ABSTRACT
As the topic state that is “the need for efficient inventory management in a manufacturing company”.
One major component of this cost in many manufacturing organization that desires the attention of management is the investment in inventories otherwise know as stock. One will then say that really manufacturies companies face inventory management problem of what the researcher tried to analyse and bring possible solution to that effect.
The problem associated with inventory management are unavailability of raw material. The determination of optimal level of stock as well as the discrepancy between policy and practice in stock management.
In carrying out the research work, some research questions were asked such as:
The simple random sampling techniques were used and the methods of data collection used were oral interview company.
Journal textbook and questionnaire which were mostly structured the deportment act as source of data for planning and controlling of more our from the analysis of data gathered was revealed that the company make decision about stock management and also that stock can be allowed to leave the store without requisition being made for it in order to meet up with emergency.
Based on the above analysis carried out, it was also gathered that inadequate information flows rapid inflationary pressure as well as organized storage system are factors that militating against efficient inventory management in the company.
Economic order quantity stock budget minimum stock level are used as means of controlling stock.
The research writer recommends that thee company should set up information flow above inventory management and organize a perfect storage system for the stock.
In order to guide against inflation, market price of valuing inventory is recommended there should be optimum stock level to avoid or over stocking
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
General Background to the subject matter
Problems associated with the subject matter
Problems that the supply will be concerned with
The important of studying the area
Definition of important terms
(chapter) Reference (using APA method)
CHAPTER TWO
2. LITERATURE REVIEW
CHAPTER THREE
Data presentation (Highlight of the study)
Analysis of the data
​CHAPTER ONE
INTRODUCTION
The objective of most business include survived and growth fulfillment of social responsibility and realization of satisfactory profit.
This level of return enables company to have advantage of business opportunities undertake research and innovation which further make for growth and survival in the long run discharge its social responsibilities and its obligations to the owners.
In order to maintain this status quo, it becomes imperative that positive attempt must be made to minimize the operational cost of the business increase production and boost the face of these products.
However, one of the efficient ways of achieving the most desired efficiency in business operation is through education of operational cost to a tolerance level. One major component of this cost in many manufacturing organization that desires the attention of management is the investment in “inventories” otherwise known as stock. In the most organization, the inventory or stock figures is the largest simple item in the current assets group. Any excess as well as storage of stock can contribute to business failure inventories are the stock product 0 company is manufacturing for sale and the component of stock are raw materials work-in-progress (W.I.P) and finished goods. Raw materials are those input materials that are converted into finished goods through the manufacturing process.
Raw material stocks are those units of input which have been purchased and stored for production. Work-in-progress (WIP) stocks are semi-manufacturing products. They represent products that need more before they become finished products for sales.
Stock of raw materials and work-in-progress facilitate product while stock of finished goods is required to smooth marketing operation.
Considering the large sum of money work-in progress and finished goods it therefore become obvious that those stocks should be managed efficiently in profit position of the firm.
Any jeopardizing its long run profitability and may fail ultimately or the only sure way by which this risk can be avoided in a company is for the company to install a sound management system given the level of inventories needed for the most successful merchandising operation. The objective of operational management in to advice the lowest possible total cost of maintaining these inventories. This mean high labours and plant efficiency in the physical handling of inventories into one out of storage.
A critical look at the trend to business activities over some years in Nigeria will reveal a consistent increase in cost and declaring profitability.
It puzzles one why manufacturing companies in Nigeria have been operating efficiently whether is because of in availability of raw material ability. But how can we recognize those with seasoned manager and vast market potential for manufacturing of product in Nigeria.
There is also problem of discrepancy between policy and practice in stock management in the company under study. Stuck or inventories are sometimes allowed out of the stores without proper requisition being made. This is divergence between stock policy which prohibit stock leaving the stock without the proper requisitioned product.
The primary objective of this write up are:
From the second point of secreting capital inventory in substantially less leaved their receivables and for is usually a less described from collateral from bank loan.
The important of this study to NBC in particular is to find solution to this processing problem. How much can the business afford to invest in stock or inventories without adverse financial effects on the company profitability since company of this type have some operation need more investing too much on stock means that there will be little or no funds to meet up the expenditure on these operation union for there is need for the manufacturing company to invest wisely on stock.
This study will also help the manufacturing companies to good against risk of losses through the following:
THE IMPORTANCE OF STUDING THE AREA
| 1 - 5 of 96 Reviews |