Material management is the systematic process of overseeing and controlling the acquisition and utilization of supplies to ensure cost effectiveness and availability. In a laboratory, it is important to know the financial status and the quality of every equipment in your laboratory. The choice of proper instrument is important, because selecting a new equipment can help you improve the system in the lab. For ease operation, the longevity of the instrument and the time when equipment will show problems are part of the selection of proper instrument.
Cost-effectiveness is also important, to pay the lowest possible prices, consistent with quality and value requirement for purchases materials. It is also important to maintain the integrity and quality of the equipment such as calibration and cleaning of the equipment. Repair is done after the failure of equipment occurs. For example, in a laboratory, if the centrifuge is not working, there should be an immediate replacement of that equipment or it could be repaired immediately. Same with the reagents, if one is expired, it should be replaced with another new reagent so maintenance and monitoring of the equipment is important.
Financial Control of Inventory
- Economic ordering quantity (EOQ)
- Economic ordering point (EOP)
- Optimal recorder time (ROT)
Inventory Management Methods
- Annual usage
- Average daily usage
- Cost of ordering
- Annual holding cost
- Cost per unit
- Lead time
EOQ= √2(annual usage in units)(order cost)
annual carrying cost per unit
EOP= annual usage ⨉ lead time in days
365 days
ROT= EOQ ⨉ 365 days
annual usage
First, have a definite, clear practical ideal; a goal, an objective. Second, have the necessary means to achieve your ends; wisdom, money, materials, and methods. Third, adjust all your means to that end. ~ Aristotle
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