materials management


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materials management

the administration and control of the materials used by a firm in the PRODUCTION process. This has two main aspects:
  1. the ordering and maintaining of STOCKS of materials so as to ensure that adequate amounts of materials are available at all times, thus enabling production to go ahead without interruption while at the same time attempting to minimize stockholding costs (see PURCHASING, MATERIALS REQUIREMENTS PLANNING, STOCK CONTROL, STOCKHOLDING MODEL);
  2. materials handling, the physical movement of materials from place to place, their packaging (in pallets and containers) and their storage (see INTERSTAGE STORE) as they proceed through various production processes. Materials handling seeks to minimize internal transport costs and damage to, and wastage of, materials. See MATERIALS FLOW MANAGEMENT.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
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With offshore deployment due to commence next month (September 2019), ASCO Group Innovation Director, Allan Scott, commented: "ASCO's collaboration with Equinor is the result of a joint vision to transform materials management. The warehouse deployment has brought improvements beyond our expectations, one major process has improved from 15 minutes to 30 seconds.
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After obtaining a degree in production technology, for which he was awarded the promotion prize of the Association of German Engineers VDI, Rainer Schulz first held various materials management and production supply chain positions in the electronics and mechanical engineering industries.
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