Materials Management & Inventory Control

Name: Materials Management & Inventory Control
Rating: 4.1 (245 reviews)

Methods of Materials Management _ ABC analysis and EOQ

Created bySnehal Chaudhari

Last updated 6/2021

English

What you'll learn

Students will learn the basics of Materials Management and Inventory Control along with its objectives, Methods, Merits and Demerits
Methods of Inventory Control are described briefly with the solved examples. This will surely help learners to clarify the doubts about material Management.

Course content

1 section • 6 lectures • 45m total length

Introduction6:24
This video basically deals with the introduction of Course. Basics about Materials Management are discussed here. Importance of Materials Management is highlighted in a brief. The term Inventory is discussed. Importance of Inventory control is also discussed here. Two Methods of Inventory control are listed as ABC Analysis and EOQ.
Lecture 2: Materials Management8:56
What is Materials Management is answered in this video. Also the objectives of materials management are discussed along with the classification of objectives as Primary and Secondary one. Functions of Materials management are also discussed in this video.
Lecture 3: Inventory Control8:04
Inventory is the Stock stored in storage. Huge amount is used for inventory control. All the organizations are giving emphasis on controlling the cost associated with Inventory. In this video the importance of inventory control is discussed. Inventory management and inventory control these terms are discussed briefly. Methods of Inventory control are listed down.
Lecture 4: ABC Analysis8:22
Inventory control is one of the major factors under consideration in materials management. So as the ABC Analysis is. It is one of the most important methods of inventory control. ABC Analysis is the method where the materials are classified as A,B,C based on the value associated with the usage of the material.
Lecture 4a: Example of ABC Analysis6:53
ABC Analysis is one of the most important methods f inventory control. In this vied one example is solved to get the idea about Hoe the ABC analysis actually works.
Lecture 6: EOQ7:08
In this video EOQ method of Inventory control is discussed. It is one of the important methods of Inventory control. EOQ stands for Economically Ordered Quantity. It is the quantity ordered where the ordered cost and inventory carrying cost both are minimum.

Requirements

Be able to understand basic terms of Project Management

Description

Materials management is an important function of an organization covering various aspects of input processes such as raw materials, procurement of machines,, equipment and spare parts for the establishment and maintenance of plant. Thus in a production process materials management can be considered as preliminary to transformation process.

Materials Management involves planning, directing controlling and coordinating those activities which are concerned with materials and inventory requirements, from the point of their inception to their introduction into the manufacturing process.

it begins with the determination of materials quality and quantity and ends with its issuance to production to meet customer's demand as per schedule and the lowest cost.

Thus we can say that Materials Management is a basic function of the business that adds value directly to the product itself.

In second phase of the topic, we are going to discuss about Inventory Control. It is an important function under materials management. It is used to maximize the inventory of company. The goal of inventory is to generate the maximum profit from the least amount of inventory investment without intruding upon customer satisfaction levels. It is such a critical piece of organization's operations that it is too important to leave to human error or a system.

We are going to discuss about the methods of inventory control namely, ABC Analysis and EOQ Method. Information about the methods, its advantages and disadvantages will be discussed in the session along with examples on both methods.

Who this course is for:

Second year and Third Year Engineering Students