Material Management
- Production Management
Importance of Materials Management in an Organization
The importance of materials management cannot be overemphasized in this complex industrial world. It effects not only a particular industry…
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5 Advantages of Decentralization of Purchasing
Decentralization is desirable under certain situations. Thus, in company with plants widely scattered there is considerable justification for a degree…
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9 Advantages of Centralized Purchasing
Centralization or decentralization of purchasing function has nothing to do with physical location of purchasing personnel. It is a problem…
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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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