For running any industry or business, we need a number of resources. These resources
are popularly known as 5 M's of any Industrial activity i.e.
M
en
M
achines
M
aterials
M
oney
M
anagement.
All these resources which are basic inputs, are important but their relative importance
depends upon the particular type of industry and also other environmental factors.
Earlier, when many modern machines were not even known, whole activity was
around men.
But now the importance has shifted from men to machines and in the present
environment materials are the life blood of any industry or business and for their
proper running, materials should be available at proper time in proper quantity at
proper place.
Traditionally, various activities related to managing materials were looked after by
various departments. While purchases were generally arranged by top management
with the assistance of a Purchase Agent or Purchase Officer, store keeping and stock
control was the responsibility of the production head with the assistance of a store
keeper or Stores Officer. Apart from these two main activities, distribution of
materials (mostly finished goods) was the responsibility of marketing.
After realizing the profitability potential of Materials Management function, when
attempts were made to exploit this potential, it was realized that there were many
problems in achieving the objectives due to inherent conflicts amongst various
departmental objectives. When a purchasing personnel wants to purchase in bulk to
get price discounts, inventory of the stores personnel becomes high. Similarly desire
of marketing personnel to have adequate stocks of finished goods in order not to loose
any opportunity of sale resorts in high inventory.
In the traditional set up one person could not be held responsible for all the functions
of materials management to achieve overall economy. Therefore necessity of placing
all the functions related to materials management e.g. purchasing, stocking, inventory
control and distribution under one department headed by an executive of status at par
with other departmental heads, was felt.
Thus evolved the concept of integrated materials management which can be defined as
the function which is responsible for the coordination of planning, selecting sources,
purchasing, moving, storing and controlling materials in an optimum manner so as to
provide a pre-decided service to the customer at a minimum cost.
One advantage of material management is the ability to control pollution. A disadvantage to material management is the fact that it can be a complex area of business.
An Integrated steel plant is large andhandles everything in one complex-form putting together raw material to steel making, rolling and shaping.
An Integrated Maintenance Data System integrates sensor measurements, data processing, knowledge-based intelligent systems and software implementations to provide support for maintenance management.
Systems Engineering
integrated technologies
material management is cylcle of materials and money
The formulas in material management include the sum of purchasing and accounts payable for inventoried assets. It also includes fixed assets and inventory which are completely integrated within the materials management system.
Integrated Management Associates was created in 1968.
Integrated Management College was created in 2007.
Integrated emergency management is a practice of Business Continuity Management and Crisis Management that aims to integrate both to enhance their effectiveness.
How Management of Technology Innovation integrated with business strategy
Apolobamba Integrated Management Natural Area was created in 1972.
Integrated document management allows a company to save time and money. Further information on integrated document management can be found by visiting the Iron Mountain website.
any one know what is integrated treasury?
yes
The area of Apolobamba Integrated Management Natural Area is 4,837.43 square kilometers.
San Matías Integrated Management Natural Area was created in 1997.