ASSIGNMENT 2

1. Materials management is defined as the process of integrating the flow of supplies

into and out of an organization in order to reach a level of service that assures the
correct materials are accessible at the right time, in the right amount and quality,
and at the right cost. The notion of materials management has progressed to the
point where a materials manager must now possess all of the traits and features
that a general manager should possess. The concept of materials management
does not stand still, but rather evolves. The dynamic concept changes with the
times, keeping up with the evolving industrial environment. The materials
management idea is pragmatic and forward-looking, not inward-looking. Material
Management is in charge of acquiring the greatest quality equipment and products
at the lowest possible price for the company.
2. Inventory management will assist your company in determining how much
inventory it needs to have on hand at any particular time. Forecasts and inventory
order accuracy will both benefit from a robust inventory management approach.
This will help you avoid product shortages by allowing you to have just enough
inventory in the warehouse without having too much. The following are some of
the benefits of having a solid inventory management strategy: Organization,
Saving time and Money and Efficiency and Productive Increase.