Materials Management & Inventory Control – Free Udemy Courses

Materials management is an important function of an organization covering various aspects of input processes such as raw materials, procurement of machines, equipment, and spare parts for the establishment and maintenance of the plant. Thus in a production process materials management can be considered preliminary to the transformation process.

Materials Management involves planning, directing controlling, and coordinating those activities which are concerned with materials and inventory requirements, from the point of their inception to their introduction into the manufacturing process.

it begins with the determination of materials quality and quantity and ends with its issuance to production to meet customer’s demand as per the schedule and at the lowest cost.

Thus we can say that Materials Management is a basic function of the business that adds value directly to the product itself.

In the second phase of the topic, we are going to discuss Inventory Control. It is an important function under materials management. The goal of inventory is to generate the maximum profit from the least amount of inventory investment without intruding upon customer satisfaction levels.   It is such a critical piece of an organization’s operations that it is too important to leave to human error or a system.

We are going to discuss the methods of inventory control namely, ABC Analysis and EOQ Method.