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Material management plays a vital role in the effective functioning of an organization by ensuring the availability of the right materials, in the right quantity, at the right time, at the right place, and at the right cost. It is a systematic approach that involves planning, procurement, storage, handling, and control of materials required for production and other organizational activities. Efficient material management helps organizations reduce costs, improve productivity, and achieve smooth operations. One of the major functions of material management is material planning and forecasting. It helps an organization estimate the quantity and type of materials required for future production activities. Proper planning prevents shortages and excess inventory, ensuring that production processes continue without interruptions. It also helps organizations maintain a balance between demand and supply. Purchasing is another important function supported by material management. It involves selecting reliable ____ _____ ___ _____ __________ ________.
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