Materials Management System

The fundamental objectives of the Materials Management function ,often called the famous 5 R’s of Materials Management, are acquisition of materials and services :

of the right quality

in the right quantity

at the right time

from the right source

at the right price

Materials Management thus acts as a function of business that is responsible for the coordination of planning, sourcing, purchasing, moving, storing and controlling materials in an optimum manner so as to provide service to the customer, at a pre-decided level at a minimum cost.