Definition
          It   is  concerned  with  planning,  organizing  and 
      controlling  the  flow  of  materials  from  their  initial 
      purchase  through  internal  operations  to  the  service 
      point through distribution.
                                                  OR
          Material  management  is  a  scientific  technique, 
      concerned with Planning, Organizing &Control of flow 
      of materials, from their initial purchase to destination.
     Purchase Order: A document authorizing the 
    purchase of a product or service from a vendor 
    Traveling Requisition: A catalog of products used to 
    order supplies stocked by material management 
     Standing Orders: A purchase order issued for a 
  product or service to be delivered according to a preset 
             schedule 
          Inventory Level Checks
    Perpetual System: A system that keeps account of 
   the inventory each time a product is used or removed 
            from inventory 
   Periodic System: A system whereby inventory levels 
   are checked according to an established timetable 
    Random Checks: A method used to verify inventory 
              levels 
    Economic Ordering Quantity (EOQ): A formula used 
   to determine the quantity of supplies to order at one 
              time 
    Economic Ordering Point (EOP): The point at which 
        inventory should be re-ordered 
    Optimal Reorder Time (ROT): The best time to place 
     an order to take advantage of EOQ and EOP 
       AIM OF MATERIAL MANAGEMENT
                                  
   To get
     1. The Right quality
     2. Right quantity of supplies 
     3. At the Right time
     4. At the Right place
     5. For the Right cost