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Materials Management

   

Definition: Materials Management is the whole of all organizational functions responsible for the planning, sourcing, stocking, manufacturing, control and distribution activities of materials used in the internal and external fulfillment of demand.
MM typically includes all logistical activities that control the transmission of tangible, physical materials through the value chain such as shipping and transport, distribution and warehousing, quality control, work in progress and manufacturing.
Various techniques are used such as Inventory Turn Over Ratio, Days Inventory Outstanding, ABC Analysis, EOQ ordering, and Just-in-time to save large amounts of cash for the company.


   
   
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More on inventory: ABC Analysis, Inventory, Inventory Management, Vendor Managed Inventory.

You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA.



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