The process by which businesses manage their various resources effectively. Those resources can be intangible – people and time – and tangible – equipment, materials, and finances. It involves planning so that the right resources are assigned to the right tasks.
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Material Planning is the scientific method of planning and determining the requirements of consumables, raw materials, spare parts and other miscellaneous materials essential for the production plan implementation.
Value stream mapping (VSM) is a lean manufacturing technique to analyze, design, and manage the flow of materials and information required to bring a product to a customer. It uses a system of standard symbols to depict various work streams and information flows.
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