1.1.0 Introduction to Integrated Concept and Objective of Material Management :
For running any industry or business, we need a number of resources. These resources are popularly known as 5 M's of any Industrial activity i.e.
- Men,
- Machines,
- Materials,
- Money and
Management.
- All these resources which are basic inputs, are important but their relative importancedepends upon the particular type of industry and also other environmental factors. Earlier, when many modern machines were not even known, whole activity was around men.
- But now the importance has shifted from men to machines and in the present environment materials are the life blood of any industry or business and for their proper running, materials should be available at proper time in proper quantity at proper place.
