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Introduction to Material Management

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Questions and Answers

What is the purpose of carrying reserve stock in material management?

To reduce the carrying cost

To avoid stock out situations (correct)

To stabilize fluctuations in demand

To increase the ordering cost

What is the primary objective of material management?

Random supply continuity

High inventory turnover (correct)

High demand estimation

Unlimited procurement and storage cost

What is the significance of selecting essential drugs for a hospital and including them in the hospital formulary?

To reduce accountability

To minimize inventory investment

To avoid ill spending on ineffective duplication or dangerous drugs (correct)

To increase carrying cost

What is the method used in material management to estimate demand based on past and anticipated future data?

Forecasting Signup and view all the answers

How can the carrying cost of inventory be reduced in material management?

$By identifying the economic order quantity (EOQ)$ Signup and view all the answers

What is the basic objective of material management?

Optimizing resources Signup and view all the answers

Which of the following is not a basic function of material management?

Expensive purchasing methods Signup and view all the answers

What does material management denote the need for?

Accountability and responsibility Signup and view all the answers

What does MM stand for in the context of material management?

Material Management Signup and view all the answers

What should be done by separate persons for the best results in material management?

Purchasing, receiving & paying of invoice Signup and view all the answers