Stores Management

Objectives And Responsibilities Of The Store Function Store is an organization is primarily intended to assist in the production of goods or services and no industrial unit of public undertakingof any significant size can be efficiently managed without it.The basic objective is to provide a service to the operating functionsand this aspect must be fully appreciated. All the other activities, althoughthey have their own importance, are subordinate to the main responsibility.The service rendered by Stores can be categorized into4 broad divisions: 1. To make available a balance flow of raw materials, components, tools,equipments and any other materials necessary to meet operationalrequirements.2. To provide maintenance materials, spare parts and general stores asrequired.3. To receive and issue finished products.4. To accept and store scrap and other discarded material as they arise

Definition & Scope of Materials Management Material management is an approach for planning, organizing, and controlling all those activities principally concerned with the flow of materials into an organisation. | | The scope of Materials Management varies greatly from company to company and may include material planning and control, production planning, Purchasing, inventory control, in-plant materials movement, and waste management.

It is a business function for planning, purchasing, moving, storing material in a optimum way which help organisation to minimise the various costs like inventory, purchasing, material handling and distribution costs. |
The fundamental objectives of the Materials Management function ,often called the famous 5 Rs of Materials Management, are acquisition of materials and services : | * of the right quality * in the right quantity * at the right time * from the right source * at the right time | From the management point of view , the key objectives of MM are : | * To buy at the lowest price ,