THE IMPACT OF INVENTORY CONTROL IN BUSINESS ORGANIZATION
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TITLE PAGE
THE IMPACT OF INVENTORY CONTROL IN BUSINESS ORGANIZATION
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the impact of inventory control in business organization" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
PROJECT DESCRIPTION: This work "the impact of inventory control in business organization" research material is a complete and well researched project material strictly for academic purposes, which has been approved by different Lecturers from different higher institutions. We made Preliminary pages, Abstract and Chapter one of "the impact of inventory control in business organization" visible for everyone, then the complete material on "the impact of inventory control in business organization" is to be ordered for. Happy viewing!!!
This study took into consideration the relationship between effective system of inventory management and organization performance in the seven-up bottling company, Nile Mile Enugu. The researchers were motivated to embark on this study, in order to bring to fore the importance of effective inventory control system on organizational performance as it relates to the bottling company. A total of eighty-three respondent constitute the sample for the study. Four research questions and Four hypotheses were generated and tested at 10% (that is 0.10) significant level using descriptive statistics and non-parametric test . The result of the analysis showed that flexibility in inventory control management is an important approach to achieving organizational performance. It was found that organizations benefits from inventory control management by way of easy storage and retrieval of material, improved sales effectiveness and reduced operational cost. The study also found that there is a relationship between operational feasibility, utility of inventory control management in the customer related issues of the organization and cost effectiveness technique are implemented to enhance the return on investment in the organization. Effective inventory control management is recognized as one of the areas management of any organization should acquire capability. It is recommended that organizations should adopt the inventory keeping method that best suit their operations.
TABLE OF CONTENT
Title Page i
Certification ii
Dedication iii
Acknowledgment iv-v
Table of Contents vi-viii
Proposal ix-x
CHAPTER ONE: INTRODUCTION
- Background of the Study
- Statement of the Researcher Problem
- Objective of the Study
- Significant of the Study
- Scope of the Study
- Limitation and Constrains of the Study
CHAPTER TWO-LITERATURE REVIEW
2.1 Mode of Inventory
2.2 Cost Criteria in Inventory Control
2.3 Static and Dynamic Inventory Selection Control
2.4 Element Influencing Inventory Selection Polities
2.5 ABC Inventory Classification Control and Period Review
2.6 Relevance of the Review of the Study
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Data Specification
3.2 Procedure for Data Collection
3.3 Techniques of Data Analysis
3.4 Problem of Data Analysis
CHAPTER FOUR
4.1 Data Presentation and Analysis.
4.2 Data Analysis
4.3 Summary of Findings
CHAPTER FIVE
5.0 Summary Recommendation and Conclusion
5.1 Summary
5.2 Recommendation
5.3 Conclusion
References
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY.
The importance of inventory control in any organization can not be over emphasized. In fact both wholesaler and retail business firm establish and maintain inventones to meet the possible demand of the customers through the avoidance of running out of stock or stock out cost. And buying higher nice. In addition, minimization of ordering cost, reduction of production cost as well as manufacturing firms keep inventories since manufacturing firms must stock raw materials and component parts in order to meet the demands of the production processes.
Inventory control exists in different size shape and forms to meet a variety of demand. As a result of the importance the current emphasis in management science that refore began with the analysis of inventory control in 1915 develop the first economic cot size equation which was probably the beginning problems.
In 1931, Raymond published in is quantity and economy in manufacturer, in which he develop this idea farther attempting to account for a wide variety of condition. In fact, in the past war period, the management science literature has been filled with the analysis of Inventory and production control system, partly because of the great interest shown by such progressive companies as the Eastman Kodak company, procter and gamble, johson and johson Kodak and a lost of many others.
The word ‘Inventory’ as a stated in the encyclopedia britanica’’ is term use to designate item that are in process of producing goods to be sold. It has also been defined according to migs wand meifs R. as the merchandise which is available fore sale but
not sold duing the year constitution the Inventory of merfchandise bthe year.
Also for clarity sake Burbidge J.L defined it as all of the materials parts supplies expensive tools work in progress and finished products recorded on the book by an organization and kept in the stock room, ware houses or plants ‘’other see it to usable resources that are idle at a given point in time. But in the context of the study of appraising inventory controlling business organization with reference to niger limited. Ikeja which is manufacturing firms Inventory well include raw materials semi finished goods (work in progress) e.g. predict meant from painting and firming (becorceil) as well as finished goods.
This is different from the way Inventory is viewed in a retail environment such as supper market department shop, were Inventory is generally viewed as the stock of goods or sales. It mat how ever, according to Davis et al (1786) include non physical asset such as each account receivable and personnel.
