ANALYSIS OF THE KEY ELEMENTS THAT CONTRIBUTE TO BAD MATERIAL MANAGEMENT

Author Reg. ID: TIJER_101364

Published Paper Id: TIJER2303137

Published In: Volume 10 Issue 3, March-2023

Abstract: The majority of a project's budget 60 to 65% is spent on materials. So, it's crucial to define project limits for material management from the planning stage to the store and inventory stage. Hence, effective material management can boost profit by up to 5 to 6% of material cost. Yet, because of poor planning and material management, it has become challenging for the company to preserve additional earnings. A major company experiences cost overruns in projects, and in order to minimize costs, quality specifications and methodical process projects are sacrificed. In order to identify the major factors affecting material management in a firm, a Likert scale survey was conducted in Satara, Maharashtra. The major factors are listed in this paper and are ranked from most dangerous to least dangerous based on the relative importance index. For each factor, solutions are offered

Keywords: Material Management, Cost, Procurement, Firm, Construction Material, Relative Important Index (RII)

Downloads: 000158

Page No: 75-78

Country: vaduj, maharashtra, India

Research Area: Science and Technology

Published Paper URL: https://tijer.org/TIJER/viewpaperforall?paper=TIJER2303137

Published Paper PDF: https://tijer.org/TIJER/papers/TIJER2303137

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