Production Management
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An Ideal Purchasing Procedure for Medium Sized Company
Procedure is action oriented. It indicates series of steps to be taken to accomplish a desired task. Since efficiency in…
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Objectives and Importance of Scientific Purchasing
In common parlance, “purchasing” is used to denote procurement of materials, machines and tools on payment. But today purchasing as…
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Inflated Price, Specific Price and Base Stock Price Method of Stock Valuation
Inflated Price Method of Stock Valuation: There are some materials which are subject to natural wastage. Examples are : (1)…
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HIFO and Next In First Out Method of Inventory Costing
Highest-in, First-Out Method or HIFO Method is based on the assumptions that stock of materials should be always valued at…
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Average Cost Method of Inventory Valuation
Average Cost Method : The next method is average cost method. The principal on which the average cost method is…
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Difference Between Centralized and Decentralized System of Store-keeping
Table of ContentsComparative Study of Centralized and Decentralized SystemsADAPTABILITY OF SYSTEM OF STORE-KEEPING Centralized and decentralized system of store-keeping; which…
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3 Fundamental Activities of Stores Department
Working of Stores Department : The stores department performs the functions of receiving, storage, store accounting and issuing. The following…
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Bin Cards | Perpetual Inventory System | Material Transfer Note | Purchase Requisition
These four terms are common in materials management which we cannot ignore. (a) Bin cards. (b) Perpetual Inventory System, (c)…
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Advantages and Disadvantages of Last in First out (LIFO) Method
Last in-First-Out Method or Life Method is another inventory pricing method based on cost. As against the First in First…
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Advantages and Disadvantages of First in First out (FIFO) Method
Under First in First out Methods or FIFO Method method, material is first issued from the earliest consignment on hand…
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