Overcoming Materials Management Problems

Materials management is concerned with planning, organization, and control of materials inventory, production, stocking, and distribution (Magee and Boodman, 1990). In the 1990s, both the economic and industrial environments are dynamic. Thus, materials management practices and procedures must be capable of supporting effective decisionmaking in these dynamic environments.

The growing internationalization of business activity further complicates the process of materials management, in terms of (1) developing accurate and timely data on production and stocking levels, (2) developing and projecting accurate and timely data on material and product requirements, and (3) incorporating a wide variety of multinational and international economic data into materials management activities. The growing internationalization of business activity has been accompanied by the introduction of high technology (high tech) procedures into manufacturing processes. With respect to materials management, the greatest significance of the introduction of high tech procedures into manufacturing processes has been the development of the justintime (JIT) materials processing procedure. The widespread application of the JIT procedure will not only contribute to revolutionary change in the processes of manufacturing, it will also usher in revolutionary change in manufacturing support procedures and processes, such as materials ma

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two separate but related activities. First, the several procedures and tools available for use in materials management were examined in some detail. Second, a recommended application of the most appropriate combination of these procedures and tools is developed in a simulated example. The examination of the procedures and tools available for use in materials management is presented in a section devoted to the examination of these data, while the simulated example is presented in a "Recommendations" section. Presentation of Data Related to Materials Management Procedures and Tools There are several procedures and tools available for use in materials management. The most appropriate of these procedures and tools for application in the contemporary business environment are examined in this section. The procedures and tools examined are (1) the economic order quantity procedure, (2) the production lot size determination procedure, (3) materials requirement planning. Economic Order Quantity Economic order quantity (EOQ) is a well accepted concept in materials management and control. EOQ means the determination of an optimum lot size for production runs, or an economic quantity for ordering goods from a supplier (Nemmers, 199
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Some common words found in the essay are:
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Approximate Word count = 5954
Approximate Pages = 24 (250 words per page)

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