After reading this article you will learn about the codification of materials in store. In order to identify correctly to avoid confusion, and to save time and efforts to locate the item, proper codification is necessary. Proper codification has following advantages: (i) To avoid lengthy description. (ii) To have correct identification. (iii) To prevent duplication. (iv) To standardise the items. [...]
Generally, the following two methods are used for physical verification of stock: 1. Annual Physical Verification 2. Perpetual Inventory Control. Method # 1. Annual Physical Verification: In this an independent person of a high rank known as verifying officer checks the stock lying in store once in a year, so as to see that the quantities as shown in store-ledger, [...]
After reading this article you will learn about:- 1. Meaning of Integrated Material Management 2. Objectives of Integrated Material Management 3. Advantages. Meaning of Integrated Material Management: Materials Management as a function is responsible for the co-ordination of planning, Sourcing, Purchasing; Moving; Storing and Controlling materials in an optimum manner so as to provide a pre-decided service to the customer [...]