VASANTHA TOOL CRAFTS Interview Questions and Answers for Experienced

Material management involves planning, organizing, and controlling the flow of materials from acquisition to consumption.

• Involves procurement, storage, distribution, and disposal of materials

• Focuses on optimizing inventory levels to meet demand while minimizing costs

• Includes forecasting demand, monitoring stock levels, and ensuring timely delivery

• Utilizes tools like inventory management software and supply chain manage

Inventory can be classified based on various criteria such as value, usage, and storage location.

• Classify based on value - ABC analysis (e.g. high value items as A, medium as B, low as C)

• Classify based on usage - Fast-moving items, slow-moving items, obsolete items

• Classify based on storage location - Raw materials, work in progress, finished goods