Materials Management: An Integrated Systems Approach by Prem Vrat

By Prem Vrat

This ebook examines the matter of handling the stream of fabrics into, via, and out of a process so one can increase the potency and effectiveness of fabrics administration. the topic is important for worldwide aggressive virtue, as fabrics represent the biggest unmarried fee think about production and repair, and their powerful administration complements price for funds. during this context, stock is a barometer of fabrics administration effectiveness, besides wastage of materials.
The e-book adopts a finished, built-in structures strategy and covers just about all facets of fabrics, contemplating the specification, procurement, garage, dealing with, factor, use and accounting of fabrics to get the main out of each buck invested. Combining conceptual readability and quantitative rigor, it will likely be a hugely necessary consultant for practising managers, teachers and researchers during this important useful area.

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By Prem Vrat

This ebook examines the matter of handling the stream of fabrics into, via, and out of a process so one can increase the potency and effectiveness of fabrics administration. the topic is important for worldwide aggressive virtue, as fabrics represent the biggest unmarried fee think about production and repair, and their powerful administration complements price for funds. during this context, stock is a barometer of fabrics administration effectiveness, besides wastage of materials.
The e-book adopts a finished, built-in structures strategy and covers just about all facets of fabrics, contemplating the specification, procurement, garage, dealing with, factor, use and accounting of fabrics to get the main out of each buck invested. Combining conceptual readability and quantitative rigor, it will likely be a hugely necessary consultant for practising managers, teachers and researchers during this important useful area.

Show description

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Additional resources for Materials Management: An Integrated Systems Approach

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Why is materials management important in manufacturing/service systems as well as in projects? 2. What is inventory? Why is inventory turnover ratio a good indicator of materials productivity? 3. List some of the indicators of low productivity of materials. 4. What are the main reasons for low efficiency and effectiveness in managing materials? 18 1 Introduction to Integrated Systems Approach to Materials Management 5. Outline main problem areas that need a coordinated approach in managing materials in an integrated systems approach.

A desired level of service may be easier to prescribe but eventually gets translated to imputing a value to shortage cost C2. Hence, either way, it is acceptable. (c) Ordering cost (C3): The cost of ordering (C3) is also called as cost of replenishing an order. For manufactured item within the company, it may have the same meaning as the cost of production setup. For the purchased items, it is the administrative cost of processing the order for approval, order placement (paper work, communication), shipment – (freight, postage, demurrage, pickup), cost at the time of receiving the shipments (paperwork, document preparation, materials handling, inspection); billing cost, which includes the labor and overhead costs.

These costs can be divided into the following four subcategories: 1. Capital costs – These include the opportunity loss due to the return on investment of this fund in an alternate way; if it is own capital or the interest paid on the borrowed capital (cost of capital). This is the most dominant component of carrying cost and may nearly be half of the total carrying cost. 2. Storage costs – Costs associated with the need to house inventories in a physical storage facility. The cost components could be amortized cost of land, building, storage equipment, and creating special storage environment like temperature and humidity control and costs due to leasing or renting storage space or depreciation, insurance, taxes, utilities, etc.

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