Materials and Inventory Cost Control


Materials and Inventory Cost Control:

After studying this chapter you should be able to:


Materials control is the system that ensures the provision of the required quantity and quality at the required time with in the minimum of investment. It covers the following functions:

  • Stock control
  • Scheduling of requirements
  • Purchasing
  • Receiving and inspecting
  • Storing and issuing

 

  1. Need for Materials Control
  2. Requirements of a System of Materials control
  3. Stock Control
  4. Ordering Level or Ordering Point or Re-order Level
  5. Minimum Level or Minimum Limit
  6. Maximum Level or Maximum Limit
  7. Danger Level
  8. Economic Order Quantity EOQ

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