Most of the manufacturing units spend more than 60% of the money in the form of material only whether in the form of raw material or in the form of finished goods.
Material management: Involves controlling the types of product, amount location, movement, and timing of the purchase of various materials.
Purchasing involves: Procuring material, supplies machinery and service needed for production and maintenance.
Material management: It is an integrated function of different section of a corporation it is dealing with the supply of martial and other related activity so as to obtain maximum coordination with minimum expenses.
Purchase management: it is a term that describes the business activity directly to securing the material equipment required in the operating of an organization,
Purchase and material management: it is a managerial activity that goes beyond the simple act of buying and includes the planning policy activity covering a wide range of related and comptiementory activity.
Purchase and material management refer to right quantity supply the material of the quality at the right time.
Objectives of purchase and material management
Effective utilization of material as well as minimize the cost:- The main objective of purchase & material management is to optimum utilization of purchased material, through procure material which are most appropriate to the product and are supplied in right quantity and quality at right time and right price so minimum the cost of production Proper supply of material and product: - Proper supply of material is necessary the right king of material should be supply to particular department with the right quality and quantity To procure material in right quantity and quality: - To procure material from the right source of supply in right quantity and quality at right time at the right price from the right place. Minimize the transportation cost as well as...