What do you understand by the term material control explain briefly the important techniques of controlling material cost
Answers
Meaning of material control and important techniques of controlling material cost
Explanation:
Material control is systematic control over the purchasing, storing and using of materials so as to have the minimum possible cost of materials.
Techniques of material control:
1. Level setting:
The following levels are Re-order level, Minimum level, Maximum level, Danger level and Average Stock level.
2. Economic Ordering Quantity:
The total cost of material includes acquisition cost, ordering cost and total carrying cost.
3. Just-in-Time Inventory system:
Just-in-Time purchasing is the purchase of material in such a way that delivery of purchased items is assured before their demand.
To know more:
What do you understand by the term material control?
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Explain methods and techniques of material control
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Explanation:
what do understand by the term material control? explain briefly the implant techniques of controlling material cost?