Resource Management Flashcards
it is the careful planning and procurement of material.
material management
It starts with the correct and timely submission of submittals as well as the tracking of the review/approval process
material management
this process must also be monitored and controlled for the sub-contactors as well
material management
it is the unit purchase price from an external source including transportation and freight costs.
purchase cost
it reflects the administrative expense of issuing a purchase order to an outside supplier
order cost
it is a primarily result of capital costs, handling, storage, obsolescence, shrinkage and deterioration.
holding cost or carrying cost
it is the cost or financial expense of capital tied up in inventory
capital cost
it represents the movement and protection charges incurred for materials
handling and storage
it is the risk that an item will lose value because of changes in specifications.
obsolescence
it is the decrease in inventory over time due to theft or loss.
shrinkage
it reflects a change in material quality due to age or environmental degradation
deterioration
it is incurred when a desired material is not available at the desired time
unavailability cost
it is the time between the receipt of approved submittals and/or shop drawings and the delivery of the product to the site.
lead time
the __________ must define when the material is required and its availability on that need.
project manager
it reduces, storage costs, damage due to exposure, and theft/vandalism, and it prevents a premature outlay of funds to pay for stored materials.
deliver the materials just prior to installation
