Describe the elements/steps of material management system.

Material management is a critical function within an organization, particularly for manufacturing, retail, and construction industries. It ensures that the right materials are available at the right time, in the right quantity, and at the right cost. An efficient material management system contributes to the smooth functioning of production processes and the overall supply chain. The elements or steps of a material management system encompass a wide range of activities that focus on sourcing, procurement, inventory management, storage, and distribution. Below are the primary steps involved in a material management system.

1. Material Planning
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