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THE ROLE OF INVENTORY MANAGEMENT

 ON THE NIGERIA BREWERY INDUSTRY

(A CASE STUDY OF NIGERIA BREWERY INDUSTRY 9TH MILE CORNER, ENUGU

 

ABSTRACT

The examination of the role of inventory management is the sole aim of this project work. To make the work more apprehendable and comprehendible a particular organization is chosen as case study. This company is known as NIGERIA BREWERY INDUSTRY 9TH MILE CORNER, ENUGU.

The aims of organizations are reviewed as a having the objective of either profit maximization or rendering of efficient optimum service of which the case study company is out for both. This project work intends to bring into light inventory functions as an activity or means of achieving these objectives via or through its immense contribution to organizations.

The research work introduce inventory functions, its general back ground statement of general problem. It treasure review on the various authors on the subject matter on theoretical background were produce by the researcher.   

 

TABLE OF CONTENT

CHAPTER ONE

1. Introduction

1.1     Background of the study

1.2     Statement of the problem

1.3     Objectives of the study

1.4     Research question

1.5     Significance of the study

1.6     Scope and limitations of the study

1.7     Definition of terms

          Reference

 

CHAPTER TWO

1. Review of related literature

2.1     Historical background of Nigeria brewery industry plc.

2.2     Definition of inventory management

2.3     The need to hold inventory

2.4     Approaches to inventory management

2.5     Inventory functions

2.6     Inventory types

2.7     Inventory costs

2.8     Determinates of inventory levels

2.9     Development of an inventory management system

          Reference

 

CHAPTER THREE

1. Research methodology
2. Sources of data
3. Population of the study
4. Determination of sample size
5. Method of gathering data
6. Research instrument
7. Validity of research instrument
8. Method of data analysis

Reference

 

CHAPTER FOUR

1. Data presentation and analysis

 

CHAPTER FIVE

1. Summary of findings
2. Conclusion
3. Recommendation

Reference

 

 

 

CHAPTER ONE

 

1.0     INTRODUCTION

Inventory management is the science based art of controlling the amount of stock held in various form within as business to meet economically the demand placed upon that business it is thus a machinery used by brewery industry to determine the optimal level of stock to hold at specific periods of time depending on certain such as cost minimization and / or anticipated  price increase.

The need for inventory arises because of the dynamic nature of the environments within which the brewery industry exist. According to Patterson and Silver, in an ideal situation where the demand upon a business is known exactly and in advanced  where supplies arrives when due, there would be little need for any inventory at the end of financial periods.

In practices however, the demand is not known in advance and suppliers could arrive either early or late as the case may be and this brings about the need for inventories to act as a butter between the vagaries of demand and supply.

Patterson and Silver expressed the need for effective management of inventory according to them inventories by a brewery as expressed associated with inventory management often form a substantial amount of the total expenditures incurred by any brewery. This also stated that inventories determined the extent to which purchasing manufacturing and distribution activities of any brewery could be rationalized to ultimately provide competitive customer service.

 

1.1     BACKGROUND OF THE STUDY

In late 20’s many business sectors in U.S.A experienced great slumps. These were as a result of materials or stock management. In effective it was during this period that some businessmen  coined the statement “stock are the grave yard of a business”. This statement means that is with her stock is bound to face some financial hitches which may in effect, grind the business wheel to halt.

One should not fail to understand that in most industrial firms materials account for over 50% of the company’s total cost of production. Therefore, any business that would want to remain in operation, should as a matter of importance  exercise adequate measures towards protecting her stock levels. A good inventory management saves many breweries that are about folding up.

Again, there is no doubt that many uncertainties be calmed inventory management. Hence, this range form determining  how much inventory are needed at a particular period, how and when to have them obtained, and the determination of the marketability of the outputs, therefore the associated risks of these uncertainties could only be taken care f by a well establish proper inventory management techniques.

Little wonder is that no two breweries in the same industry having equal materials risk condition on and on the same scale of operations record the same inventory cost. The difference can be explained by the techniques employed by each of the breweries.

Many options are open to the inventory manager, he may chose to maintain a high inventory level to avert the hazards of being or having to order for materials very often, he can also maintain low inventory level to put ordering more frequently than when highly maintained. The question lies now on which of these approaches is preferable  to the other. Efforts will therefore be geared I this piece to throw more light on this question, as this study set to examine the role of proper inventory management in brewery industry in Nigeria with special emphasis on Nigeria brewery Plc 9th mile corner Enugu.

 

1.2     STATEMENT OF THE PROBLEM

Inventories play an essential role in many breweries, that is why we say, inventories is live wire of a brewery industry. Inventory like to business what human blood is to human beings, it implies that business sustainability so much depend on it. Management of inventories in brewery industries is a function of observations of prudent inventory accounting techniques which aims at not  only helping the sustenance  of brewery industries or setting it on the path to growth. Instability is the major problem to tackled in the Nigeria economy. The reason why we said instability is it fluctuates the prices of the products thereby shifting customer taste between Nigeria brewery plc product and other products in the market.

 

1.3     OBJECTIVE OF THE STUDY

The objectives of the study are as follows:

1. To ascertain the techniques of inventory management adoted by the brewery.
2. To seek way of improving such practices
3. To determine problem encountered by the use  of such methods as well as benefits derived from their use.

It is hoped that by the end of the study, certain loopholes in the inventory management system of the brewery would be identified and probable solutions generated.