Important Issues in Material Procurement
Ø Economic Order Quantity: One significant question that is to be answered through the Purchase Manager is at any one time how much to purchase? Alternatively, at any one point of time how much quantity is to be ordered? Whether there are some costs related with the ordering quantity excepting the purchase price? It will be note that to the ordering quantity there are costs attached. There are two types of these costs, the ordering cost and the carrying cost. The cost of placing an order is known as ordering cost. Alternatively, it can be said that while an order is placed, the company has to acquire specific costs at the time of order. These costs involve costs such as stationery costs, handling and transportation costs, costs incurred for inviting quotations and tenders etc. The more increment is the frequency of order, the more increment is these costs.
Ø Fixation of Level: other significant aspect of material procurement is not to purchase very much or so much little. Likewise the timing of the purchase is also important. Fixation of levels of materials is completed accurately with these purposes in mind. The following levels of materials are fixed for accomplishing objectives such as avoiding overstocking, making sure that the material is ordered at right time and also avoiding lack of materials.
Maximum Level = Re-order Level + Re-order Quantity - [Minimum Consumption* Minimum Reorder period]
Minimum Level = Ordering Level - [Average rate of consumption Re-order period]
Re-order Level = Maximum Usage per Period * Maximum Re-order Period
Average Level = Maximum Level + Minimum Level / 2
Ø Danger Level: Generally the danger level of stock is indicated below the safety or minimum stock level. Occasionally, relies on the practices of the firm and conditions prevailing, the danger level is determined among the re-order level and minimum level.
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