Materials Management & Inventory Control

Methods of Materials Management _ ABC analysis and EOQ

3.70 (142 reviews)
Udemy
platform
English
language
Engineering
category
2,658
students
1 hour
content
Jun 2021
last update
FREE
regular price

What you will 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.

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.

Content

Introduction

Introduction
Lecture 2: Materials Management
Lecture 3: Inventory Control
Lecture 4: ABC Analysis
Lecture 4a: Example of ABC Analysis
Lecture 6: EOQ

Screenshots

Materials Management & Inventory Control - Screenshot_01Materials Management & Inventory Control - Screenshot_02Materials Management & Inventory Control - Screenshot_03Materials Management & Inventory Control - Screenshot_04

Reviews

Destiny
April 27, 2022
I've had a hard time following the narrator due to the accent. I also do not feel that real examples were given, and it was almost robotic, or like another reviewer mentioned, it was just read from the cards.
Hemkant
August 4, 2021
It was a direct read from the sliders and presenter did not provide explanations and industry experiences to explain the content. Lacked industry and practical touchpoints.

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Related Topics

4113982
udemy ID
6/10/2021
course created date
7/17/2021
course indexed date
Angelcrc Seven
course submited by