Inventory Management And Control In A Manufacturing Organization
(A Case Study Of Akaraka Industries Nigeria Limited Aboh Mbaise –Imo State])
An efficient and effective inventory control and management in any organization is very vital in the survival of such organization. Inventory is defined as “An idle resource of any kinds that possesses economic values, and is classified in many ways thus: production inventories like raw materials, parts and components which enter the firm’s product in the production process. MRO inventories that is maintenance, repair and operating supplies which are consumed in the production process but which do not become part of the product, in process inventories, that is semi-finished products found at various stages in the production operation and lastly finished goods which are ready for shipment.
These inventories require high cost and investment commitments. Most businessmen view inventories and their attendant cost as “necessary evil” hence failing to asses carefully the benefits afforded their company or business by the existence of the inventory.
In a manufacturing company where these inventories are handled, the introduction of a well-planned and effective system or means of controlling these inventories is necessary for profitability and accountability to both the management and shareholders of the company whose interest, objective and aims under which the company or business was established must be protected. It is on this basis that the researcher chose the project topic relevant to manufacturing companies in Nigeria and with Akaraka Industries Nigeria Limited in mind.
In choosing this very topic, the researcher is not claiming any authority in the subject matter neither is he of the view that the topic is over flogged by other researchers. Rather, he is of the view that the topic should be related to present day happenings in the economy, an approach he adopted in the project work.
The project work has been divided into five chapters. Chapter one deals with the introduction of the approach.
Chapter two is a review of related literature on both the general economy and how it has affected the operation of Akaraka Industries Nigeria limited.
Chapter three outlines the methodology and procedure used in gathering the data.
Chapter four deals with analysis of data which simple percentage frequency was used and chapter five is the summary of the work, the conclusion and recommendation.
NOTE: Preview the following Table of Content before you download the full content. WYSIWYG – What You See Is What You Get.
Title Page i
Approval Page ii
Dedication iii
Acknowledgement iv
Abstract v-vii
Table of Contents vii-x
List of Tables xi-xii
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the Study 2-6
1.2 Statement of problem of the study 7
1.3 Objective of the study 7-9
1.4 Scope of the study 9
1.5 Research Questions 9-10
1.6 Research Hypothesis 10-11
1.7 Significance of the study 11
1.8 Limitation of the study 11-12
1.9 Definition of Terms 12-15
CHAPTER TWO
2.0 Review of Related Literature 16
2.1 Introduction 16
2.1.1 Inventory Management and Control 16-19
2.1.2 Types of Inventory 19-20
2.2 Reasons for Holding Stock/Inventory 20-23
2.3 Inventory Control Policy 23-25
2.4 Meaning of Inventory Control 25-27
2.5 Inventory Control System/Techniques 28
2.5.1 The Cyclical Ordering System 28
2.5.2 Fixed Order Quantity System 29
2.5.3 Material Requirements Planning (MRP) System 29
2.6 Stock levels 30
2.6.1 The Minimum Stock Level 30-31
2.6.2 The Re-order Level 31
2.6.3 Hastening Stock Level / Danger Warning Level 31
2.6.4 Maximum Stock Level 32
2.7 Determinants of Stock Levels 33-34
2.8 Use of ABC/Pareto’s Analysis in Management of Materials 35-39
2.9 Economic Order Quantity [E.O.Q] 40-43
2.10 Inventory Valuation 43-44
2.10.1 Specific Identification 44
2.10.2 First-In-First-Out (FIFO) Method 44
2.10.3 Last-In-First-Out (LIFO) Method 45
2.10.4 Weighted Average Method 45
2.11 Benefits of Inventory Control 46-47
2.12 The Effect of Non-Maintenance or Inefficient Control of Inventory 47
CHAPTER THREE
3.0 Research Methodology and Procedures 48
3.1 Introduction 48
3.2 The Research Design. 48-49
3.3 The Questionnaire Design 49-51
3.4 Sampling and Selection of Respondent 51-53
3.5 Other Techniques Used 53
3.5.1 Observation Technique 53-54
3.5.2 Survey 54
3.5.3 Data sources 55
3.5.4 Primary sources 55
3.5.5 Secondary sources 55
3.5.6 Data analysis method 56
CHAPTER FOUR
4.0 Presentation and Analysis of Data 57
4.1 Introduction. 57
4.2 Analysis of Date 57-77
4.3 Testing of Hypothesis 77-78
4.3.1 The Hypothesis 78-79
4.3.2 The Second Hypothesis 79
4.4 Discussion of Findings 80-81
4.4.1 Raw Material Sourcing 81-82
4.4.2 Receipt Issue and Documentation 83-86
CHAPTER FIVE
5.0 Summary, Recommendation and Conclusion 87
5.1 Summary 87-88
5.2 Conclusion 88
5.3 Recommendations 88-94
Bibliography 95
This “Inventory Management And Control In A Manufacturing Organization” file contains 5 Chapters, 93 Pages and 16,419 Words.
The author of Inventory Management And Control In A Manufacturing Organization is written at the front page of the downloaded file.
To download this Inventory Management And Control In A Manufacturing Organization full file, click on “Download File” on top of this page and follow the next.