Materials Management: Definitions, Objectives, and Procedures
13 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What are the primary objectives of materials management?

  • Minimizing the continuity of supply
  • Maximizing investments in materials and inventory costs
  • Purchasing items from unreliable sources at economic price
  • Maintaining the continuity of supply, minimizing investments in materials and inventory costs, and assuring high inventory turnover (correct)

    • What is the scope of materials management?

  • It encompasses only material utilization
  • It encompasses only material supply
  • It encompasses only material costs
  • It encompasses material planning and control activities (correct)

    • What is required for an integrated materials management approach?

  • A disintegrated approach to materials planning and control
  • Co-ordination and co-operation among different functional heads to optimise operations (correct)
  • Maximizing materials productivity at the cost of efficiency
  • A lack of co-ordination among different functional heads

    • What is the main objective of business according to the text?

    <p>To satisfy the customer</p> Signup and view all the answers

    What does Materials Management ensure according to the text?

    <p>Optimum utilization of materials</p> Signup and view all the answers

    What is the primary focus of Materials Management as per the text?

    <p>Complete cycle of material flow</p> Signup and view all the answers

    Which function does Materials Management NOT support as per the text?

    <p>Optimization of work capacity</p> Signup and view all the answers

    What is the ultimate goal of an effective Materials Management process according to the text?

    <p>Satisfying the customer's needs</p> Signup and view all the answers

    What are the primary objectives of materials management?

    <p>Maintaining continuity of supply and minimizing investments in materials and inventory costs</p> Signup and view all the answers

    What are the secondary objectives of materials management?

    <p>Reducing costs by using various cost reduction techniques such as variety reduction, standardization, and simplification</p> Signup and view all the answers

    What does materials management encompass?

    <p>All aspects of materials including material costs, material supply, and material utilization</p> Signup and view all the answers

    What does integrated materials management focus on?

    <p>Maximizing materials productivity through a coordinated approach to materials planning and control</p> Signup and view all the answers

    What is the main responsibility of sourcing in materials management?

    <p>Selecting a right source of material supply and procurement from these sources</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser