In other to attain its organizational objectives, a business is to meet customer’s needs. Customer desire has always been a vital issue in a company not only to maintain sales but also to increase it (Tersine, 1994; Potilen & Goldsby, 2003). Kotler (2002), posits that inventory management refers to all the activities involved in developing and managing the inventory levels of raw materials, semi-finished materials (working-progress) and finished good so that adequate supplies are available and the costs of over or under stocks are low. Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods.
(Responsibilities of line managers in HR by Lynne MacDonald) Disciplining employees Policies and procedures are generated by Human Resource managers but they are implementing by the line managers. Line managers’ commitment is influence to the employee behaviour and discipline. Line manager need to ensure that their team of employees are well behaved in the organization. Whether the employee report to the work on time, whether they spend more time in their breaks, whether they behave according to the rules and regulations. (Responsibilities of line managers in HR by Lynne MacDonald) Checking quality Checking the quality is the most significant function in the organizations.
In this part, we must have attained the demands in the criteria of a good quality of a product and make sure that it has no factory defect. In terms of human resource department we must have an industrial designer as well as the finest manufacturer who can make our bag with the features and design we desire. In terms of the finance department, we must have an inventory management. In this area, we must take control of the inventory as well as the inflow and outflow of the inventory. We must know the number of inventory that was sold as well as inventories to be restock.
ARE PROCUREMENT SOURCING AND PURCHASING THE SAME? EXPLAIN Many people use the terms purchasing and procurement interchangeably, but despite their similarities they do have different meanings. Let’s clarify any confusion on the difference between procurement and purchasing. Procurement involves the process of selecting vendors, establishing payment terms, strategic vetting, selection, the negotiation of contracts and actual purchasing of goods. Procurement is concerned with acquiring (procuring) all of the goods, services and work that is vital to an organization.
Total Quality is a description of the culture, attitude and organization of a company that strives to provide customers with products and services that satisfy their needs. The culture requires quality in all aspects of the company's operations, with processes being done right the first time and defects and waste eradicated from operations. Total Quality Management, TQM, is a method by which management and employees can become involved in the continuous improvement of the production of goods and services. It is a combination of quality and management tools aimed at increasing business and reducing losses due to wasteful practices. Some of the companies, which have implemented TQM, include Ford Motor Company, Phillips Semiconductor, SGL Carbon, Motorola and Toyota Motor Company.
In doing so, they also rally to have their products delivered within the timelines and also keep on top of payments. At my workplace in order for things to run smoothly focus is placed quotations received that was requested for a particular product, purchase orders, schedule of procurement & payments. This avoids lots of confusion and paying for a product. Also, when quotations are received from different supplier’s prices are compared and most times this is how the final decision is made to get product or machine. With procurement, a list of are certain criteria that is considered before settling on a supplier.
For the completion of the supply chain someone is responsible for physical distribution of the product to the final consumer i.e. the buyer. • Technological Development: It is a support activity and according to Porte, it should be included in the supply chain model as it consists of broad range of activities. • Procurement: This is basically about purchasing of inputs which are used in the value chain of firm. This includes machinery, raw material, supplies, office equipment etc.
to get right fabric/trims at right place on correct time and with right cost. During this order execution process, merchandiser handles whole order form the initial stage and thus he is a key individual in sourcing process compared to the sourcing department. Since, the merchandiser know all about the particular order, merchandiser is the decision making authority in sourcing process, whenever a critical situation is faced. The responsibilities of merchandiser in sourcing can be depicted as follows, • In small scale industry merchandiser bares the maximum responsibility of sourcing process throughout the order processing. • In large scale industry sourcing team coordinates merchandiser to source the fabric and trims in all aspects.
The main focus of inventory management, is to holding the optimum level of inventory and then balancing the cost with that. It also focuses on when to restock certain items, when and how much to order and also what price to sell. Job costing system: Job costing system is used for large projects specially when products manufactured are different from each other, for an example construction business, where each project is unique .The job costing system will report direct materials, direct labour, and manufacturing overhead allocated to each job. It will also keep report for the cost of the work-in-process inventory, the finished goods inventory, and the cost of goods
1. INTRODUCTION 1.1 INTRODUCTION OF THE TOPIC Materials Management is simply the process by which an organization is supplied with the goods and services that it needs to achieve its objectives of buying, storage and movement of materials. Materials Management is related to planning, procuring, storing and providing the appropriate material of right quality, right quantity at right place in right time so as to co-ordinate and schedule the production activity in an integrative way for an industrial undertaking. Most industries buy materials, transport them in to the plant, change the materials in to parts, assemble parts in to finished products, sell and transport the product to the customer. All these activities of purchase of materials,