenges in implementing MM include selecting vendors, demand forecasting, product line diversification, and information management.
integrated material management
This case study examined the implementation of an integrated materials management strategy on a large 4.2 billion pound civil infrastructure project in the UK. The strategy focused on pulling materials as needed, delivering them to the work site on time, minimizing vehicles on site, and increasing workflow reliability. It defined objectives based on these principles, designed a system around marketplaces, collection runs, supplier agreements, satellite stores and inventory management, then implemented the strategy in three steps. The results included cost savings, high supply reliability, reduced inventory and lead times, improved performance, transparency and standardization.
Unit 1 materials management
This document provides an overview of materials management. It defines materials management as managing the flow of materials in an organization from suppliers to conversion into the finished product. The objectives are to ensure continuous operations and reduce costs. Materials management involves functions like purchasing, inventory control, and distribution. It aims to maximize production while minimizing costs. An integrated approach coordinates departments like purchasing, production, and distribution to optimize benefits.
Material cost and control
This document discusses material control and inventory management. It defines key terms like materials, inventory, and different stock levels. It describes the objectives and operations of material control like purchasing, inspection, and storage of materials. Methods to determine economic order quantity, set stock levels like reorder point, minimum and maximum levels are presented. Documentation for material procurement, storage, and issuance are covered. Pricing methods for materials issued like FIFO, LIFO, simple average and weighted average are also summarized.
Stores control
This document discusses stores (materials) control. It describes stores as an important current asset and how efficient control helps minimize costs. There are three types of store organizations: centralized, decentralized, and centralized with sub-stores. Centralized stores are controlled from one location while decentralized stores have independent departments. Centralized with sub-stores has a main store and sub-stores. Key aspects of stores control covered include requisitioning, bin cards, stores ledger, issue control, and spoilage. The storekeeper's duties in receiving, storing, and issuing materials are also outlined.
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This document provides an overview of materials management concepts including objectives of materials management, inventory control techniques, ABC analysis, economic order quantity, and Just in Time. The key points covered are:
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- Inventory control techniques help manage inventory levels and costs. ABC analysis categorizes items into A, B, C to focus control efforts. Economic order quantity models balancing ordering and carrying costs to determine optimal order sizes.
- Just in Time aims to optimize processes through continuous waste reduction and pursuing only what is needed, when it is needed in the production
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This document discusses inventory management systems and concepts. It describes continuous demand systems, which involve regular consistent demand, versus intermittent demand systems, where production is based on customer orders. It outlines the characteristics of each system. It also defines inventory, explains the need for inventory management including meeting demand variations and earning discounts. Finally, it discusses inventory processes and types, as well as the implications of effective inventory control methods.
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This document discusses material cost and control. It describes key terms like materials, inventory, and material control. The objectives of effective material control are to ensure availability of desired quality materials for production, purchase materials at favorable prices under good terms, and protect materials from theft or damage. Methods for evaluating stock prices include first in first out (FIFO), last in first out (LIFO), weighted average cost, and specific identification. FIFO values closing stock at most recent prices while LIFO values it at oldest prices. The advantages and disadvantages of each method are also outlined.
Inventory management
>> >> > · Core competencies
>> >> > · Division of labor
>> >> > · Key performance indicators
>> >> > · Operations management
>> >> > · Positioning
>> >> > · Productivity
>> >> > · Supply chain management
>> >> > · Strategy
>> >> > · Value chain
>> >> > · Control chart
>> >> > · Control limits
>> >> > · Process capability
>> >> > · Range
>> >> > · Sample
>> >> > · Statistical process control
>> >> > · Tolerance
Purchasing and Material Management training Certification with iACT Global
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This document provides information on material management. It defines material management as planning, organizing, and controlling the flow of materials from initial purchase through operations to distribution. The objectives of material management include obtaining the right quality and quantity of supplies at the right time and place for the right cost. Material management aims to gain economy in purchasing and satisfy demand during replenishment periods while maintaining adequate reserve stocks.
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The document discusses materials management in organizations. It provides definitions of key terms like "material" and describes the various subsections that make up materials departments, like purchasing, receiving, stores, and dispatching. The objectives of materials management are outlined as well as the relationships between the materials department and other departments. Different types of organizational structures for materials management are described, including function-based, location-based, and process-based models. The roles and functions of materials managers are also summarized.
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This document discusses the key aspects of materials management. It covers the scope of materials management, which includes all material costs, supply, and utilization. An integrated materials management approach coordinates the functions of planning, purchasing, storage, inventory control, and other related activities. The goals are better accountability, coordination across functions, improved performance and effectiveness, and adaptability to automated systems. Some key functions of materials management include materials planning and control, purchasing, stores management, inventory control, standardization, simplification, and value analysis.
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This document discusses working capital management as it relates to materials. It outlines the importance of proper material control systems and procedures for procurement, storage, and inventory management. Key aspects covered include establishing requirements for coordination, purchasing, budgeting, storage, and reporting. The document then describes procedures for material procurement, receipt, inspection, and payment. It also outlines procedures for material issues, returns, and storage. Finally, it discusses inventory control methods like economic order quantity and just-in-time, as well as reviewing slow and non-moving inventory items.
