Illustrate out the term “Materials management”. Describe its significance. List the challenges of materials management in today’s competitive business.
What do you mean by the term “logistics”? What are the merits of the logistics management?
What do you understand by the selective control of inventories? prepare down the dissimilar techniques employed for selective control of the inventory items?
Illustrate the following terms in relation to MRP method
a) Independent or dependent demand.
b) Level by level explosion.
c) Gross requirements and net requirements.
Under what situation should the firm practice the following techniques of buying.
a) Forward buying.
b) Hand to mouth buying.
c) Scheduled purchasing.
d) Contract buying.
What do you understand by location of stores? Illustrate the basic factors which should be taken in account to find out the best location for stores?