Materials Management Strategies (VCE SSCE Business Management): Flashcards
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Practise the cards
10 cards from this deck
Definition of materials management
Definition of materials management
Planning & coordinating all materials for smooth operations
The 6 'rights' in materials management
The 6 'rights' in materials management
Materials, quantities, quality, time, price, source
What forecasting uses to predict future needs
What forecasting uses to predict future needs
Past sales data & market trends analysis
Master production schedule (MPS)
Master production schedule (MPS)
Statement of what to produce, quantities & when
Four key inputs for MPS (CIFOQ mnemonic)
Four key inputs for MPS (CIFOQ mnemonic)
Current inventory, Forecast sales, Orders, Quantity to produce
Materials requirement planning (MRP)
Materials requirement planning (MRP)
Computerised system for production planning & inventory control
Bill of materials in MRP
Bill of materials in MRP
Comprehensive list of every item needed to make a product
Definition of inventory
Definition of inventory
Stored materials at various production stages
Just in time (JIT) system
Just in time (JIT) system
Minimises/eliminates inventory throughout supply chain
Technology JIT relies on
Technology JIT relies on
Electronic data integration synchronising buyer-supplier systems