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inventory management m pharmacy notes scop satara
This document provides an overview of inventory management. It discusses the different types of inventories, purposes for holding inventory, importance and benefits of effective inventory management. Factors affecting inventory levels and various techniques for inventory control like ABC analysis, VED analysis, HML analysis and FSN analysis are explained. The goal of inventory management is to minimize total costs while meeting customer expectations for product availability. Proper inventory management leads to reduced costs and improved profitability.
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This document provides an overview of materials management concepts including objectives of materials management, inventory control techniques, ABC analysis, economic order quantity, and Just in Time. The key points covered are:
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This document discusses inventory management systems and concepts. It describes continuous demand systems, which involve regular consistent demand, versus intermittent demand systems, where production is based on customer orders. It outlines the characteristics of each system. It also defines inventory, explains the need for inventory management including meeting demand variations and earning discounts. Finally, it discusses inventory processes and types, as well as the implications of effective inventory control methods.
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>> >> > · Core competencies
>> >> > · Division of labor
>> >> > · Key performance indicators
>> >> > · Operations management
>> >> > · Positioning
>> >> > · Productivity
>> >> > · Supply chain management
>> >> > · Strategy
>> >> > · Value chain
>> >> > · Control chart
>> >> > · Control limits
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>> >> > · Range
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Purchasing and Material Management training Certification with iACT Global
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To know more call: 0120-3843057, 9654449005 or visit http://www.iactglobal.in/
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The document discusses materials management in organizations. It provides definitions of key terms like "material" and describes the various subsections that make up materials departments, like purchasing, receiving, stores, and dispatching. The objectives of materials management are outlined as well as the relationships between the materials department and other departments. Different types of organizational structures for materials management are described, including function-based, location-based, and process-based models. The roles and functions of materials managers are also summarized.
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This document discusses the key aspects of materials management. It covers the scope of materials management, which includes all material costs, supply, and utilization. An integrated materials management approach coordinates the functions of planning, purchasing, storage, inventory control, and other related activities. The goals are better accountability, coordination across functions, improved performance and effectiveness, and adaptability to automated systems. Some key functions of materials management include materials planning and control, purchasing, stores management, inventory control, standardization, simplification, and value analysis.
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This document outlines key concepts around food and beverage cost control for hospitality managers. It discusses the manager's main roles of communication, cost/expense control, revenue enhancement, and forecasting. It then covers introducing cost control, including defining costs, types of costs, and control techniques. Specific techniques covered include establishing standards, procedures, training, budgets, and ensuring proper purchasing, production, recipes and portion sizes to control food costs. The overall goal of cost control is to help ensure profitability through regulating expenses.
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Inventory control is the process of measuring and regulating inventory according to predetermined norms like economic order quantity to reduce costs. It aims to balance ordering, holding, and shortage costs. Key aspects of inventory control include classifying items using ABC analysis based on annual consumption value, determining reorder points and levels, and maintaining safety stocks to account for demand fluctuations and lead time uncertainties. The economic order quantity model calculates the optimal order size to minimize total annual inventory costs.
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Inventory management..
- 1. Inventory management By, Meenu James Nicey Meria Abraham Niji Stephen Nipin Paulose
- 2. Inventory or stock means to the goods and materials that a business holds for the ultimate goals to have a purpose of resale Inventory management is a discipline and primarily about specifying the shape and placement of stocked In goods. Inventory
- 3. Raw Materials : Raw materials are basic input that are converted into finished products through the manufacturing process. Raw material inventories are those units which have been purchased and stored for future productions. Work-in-process : This inventories are semi- manufactured products . They represent products that need more work before they become finished products for sale. Nature of Inventories
- 4. Finished goods : finished goods inventories are those completely manufactured products which are ready for sale.
- 5. Meet variations in production demand Cater to cyclical and seasonal demand Economies of scale in procurement Take advantage of price increase and quality discounts Reduce transit cost and transit times Long lead and high demand items need to be held in inventory. Need to hold Inventories
- 6. 1. To keep inventory at sufficiently high level to perform production and sales activities smoothly 2. To minimize investment in inventory at minimum level to maximize profitability Other objectives: To minimize carrying cost of inventory To keep investment in inventory at optimum level To minimize inventory ordering costs To make arrangements for sale of slow moving items To reduce the losses of theft , wastages etc. Objectives of inventory management
- 7. Economic order Quantity ( EOQ) The economic order quantity is that inventory level that minimizes the total of ordering and carrying cost. • Ordering cost • Carrying cost
- 8. Methods to determine EOQ Trial and error method Order formula approach Graphic approach
- 9. ABC inventory control system ABC ( Always Better Control ) is a method used to have an effective control over inventories. It is also known as control by importance and exception ( CIE ) or proportional value analysis ( PVA )
- 10. Steps in implementing ABC analysis 1. Classify the items of inventories based on their units and the unit price 2. Determine the total value of each item by multiplying the no of items with unit price 3. Rank the items based on their total value 4. Compute the % of total value of each item to total value of all items
- 11. Steps continued… 5. Compute the percentage of total value of each item to total value of all items 6. Cumulate the percentages of items 7. Combine items and categorize them as A,B,C etc.
- 12. Benefits It ensures control over costly items Stock is maintained at optimum level It ensures reduction in storage expenses It helps in maintaining enough safety stock for C category items