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Abstract VED analysis is an inventory management technique that classifies inventory based on its functional importance. It categorizes stock under three heads based on its importance and necessity for an organization for production or any of its other activities. VED analysis stands for Vital, Essential, and Desirable. Keywords Vital, Essential, Desirable. Inventory, Materials Management,  Learning Outcomes After undergoing this article you will be able to understand the following 1. What's VED Analysis? 2. Why VED analysis is important for inventory management? 3. How the categories of  VED analysis are effectively carried out? 4. What are the benefits of VED analysis? 5. What are the shortcomings of VED analysis? 6.  What's the Applications of VED analysis? 7. How to devise strategies for VED analysis in inventory Management ? 8. Conclusions 9. FAQs References  1. What's VED Analysis? VED analysis is an inventory classification techniq

Abstract ‘Materials Management’ is a term used to connote “controlling the kind, amount, location, movement and timing of various commodities used in production by industrial enterprises”. Materials Management is the planning, directing, controlling and coordinating those activities which are concerned with materials and inventory requirements, from the point of their inception to their introduction into the manufacturing process.It begins with the determination of materials quality and quantity and ends with its issuance to production to meet customer’s demand as per schedule and at the lowest cost. Materials Management deals with controlling and regulating the flow of material in relation to changes in variables like demand, prices, availability, quality, delivery schedules etc. Thus, material management is an important function of an organisation covering various aspects of the input process, i.e., it deals with raw materials, procurement of machines and other equipment