Steps involved in one Complete purchasing cycle are:- 1. Recognition of Need, Receipt and Analysis of Purchase Requisition. 2. Selection of Possible Potential Sources of Supply. 3. Making Request for Quotation. 4. Receipt and Analysis of Quotations. 5. Selection of Right Source of Supply. 6. Issuing the Purchase Order. 7. Follow-Up and Expediting the Order and Others. Step # 1. [...]
After reading this article you will learn about the procedures for materials, purchase and stores management. Materials Management: Most manufacturing concerns spend more than 60% of the money they take in, for materials, i.e., materials soak up a substantial portion of the capital invested in an industrial concern. This emphasizes the need for adequate materials management and control because even [...]
After reading this article you will learn about:- 1. Meaning of Flow Pattern 2. Factors Governing Flow Pattern 3. Types. Meaning of Flow Pattern: "Flow Pattern" means the system to be adopted, for the movement of raw materials, from the beginning and up to the end of manufacturing. The overall-objective of the 'Flow Pattern' is to plan for the economical [...]