What is value? In dealing with the technique of Value Analysis, it is important to understand the meaning of the term ‘value’ as used in this context. Value must not be confused with cost...

Materials Handling Many types of materials, viz., raw materials, purchased components, materials-in-process (i.e. semi-finished goods), finished goods, packaging materials, maintenance and repair supplies, scrap and waste and rejects or rework are used and handled...

Transportation of materials from sources located in different parts of the country to the user’s plant is of critical importance in the field of materials management. It can be safely said that the cost...

Rail Transport Indian railway network is Asia’s largest and world’s fourth largest system. It has a tradition of competence builtover the last 125 years There has been a continuous modernising of the track, locomotives,...

Road Transport There are a large number of transport organisations the country having a fleet of trucks. They are suited for transporting freight of the order of 5 to 15 tonnes usually over distances...

Meaning and Definition Materials are of pivotal importance in the manufacturing of a product. No production is possible without materials. Moreover, materials form an important part of the costof a commodity and therefore proper...

Stores Accounting In relation to the estimation of the cost of the product for pricing decisions, stores accounting assumes a key role. Material costing is very important in terms of the valuation of the...

The materials manager is very much concerned with the quality of incoming materials, as he is responsible forthe supply of the right quality materials to the user departments, so that the quality of the...

The Storekeeper All manufacturing concerns appoint a person known as the Storekeeper, Chief Storekeeper or the Stores Superintendent who is in-charge of the stores departmentand is responsible for stores control. The storekeeper should have...

Stores Management To further strengthen material control, purchase control must be matched by equally effective stores control to avoid losses from misappropriation, damage, deteriorations evaporation and carelessness. The investment in materials constitutes a major...