TO STUDY MATERIAL PROCRUITMENT AND INVENTORY MANAGEMENT TECHNIQUES OF CONSTRUCTION SITE.... A Review
Keywords:
Material Procurement, Inventory Management, Literature reviews, Procurement methodsAbstract
Successful completion of projects requires all resources to be effectively managed and controlled. Materials management is considered as a means to achieve better productivity, then which should be translated into cost reduction. Procurement is the acquisition of goods or services at the best ownership cost, in the right quantity and quality, at the right time and place for the organization. Inventory management deals with the determination of optimal policies and procedures for procurement of commodities. Lack of inventory can lead to stock-outs, causing stoppage of production, but a very high inventory on the other hand can result in increased cost of production due to high cost of carrying inventory. Thus, optimization of inventory should ensure that stocks are neither too low nor too high. In this paper we try to study the methods for material procurement & techniques of Inventory management. The primary data was obtained through the use of a structured questionnaire survey.
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