Materials and Financial Management

C.M. Sadiwala, Ritesh C. Sadiwala, "Materials and Financial Management"
New Age International (P) Ltd | 2007 | ISBN: 8122423469, 8122420338 | 267 pages | PDF | 1,2 MB

Preface
The developing countries like India are facing the various types of problems about materials
and other resources, which are scarce or imported from other countries. The various Industries,
which will have to compete with Internationally, established manufacturing organizations to
manage their production and materials they are marketing and procuring after liberalization
to sell their products at the competitive rates have to purchase, store and produce their
products very economically. After liberalization Industries in our country have realized the
importance of materials and financial management to manage and utilize all their resources
in the best possible way. The revolutionary changes have been taking place in Industries for
various activities to optimize the cost of materials and production operation.

The Industries
in our country and globally are managing their resources and all types of materials by the
new techniques, methods and use of computers to utilize them most economically considering
various costs involved in purchasing, procuring, storing and utilizing various types of materials
and products. The materials and financial management is the subject which deals with the
study of techniques of appropriate materials supply and materials flow procedures to control
the production system. It helps in materials management and control of inventories. The
financial management shows how to economize the cost of purchase of materials and inventory
control. It is therefore necessary to introduce and teach our students studying for graduation
and post graduation in engineering, management, finance, economics and science the subject
of ‘Materials and Financial Management’. This subject is the part of syllabus of B.E., B.Tech.,
AMIE, M.B.A. M.Tech., M.E., M.C.A., and other management and engineering courses,
practitioner engineers working in various organizations and competitive examinations. The
various Universities in India and other countries have prescribed this subject in various
Engineering and Management Institutions in their course of study.
I have attempted to introduce and cover the various topics of materials and financial
management in this book. I have also emphasized the need for materials management in
every Industry and other organizations to manage and economize their costs. The stores
planning and control is very essential in every organization to manage and control the
various types of materials, items and parts required to manufacture and market their outputs
to develop and meet the demands of their customers and market. The materials management,
inventory control, materials purchasing and supply chain management, stores control,
standardization, simplification, classification, coding of materials and forecasting are the part
of materials management department. Break even analysis, inventory planning and materials
requirements planning, manufacturing resources planning, cost control, value engineering
help in financial management of the organization. M.R.P.- I and M.R.P.- II, Just in time,
materials handling, automatic storage and retrieval system, CAD/CAM, Flexible manufacturing
system, computer integrated manufacturing and value engineering are the recent fields in
industrial engineering which have practical applications in all the manufacturing and other
types of organizations. The use of computers has become essential in materials management.
MRP is the computerized system to control manufacturing activities using database management
system. Vast amount of clerical work, employees activities and other work involved in the
organization in continuously changing conditions to receive customers orders, delays in
receiving materials supplies, machines breakdowns and timely delivery of production for sales
are the information the management must receive for appropriate decisions in time. MRP,
ERP and MIS have made it possible.
This book of ‘Materials and Financial Management’ is useful to all engineering,
finance, management students and practicing engineers in organizations for their study and
practice. The topics included in this book are given below:
Chapter – I Materials Management
Chapter - II Purchasing and Supply Chain Management
Chapter - III Stores Management and Control
Chapter – IV Standardization, Simplification, Classification and Coding of materials
Chapter – V Forecasting
Chapter – VI Inventory Planning
Chapter – VII Materials Requirements Planning
Chapter – VIII Break Even Analysis
Chapter – IX Inventory Control
Chapter – X Value Engineering
Chapter – XI Materials Handling
Chapter – XII Just in Time
All these topics and their contents mentioned above in various chapters from I to XII are
essential to study and implement the techniques of Materials and Financial Management in
any organization to work efficiently and productively. They are therefore introduced in various
Universities and Institutions in India and all over the World as part of the curriculum in
Engineering, Technology and Management studies for B.E., B.Tech., AMIE, M.E., M.Tech.,
M.C.A. and M.B.A. examinations. It will also be useful for general study by any one.
The suggestions are welcomed from the readers of this book for any mistakes, omissions,
additions and improvement in the book.
Chandra Mohan Sadiwala
Ritesh Sadiwala

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