Components of material management.
Summary:
In a single Word document, APA format, minimum 3 full pages (excluding cover page and citations), answer the following questions. Use the questions as section headings.
- Identify the most important components of material management.
- Identify the key issue or issues.
- Discuss the evolution of technologies in materials management
- Summarize your conclusions and key take-aways
Requirements: in-depth example
Answer preview
While materials management is resourceful in organizations, the prevalence of diverse challenges the effective functions in every component. For instance, supply discontinuity can occur from inaccurate cycle counts and stalled supplies due to insufficient raw materials or finances to facilitate stocking. Still, the current global concern of inflation significantly contributes to the uncertainties in demand and supply. This challenge, recognized as the bullwhip effect, alters the ideal forecast of the supplies (Arnold, 2020). Consequently, this contributes to exaggerated lead-time effects. In most cases, the effect can cause large fluctuations in demand for raw resources, even with relatively slight consumer changes at the end of the supply chain. According to SITMI Academy (2020), the uncertainties in the supply chain make inventory holding costs lack flexibility.
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