Question

What do you understand by the term material control explain briefly the important techniques of controlling material cost

Answer 1

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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Answer 2

Explanation:

what do understand by the term material control? explain briefly the implant techniques of controlling material cost?