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In materials management, ABC analysis is an inventory categorisation technique which divides inventory into three categories: 'A' items, with very tight control and accurate records, 'B' items, less tightly controlled and with moderate records, and 'C' items, with the simplest controls possible and minimal records.
Note that the physical inventory for one accounting period becomes a part of the book inventory for the subsequent period. The IAEA also notes that the "definition of MUF implicitly assumes that the material balance is based completely on measured data. The use of by-difference accounting results in a meaningless MUF.
Materials management often gets overlooked, even though successful projects are a result of a successful blend of labour, materials and equipment management. When materials are tracked efficiently project time can be optimized, costs can be saved and quality can be maximized. [3] There is a lack of efficient materials management in capital and ...
In physics, a mass balance, also called a material balance, is an application of conservation of mass [1] to the analysis of physical systems. By accounting for material entering and leaving a system, mass flows can be identified which might have been unknown, or difficult to measure without this technique.
A bill of materials or product structure (sometimes bill of material, BOM or associated list) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between manufacturing partners or confined to a single ...
Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail.
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feedstocks. They are used to manage assumptions of costs related to inventory, stock repurchases (if purchased at different ...
Material requirements planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software-based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives: