Inventory and stores control, Project Management

Assignment Help:

1. Inventory  and Stores Control : Inventory  control is  a systematic procedure  for  ensuring  the  availability  of items necessary to meet the  production  requirements  at optimum  cost. It  includes:

a. Requisition of  materials according to requirements at appropriate time.

b. Keep  updates records of the materials received issued and balance.

c. Decision  about the  optimum  size  of the order ( EOQ)

2. Receiving and Stories : The main  activities of  this section are:

a. To accept the delivery of purchased materials to verify them with the purchases order and  packing  slip  to inspect them and to prepare the goods received not  for stores accounts and  to route  the received materials  to stores or user department.

b. To store the materials properly according to the policy and ensure their  quick identification.

c. To verify the materials physically at periodic intervals and to record discrepancy if any along  with the  reasons.

3. Shipping / Physical Distribution : It  is concerned with the  distribution of the finished  goods from  the production  department and to verify the quality:

a. To  receive the finished goods from the production departments  to verify them and store  them properly till they are distributed.

b. To pack  and label the finished goods to make than  ready for transport to customers.

c. To prepare shipping documents such a packing slip  bill of material railway receipt lorry  receipt etc.  Which  are forwarded with  the shipment?

d. To  report about  the shipment to the accounting department for billing the customer  to sales  department  for order closing and customer  notification.

4. Material Handling : The  material  handling function involves:

a. To handle  in plant  materials through trucking  pallets containers etc.

b. To maintain the  material  handling equipments and other incidental items like  pallets  containers etc.

5. Traffic : Traffic  function is concerned with  the incoming  consignments  of raw materials and outgoing shipments  of finished  products. The  former  is sometimes  attached to the receiving  function  and the  latter  to shipment. However  when the  company maintains its own  traffic fleet or it the traffic services are  hired on regular basis, it  can exist as a separate function of materials management . it includes:

a. To carry raw   materials from the supplier plant or railway goods office or such  destinations.

b. To carry  finished  goods to   customers  railway  goods  office branch wholesalers or retailers.

c.  To administer freight rates routes etc. If  transport services are hired.

d. To  maintain  the fleet to  delivery  vans if vehicles are owned by the company.


Related Discussions:- Inventory and stores control

Drawbacks of poor planning and designs, Question 1: Explain why hotel m...

Question 1: Explain why hotel managers today are expected to be well-versed in Facilities Planning and Design Management. What according to you could be the drawbacks of poor

Project process cycle , Project process cycle  Any project professional...

Project process cycle  Any project professionally planned will target specified goals within the framework of time with available resources. The project passes through the foll

Define the critical path analysis in risk management, Define the critical p...

Define the critical path analysis in risk management. Critical path analysis (CPA) or network analysis: Gantt charts are a poor time management tools while projects are l

Downward communication from the superior to the subordinate, How must be th...

How must be the downward communication from the superior to the subordinate? There formal communication in between subordinate and superior, here the superior sends directions

Describe the key characteristics of a good project, Question 1: a. How...

Question 1: a. How would you define a project? What are the different types of project that exist? (Please illustrate using a model with examples). b. Enumerate and descri

Element of total quality management, In order to adopt and initiate TQM ...

In order to adopt and initiate TQM within any organization it is necessary to understand the key elements. These elements which form the essential core of the TQM phil

The type of culture to which s company now needs to change, S Company has f...

S Company has for many years been a long standing household name, designing and manufacturing electrical appliances for use in the kitchen. It has developed a strong culture over t

What if i need more time in my project, Q. What if I need more time in my p...

Q. What if I need more time in my project? A competent as well as professional project manager is always up front with the sponsor or senior management. The meeting perhaps unc

What are the examples of conformance management systems, What are the examp...

What are the examples of conformance management systems? Examples of conformance management systems: a. Staff training b. Specific instructions communicated c. Ordinar

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd