Introduction to Materials Management
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Effective Materials Management Reducing Costs and Improving Procurement Efficiency
WHITE PAPER Effective Materials Management Reducing Costs and Improving Procurement Efficiency Effective Materials Management Contents 1. Introduction ................................................................................................................. 1 2. Industry Challenges ..................................................................................................... 2 3. Business Benefits ........................................................................................................ 3 3.1 Managing Reference Data at One Place .......................................................................................... 3 3.2 Engineering and Procurement Integration ........................................................................................ 3 3.3 Supply Chain Management .............................................................................................................. 4 3.4 Site Management ............................................................................................................................. 4 4. The Intergraph Methodology ....................................................................................... 5 3.1 Procurement Efficiency ..................................................................................................................... 5 3.2 Lower Risks, Lower Costs ................................................................................................................ 5 3.3 Other Benefits .................................................................................................................................. -
Principles of MICROECONOMICS an Open Text by Douglas Curtis and Ian Irvine
with Open Texts Principles of MICROECONOMICS an Open Text by Douglas Curtis and Ian Irvine VERSION 2017 – REVISION B ADAPTABLE | ACCESSIBLE | AFFORDABLE Creative Commons License (CC BY-NC-SA) advancing learning Champions of Access to Knowledge OPEN TEXT ONLINE ASSESSMENT All digital forms of access to our high- We have been developing superior on- quality open texts are entirely FREE! All line formative assessment for more than content is reviewed for excellence and is 15 years. Our questions are continuously wholly adaptable; custom editions are pro- adapted with the content and reviewed for duced by Lyryx for those adopting Lyryx as- quality and sound pedagogy. To enhance sessment. Access to the original source files learning, students receive immediate per- is also open to anyone! sonalized feedback. Student grade reports and performance statistics are also provided. SUPPORT INSTRUCTOR SUPPLEMENTS Access to our in-house support team is avail- Additional instructor resources are also able 7 days/week to provide prompt resolu- freely accessible. Product dependent, these tion to both student and instructor inquiries. supplements include: full sets of adaptable In addition, we work one-on-one with in- slides and lecture notes, solutions manuals, structors to provide a comprehensive sys- and multiple choice question banks with an tem, customized for their course. This can exam building tool. include adapting the text, managing multi- ple sections, and more! Contact Lyryx Today! [email protected] advancing learning Principles of Microeconomics an Open Text by Douglas Curtis and Ian Irvine Version 2017 — Revision B BE A CHAMPION OF OER! Contribute suggestions for improvements, new content, or errata: A new topic A new example An interesting new question Any other suggestions to improve the material Contact Lyryx at [email protected] with your ideas. -
Defining Assets When Purchasing an Existing Business By: Evan L
Defining Assets When Purchasing An Existing Business By: Evan L. Randall, Esq. and Jessica A. Neville, Esq. Thousands of businesses are purchased every year. The motivations for purchasing a business are as varied as the number of buyers: to expand the buyer’s existing business with a similar operation or to create new opportunities through a complimentary business. Perhaps the buyer seeks to change careers or add income to an existing one. And there is always the notion that buying an existing business avoids some of the risk associated with opening a new business. Business purchases are typically structured in one of two ways: a stock transfer or an asset purchase. A stock purchase involves buying the stock (or membership interest) of the company that owns the business. Typically, liabilities are assumed as well. An asset purchase involves just the assets of a company. In either format, determining what is being acquired is critical. This article focuses on some of the important categories of assets to consider in a business purchase: real estate, personal property, and intellectual property. Real Estate For many businesses (especially retail and restaurants) the real estate may be the most substantial asset. The seller either owns or leases the property, and there are different considerations for each alternative. If real estate is part of the sale, it will likely represent the bulk of the purchase price. If the business operates in leased premises, the seller would assign the lease to the buyer, and it is very likely that the landlord will need to consent to the assignment. -
Purchasing and Supply Chain Management 1 : Section 1
The Strategic Context for Competent Procurement 1. Introduction This study note is set in the context of the examination of those elements in the organisation that either have a significant impact on purchasing and supply management strategies or thinking and approaches that can make significant contributions to corporate strategy and the achievement of overall organisational corporate objectives. This section of module A attempts to examine the facets of organisational and business level strategy and seeks to set them in the context of purchasing and supply chain management in respect of their ability to aid or facilitate effectiveness and competence for the organisation. 2. Strategic Context Strategy is a very wide subject; there are many aspects to consider in the development of strategies and in making strategic decisions. No single definition exists for the term ‘strategy’. An investigation of the meaning of strategy has provided a summary of some of the definitions found in various texts: “ Strategy is not a detailed plan or program of instructions; it is a unifying theme that gives coherence and direction to the actions and decisions of an individual or organisation.” Grant 1998. A strategy according to this author is a plan for deploying resources in order to gain a better position for instance, competitively in the market. Strategy also can define what business the company is in or is to be in and the kind of company it is or is to be. “ What business is all about is . competitive advantage . .. The sole purpose of strategic planning is to enable a company to gain as efficiently as possible, a sustainable edge over its competitors. -
Engineering Management and Cost Control of Petrochemical Projects
493 A publication of CHEMICAL ENGINEERING TRANSACTIONS VOL. 71, 2018 The Italian Association of Chemical Engineering Online at www.aidic.it/cet Guest Editors: Xiantang Zhang, Songrong Qian, Jianmin Xu Copyright © 2018, AIDIC Servizi S.r.l. ISBN 978-88-95608-68-6; ISSN 2283-9216 DOI: 10.3303/CET1871083 Engineering Management and Cost Control of Petrochemical Projects Jingjing Song, Zhiwei Helian* School of Economics and Management, Yanshan University, Qinhuangdao 066004, China [email protected] With the increasing developing of petrochemical engineering construction market, China has accumulated rich experience in project engineering management and cost control, but has not yet established a complete cost control performance evaluation system, and the traditional project cost control method has been unable to meet the cost requirements under the new project management environment. For this, this paper studies the engineering management and cost control system theory of petrochemical projects, and builds one petrochemical project cost control system. The analysis results show that mature project management mode has been increasingly applied in petrochemical projects. The construction of the engineering cost control early warning system can achieve the objective of cost control. The related cost control performance evaluation system can greatly improve the actual engineering cost control level and realize the quantification and standardization of cost control performance evaluation. 1. Introduction Petrochemical projects involve various fields in the country such as import and export, labour, capital, and economic politics (Liu et al., 2018; Bovsunovskaya, 2016). In terms of project management, due to different climatic conditions, technical standards and backgrounds of different countries, the management of engineering projects is faced with great challenges (Willems and Vanhoucke, 2015). -
Commodity Lead Buyer Department: Purchasing Reports To
Position Description Job Title: Commodity Lead Buyer Department: Purchasing Reports to: Corporate Purchasing Manager Location: Greenfield, IN Prepared by: Corporate Purchasing Manager Approved By: Engineering & Purchasing Director Approval Date: April 15, 2016 SUMMARY Work closely with internal stakeholders and external suppliers to develop and implement strategic commodity plans for all assigned categories at the lowest total cost. This includes the development and coordination of key procurement strategies with the tactical/logistical buying team. ESSENTIAL DUTIES AND RESPONSIBILITIES • Lead the development of and execution of category management strategies for all assigned categories/commodities • In line with strategic objectives, lead the negotiations to select, appoint and steer a supply base that progresses the company objectives on quality, cost, delivery and innovation • Work with internal stakeholders to define requirements for sourcing objectives • Evaluate competitive offers and present sourcing options that meet business requirements • Partner with Global Category Leads on global sourcing projects • Ensure all selected suppliers are compliant to service level agreements • Lead the category and supplier spend management activities with respective spend areas • Conduct in depth cost and spend analysis in order to develop cost savings initiatives through various cost reduction options • Carry out administrative responsibilities that effectively manage projects and contracting activities • Lead and expedite vendor selection and purchasing decisions through appropriate competitive bid and strategic sourcing processes (leverage practices, bundling tools, etc) • Achieve all cost reduction savings targets • Monitor, manage and report on achievements on key purchasing indicators in line with department requirements • Immediately respond to unforeseen supply failures, working with manufacturing and supplier to avoid supply chain interruptions. Modernfold, Inc. -
Procurement Vs Purchasing: What Is the Difference?
Procurement vs Purchasing: What Is The Difference? Mark Twain said, “The difference between the almost right word and the right word is really a large matter—it’s the difference between the lightning bug and the lightning.” While purchasing may get materials in the door, professional procurement strategies can reduce a company’s purchase spend by an average of 8 to 12 percent per year, significantly impacting liquidity. Knowing the difference between procurement and purchasing pays off. https://planergy.com/blog/procurement-vs-purchasing/ 1 / 8 What is Purchasing? Purchasing is a simple transaction, when companies pay for and receive goods or services. Purchasing can be considered a subset of procurement. For a small business with no procurement department, this may mean a phone call to an office supply store when the supply of pens runs low or a new computer is needed. Small businesses often lack the purchasing power of a major enterprise and have no leverage with which to negotiate. A simple purchasing process is generally performed on a transactional basis with little strategy: 1. Placing the order Without strategy, goods and services are ordered as needed. Reactive purchasing comes with a host of money-wasting issues. Businesses that buy on demand without approved purchase orders (PO) typically lack oversight and budget control. 2. Supplier communications Most companies have a established list of suppliers they work with to purchase supplies. 3. Receiving of goods or services Purchasing requires receipt of goods and services. Good purchasing strategy includes protocols for recording and tracking purchases. https://planergy.com/blog/procurement-vs-purchasing/ 2 / 8 4. -
MATERIALS MANAGEMENT and LOGISTICS 2019-2020 College of Business and Entrepreneurship BACHELOR of SCIENCE International Business and Entrepreneurship
MATERIALS MANAGEMENT AND LOGISTICS 2019-2020 College of Business and Entrepreneurship BACHELOR OF SCIENCE International Business and Entrepreneurship The materials and logistics field is known in industry by several names including – supply chain management, Production control management, logistics management and materials management. MTML graduates will have an overall understanding and knowledge of the theory and tools necessary to acquire, transport, store and manage raw materials and finished goods in a global economy. A – GENERAL EDUCATION CORE – 42 HOURS Students must fulfill the General Education Core requirements. The courses listed below satisfy both degree requirements and General Education core requirements. Required 020 - Mathematics – 3 hours MATH 1325 Calculus for Business and Social Sciences 080 - Social and Behavioral Sciences – 3 hours ECON 2301 Principles of Macroeconomics B – MAJOR REQUIREMENTS – 78 HOURS (60 advanced) 1 – Materials Management and Logistics Foundation – 48 hours (30 advanced) a –Business Foundation – 18 hours ACCT 2301 Introduction to Financial Accounting ACCT 2302 Introduction to Managerial Accounting INFS 2300 Data Modeling Management Tools MGMT 1301 Introduction to Business QUMT 2341 Business Statistics I ECON 2302 Principles of Microeconomics b – Advanced Business Core – 30 hours (30 advanced) BLAW 3337 Business Law I INFS 3390 Management Information Systems QUMT 3341 Business Statistics II FINA 3380 Introduction to Finance ENGL 3343 Business Communication MGMT 4304 Business and Society MGMT 3361 -
Improving Construction Workflow- the Role of Production Planning and Control
Improving Construction Workflow- The Role of Production Planning and Control by Farook Ramiz Hamzeh MS (University of California at Berkeley) 2006 M Eng. (American University of Beirut) 2000 B Eng. (American University of Beirut) 1997 A dissertation submitted in partial satisfaction of the requirements for the degree of Doctor of Philosophy in Engineering - Civil and Environmental Engineering in the GRADUATE DIVISION of the UNIVERSITY OF CALIFORNIA, BERKELEY Committee in charge: Professor Iris D. Tommelein (CEE), Chair Professor Glenn Ballard (CEE) Professor Phil Kaminsky (IEOR) Fall 2009 Improving Construction Workflow- The Role of Production Planning and Control Copyright 2009 by Farook Ramiz Hamzeh Abstract Improving Construction Workflow- The Role of Production Planning and Control by Farook Ramiz Hamzeh Doctor of Philosophy in Engineering - Civil and Environmental Engineering University of California, Berkeley Professor Iris D. Tommelein (CEE), Co-Chair, Professor Glenn Ballard (CEE), Co-Chair The Last PlannerTM System (LPS) has been implemented on construction projects to increase work flow reliability, a precondition for project performance against productivity and progress targets. The LPS encompasses four tiers of planning processes: master scheduling, phase scheduling, lookahead planning, and commitment / weekly work planning. This research highlights deficiencies in the current implementation of LPS including poor lookahead planning which results in poor linkage between weekly work plans and the master schedule. This poor linkage -
Essays on Inventory Management, Capacity Management, and Resource-Sharing Systems Ph.D
ESSAYS ON INVENTORY MANAGEMENT, CAPACITY MANAGEMENT, AND RESOURCE-SHARING SYSTEMS by Yang Bo APPROVED BY SUPERVISORY COMMITTEE: Milind Dawande, Co-Chair Ganesh Janakiraman, Co-Chair Alp Muharremoglu Anyan Qi Copyright c 2017 Yang Bo All rights reserved To my dear family and friends. ESSAYS ON INVENTORY MANAGEMENT, CAPACITY MANAGEMENT, AND RESOURCE-SHARING SYSTEMS by YANG BO, BS DISSERTATION Presented to the Faculty of The University of Texas at Dallas in Partial Fulfillment of the Requirements for the Degree of DOCTOR OF PHILOSOPHY IN MANAGEMENT SCIENCE THE UNIVERSITY OF TEXAS AT DALLAS August 2017 ACKNOWLEDGMENTS I am deeply thankful to my advisors, Drs. Milind Dawande and Ganesh Janakiraman, for patiently guiding me in my research endeavors, and for providing me with constructive advice and feedback. My frequent beneficial interactions with them have sharpened my research ability and have enabled me to become an independent researcher. I owe much to my parents and my wife; their unconditional love and support continues to give me courage and make me stronger. I would also like to express my gratitude to the following professors in my department, from whom I have benefited a lot: Alain Bensoussan, Metin Cakanyildirim, Dorothee Honhon, Elena Katok, Alp Muharremoglu, Shun-Chen Niu, Ozalp Ozer, Anyan Qi, Suresh P. Sethi, Kathryn Stecke, Serdar Simek, Shouqiang Wang, John J. Wiorkowski, and Shengqi Ye. Last but not the least, I would like to thank my fellow PhD students: Ying Cao, Bahriye Cesaret, Jiayu Chen, Shaokuan Chen, Wei Chen, Ilhan Emre Ertan, Zhichao Feng, Blair Flicker, Shivam Gupta, Harish Guda, Bharadwaj Kadiyala, Ismail Kirci, Chungseung Lee, Jingyun Li, Ting Luo, Sandun Perera, Xi Shan, Sina Shokoohyar, Yulia Vorotyntseva, Xiao Zhang, and many others. -
East Kentucky Power Cooperative Materials Management Success Stories Exploring Continuous Improvement
East Kentucky Power Cooperative Materials Management Success Stories Exploring Continuous Improvement Presented to Rapid Fossil Group 25th Annual Rapid Conference May 17th, 2016 Presented by: Steve Dobson & Mark Hounshell Forklift Safety Moment Address the number one danger in your warehouse Featured: An idea brought to Materials Management by a new employee. The Blue Spot safety light is being adopted in all plants at the request of our CEO after a warehouse 2 safety walk. Utility Supply Chain Value Proposition Derived from: THE MARKETING CONCEPT An integrated effort to serve customer needs for profit - Philip Kotler 3 Supply Chain Contribution Spectrum Planning TOC Inventory Service Level Value Sourcing Investment Eng. Recovery Some areas of Supply Chain contribution are referenced above. Early involvement offers opportunities for value added contributions. Our industry tends to place supply chain in a later reactive position rather than in an earlier proactive one resulting missed opportunities. 4 How Early Is Your SC Involved? • Does your organization – involve SC in project and outage planning & budgeting? – share a forward (3-5 yr.) capital & O&M plan? – ensure SC participate in pre-outage meetings? – have Materials Standards Committees? – include SC involvement in planned system changes (i.e. when new plant parts will replace old)? 5 Inventory Optimization Requires Early Involvement • Align with organizational strategy • Involvement in project, maintenance, and budget planning sessions • Attend outage planning meetings • Inventory -
A STUDY on ROLE of MATERIAL MANAGEMENT on PERFORMANCE of the SALEM CO-OPERATIVE SUGAR MILLS LTD at MOHANUR 1Dr
International Journal of Research ISSN NO:2236-6124 A STUDY ON ROLE OF MATERIAL MANAGEMENT ON PERFORMANCE OF THE SALEM CO-OPERATIVE SUGAR MILLS LTD AT MOHANUR 1Dr. V.M. Anitha Rajathi 2P. Vijay Ragul Assistant professor, Student University College of Engineering, Tiruchirappalli ABSTRACT Material management is a tool to optimize performance in meeting customer service requirements at the same time adding to profitability by minimizing cost and making the best use of available resources. The main objective of the study was to assess the role of material management on the performance of “The Salem cooperative sugar mills ltd”. A sample of 150 respondents was selected from this population using the stratified random sampling technique. Data was collected through a structured questionnaire, consisting mainly of closed ended and open ended questions. The data was analyzed by the descriptive statistics such as mean, standard deviation, and percentages. The study advocated that a lot of emphasis need to be directed to material management in sugar mills in order to achieve significant cost saving, reduction in wastes and production cost and to achieve increase in profitability and product quality. The study recommended that sugar mill have to adopt information technology and to be fully computerized, use of proper codes in all materials and have to train the employees to increase the knowledge on the use of inventory control systems in the future. KEYWORDS: Material management, organizational performance, inventory control systems. INTRODUCTION In the earlier years, the material management was considered as a cost center. Purchasing department was spending more cost on the goods and materials, while store huge amount of materials in inventory, blocking money and space (Ramakrishna 2005).