What you known about inventory and material management?

Question

Accepted Answer

Inventory and material management involves overseeing the acquisition, storage, and distribution of goods.

Inventory management involves tracking and controlling the flow of goods in and out of a store.
Material management focuses on the procurement, storage, and utilization of materials needed for production or operations.
Effective inventory and material management ensures optimal stock levels, minimizes costs, and prevents stockouts or excess inventory.
Techniques like ABC analysis, Just-in-Time (JIT) inventory, and Economic Order Quantity (EOQ) are commonly used in inventory management.
Inventory control systems, such as barcode scanning or RFID technology, help streamline the tracking and management of inventory.
Material management includes activities like vendor selection, purchase order processing, and inventory replenishment.
Knowledge of inventory and material management helps in maintaining accurate records, reducing waste, and improving overall operational efficiency.

Accepted Answer

Inventory mence raw material which is required to produced finished good .

Material management is very important for inventory control. It includes material arrangements for producing finished good . At the time of arrangement of material using various methods. i.e logo ,FIFO, weighted average methods

What you known about inventory and material management?

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