What is Material Management? Materials management is a central feature of the supply chain management and it includes the preparation and implementation of supply chains to meet a company’s material requirements. Controlling and regulating the flow of material while continuously evaluating variables such as demand, price, availability, quality, and delivery schedules are among these requirements. Material managers evaluate the amount of material needed and kept in stock, prepare for replenishment, maintain inventory levels for each type of item (raw material, work in progress or finished goods), and convey details and specifications to procurement and the extended supply chain. Materials management also entails evaluating material quality to ensure that it satisfies consumer needs when adhering to a production schedule and at the lowest possible cost. Material management systems include all material-related operations and are a fundamental business feature that adds value to the...
This assignment done by Group 5