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Effective inventory control as a means of improving an organization is performance.
(a case study of nbc plc) ninth mile corner, enugu
ABSTRACT
This research project is on effective inventory control as a means of improving and organizations performance. A case study of NBC Plc.
The research was prompted by the researchers believe of the indispensable role an inventory that is properly controlled can play in gearing up the profit of an organization in any given accounting period with the increasing highcost of production attributable to scarcity of raw-material.
It has therefore become necessary that an examination be made on the classification of inventory and the proper way to control and stock raw-materials.
A detailed analysis of how inventories are classified, controlled and the cost of keeping inventory were studies by the researcher.
CHAPTER ONE
INTRODUCTION
Inventory control refers to the management function concerned with the acquisition, storage, handling and usage of inventory so as to ensure the availability of inventory when needed, provide adequate cushion for contingencies and deriving maximum economic benefits and at the same time minimizing wastage and loses.
Independently, inventory control can be defined as a quantity of goods or materials in the control of an enterprise and held for a time his relatively idle or unproductive state, awaiting its intended use or sale. It is equal identified as stock on hand at a given time.
The type of inventory items consumed in the normal functioning of an organization that are not a part of the final product. They include toiletries and pencils:
- Raw materials – Inputs into the production –process that will be modified or transformed into finished goods.
- In process goods – Partially completed final product that are still in the production process
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