10 Questions
What is the purpose of carrying reserve stock in material management?
To avoid stock out situations
What is the primary objective of material management?
High inventory turnover
What is the significance of selecting essential drugs for a hospital and including them in the hospital formulary?
To avoid ill spending on ineffective duplication or dangerous drugs
What is the method used in material management to estimate demand based on past and anticipated future data?
Forecasting
How can the carrying cost of inventory be reduced in material management?
$By identifying the economic order quantity (EOQ)$
What is the basic objective of material management?
Optimizing resources
Which of the following is not a basic function of material management?
Expensive purchasing methods
What does material management denote the need for?
Accountability and responsibility
What does MM stand for in the context of material management?
Material Management
What should be done by separate persons for the best results in material management?
Purchasing, receiving & paying of invoice
Learn about the fundamental concepts of material management, including the definition, objectives, and the scientific techniques involved in planning, organizing, and controlling the flow of materials within an organization.
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