In the general Inventory is associated with manufacturing and retailing firms. Although equipment suoolies and personnel are all integral inventories for organization such as hospital, universities, and other public services organization there fore, wagner (1989) concludes the Inventory mode plays the same role in the field of operation research as do Newtons elementary laws in the field physical well nearcy the same role. Even though the situation considered by the model is idealized, the encompass many of the important consideration for chosen an Inventory policy.
1.2 STATEMENT OF RESEARCH PROBLEMS
A cost of business of recent are falling in the country to meet demand of their customers through running out stock some of this firms are attributing this to the vacling economic depression in the country but this explation show ever quite unsatisfactory the research opines that most problems associated with firms especially nigerrite limited in running out of stock to meet customers need, buying of raw materials at higher prices thereby producing at high cost in due to the improper application Inventory control.
The issue here is that customers would then begin to ask question such as ‘‘ is Nigerite limited having finance problem? Are the funds provided reducing year out? Or is there any form of mismanagement? What wad situation some years bank in the organization? As question being asked by customers so also the management or the organization is face with some problems such as ‘why are we sometime out or stock what should be stocked? How many? When should replenishment be affected? In what amount ? how should we adjust production when sales are uncertain/unpredicated?
What capacity will examine the extent too which Nigeria limited has adopted inventory control in organization and recommend possible ways in which the situation could be bettered.
1.3 OBJECTIVE OF THE STUDY
The major objective of the study include the followings.
1) To examine the extent at which nigerite limited has adopted the use of proper Inventory control in their polly formulation.
2) To identify the organization Inventory items and their associated cost.
3) To find out the total number of product each machine the organization has can produce either in batches units with associated dry taken hair for completion of the jogs.
4) To Inventory how the organization places order or their raw materials with associated cost.
5) To find out recording quantity of each of raw materials uses and average number of days each of the producer takes before being and the carrying cost.
6) lastly and most importantly to make useful recommendation to Nigerite limited and other similar organization based on the finding of the study.
1.4 SIGNIFICANCE OF THE STUDY
Inventory control as already indicated in the background of the study is very importance to businessmen due to it’s numerous applications or properly applied such as the avoidance of the organization faced with the problems of running but of stocks.profit maximization especially when they are anticipated price increase minimization of nordering cost reduction of production cost,shelve display a commodities uncomplying of successive operation in the process of making it possible to process a product at a distance from customer or from raw material supplies or two do two operation at a distance from each other e.t.c.
With the benefit derivable from proper application of inventory models as well as various problems still confronting most manufacturing, retailing or wholesaling firms in Nigeria, which are mostly wrongly attributed to economic depression, whenever they fail to meet customers orders there by costing such customers to their competitors apart from the money they our to have realized obviously called for this kind of study.
1.5 SCOPE OF THE STUDY
The attention of this project is focused essentially on inventory control to Nigerite limited lagos being the head office where all relevant information needed about others operating plant with in the country easily and ready available and accessible.
Since the write up will not extend beyond how inventory control is beings used in the chosen organization various concept of inventory control and how they are applied to the company under study. Nigerite limited lagos, could be attempted. This will enable us see the relationship between inventory conrol and operating result of the company.
1.6 LIMITATION AND CONSTRAINTS OF THE STUDY
Research study in nigerite is best with a problems which mass prejudice against the researcher themselves under secrecy as well as were time and financial constraints may of this limitation were experienced the course of out study.
However, provement among these limitation were experienced the course limitation were time and financial constantrants. As final year student we had short time at my disposal for the study. As has to combine it with other academic work some problems were therefore encounterd in the conduct of the field work it was not quite easy to arrange or personnel intervention with the general manager, propriet or the product manager of the aquan rapha investment company. The national directorate of employment as well the Nigeria banks of commerce and industry limited <NBCL>
1.7 PROJECT ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work, chapter two presents the literature review of the study, chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the impact of inventory control in business organization" is also available. Order full work to download. Chapter two of "the impact of inventory control in business organization" consists of the literature review. In this chapter all the related work on "the impact of inventory control in business organization" was reviewed.
CHAPTER THREE: The complete chapter three of "the impact of inventory control in business organization" is available. Order full work to download. Chapter three of "the impact of inventory control in business organization" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "the impact of inventory control in business organization" is available. Order full work to download. Chapter four of "the impact of inventory control in business organization" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "the impact of inventory control in business organization" is available. Order full work to download. Chapter five of "the impact of inventory control in business organization" consist of conclusion, recommendation and references.
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