CBM112 2ND EXAM REVIEWER

Is a total concept having its definite organization to plan and control all types of materials, its supply, and its flow from raw stage to finish stage. It can be define as the function of the business that is responsible for coordination of planning, sourcing, purchasing, moving and storing materials

• Material management

• Purchasing

• Stores keeping

• Inventory control

Materials required for any operations are based on the sales forecast and production plans.

• Material planning and control

• Purchasing

• Stores keeping

• Inventory control

The job of material manager is to provide the user departments right material at the right time in right quality at right price from the right source?

• Material planning and control

• Purchasing

• Stores keeping

• Inventory control

Refers to the safety custody of all items of raw materials, supplies, finished parts, purchase parts etc.

• Material planning and control

• Purchasing

• Stores keeping

• Inventory control

One of the powerful ways of controlling the materials.

• Material planning and control

• Purchasing

• Stores keeper

• Inventory control

Is a scientific technique of determining in advance the requirement of raw material, ancillary parts and components, spares etc. as directly by the production program. It is the overall planning activity.

• Material planning

• Purchasing

• Store keeping

• Inventory control

A business or organization attempting to acquire goods or services to accomplish its goals. Although there are several organization that attempt to set standards in the purchasing process, processes can vary greatly between organization.

• Material planning

• Purchasing

• Inventory control

• Purchasing department

Also called as procurement department buys materials based on the purchase requisition from user departments and store departments and annual production plan. Support operations by serving as the primary buyer of goods and services in a private sector company, government agency, educational institution or another type of organization.

• Purchasing

• Purchasing department

• Inventory control

• Purchase system

Occurs when retailers purchase unit during a particular period, hold some of them in inventory, and then sell them in subsequent period.

• Forward buying

• Tender buying

• Zero stock

• Stock level

Invites bids for a project accept a formal offer.

• Forward buying

• Tender buying

• Stock level

• Reciprocity