Materials and Inventory Cost Control:
After studying this chapter you should be able to:
Materials control is the system that ensures the provision of the required quantity and quality at the required time with in the minimum of investment. It covers the following functions:
- Stock control
- Scheduling of requirements
- Purchasing
- Receiving and inspecting
- Storing and issuing
- Need for Materials Control
- Requirements of a System of Materials control
- Stock Control
- Ordering Level or Ordering Point or Re-order Level
- Minimum Level or Minimum Limit
- Maximum Level or Maximum Limit
- Danger Level
- Economic Order Quantity EOQ
Jennifer edwards