INVENTORY CONTROL PROCEDURES IN MANUFACTURING ORGANIZATIONS
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CHAPTER ONE
1.0 Introduction 1
1.1 Background to the study 2
1.2 Statement of problems 3
1.3 Objective of the study 3
1.4 Scope of the study 4
1.5 Research questions 4
1.6 Significance of the study 5
1.7 Brief history of Emenite 5
CHAPTER TWO
2.0 Literature review 10
2.1 The concept of inventory control 10
2.2 Inventory control procedures 13
2.3 Finished goods inventory 16
2.4 Problems of inventory control 18
2.5 Inventory control decisions 19
2.6 Stock control models 22
2.7 Inventory valuation 26
2.8 Inventory records 30
2.9 Summary of Related Reviewed Literature 35
CHAPTER THREE
3.0 Methodology 37
3.1 Research design 37
3.2 Area for the study 37
3.3 Population for the study 38
3.4 Sample and sampling procedure 38
3.5 Instrument for data collection 42
3.6 Validation of instrument 42
3.7 Reliability of the instrument 42
3.8 Method of data collection 43
3.9 Method of data analysis 43
CHAPTER FOUR
4.0 Data presentation and analysis of data 44
Summary of findings 55
CHAPTER FIVE
5.1 Discussion of results 57
5.2 Conclusion 58
5.3 Implications of the research results 58
5.4 Recommendation 59
5.5 Suggestion for further studies 60
5.6 Limitations of the study 60
References 62
Appendix 63
ABSTRACT
This is a research project on inventory control procedures using Emenite Limited as a case study of manufacturing company.
This study is necessitated by the fact that many manufacturing firms can no longer meet up to installed capacity due to poor management of inventories. This has led to closing down of various companies or retrenchment of workers due to lean pockets. Therefore in this project, I am at critically examining the inventory control procedures of Emenite limited with the view that some other manufacturing companies in Enugu will learn from its success.
To solve the problem, both primary and secondary data were collected by using questionnaires, oral interviews of staff and personal observations. And in organizing the data, taxes and percentages were used.
The interpretation of the findings provide that Emenite Limited is a successful manufacturing company whose firm inventory control policies vitally ensures its success, and that other manufacturing companies can successes by following in the footsteps of Emenite Ltd.
CHAPTER ONE
INTRODUCTION
Inventory could be defined as the stock of materials kept in anticipation of future demand or use. The term was originally an American term for depicting the value or quality of materials that are kept or stored for use as the need arises. It is applied to a detailed list of goods or articles in a given place or a stock – taking.
Furthermore, there are about five classifications of inventory; namely;
– Raw materials
– Components and sub-assembles
– In process materials or work in progress
– Finished goods
– Consumables.
Having said these, it is the process of controlling these inventories or materials that I am going to research about in this project, using Emenite Ltd as a case study.
1.1 BACKGROUND TO THE STUDY
Having pointed out in the introduction that inventory includes Raw materials, finished goods, components and sub-assemblies, work-in-progress, consumables etc, it means that a very substantial amount of a company’s working capital is always tied up in it’s inventories, it implies that the company should be able to control it’s inventory effectively and this brings us to the definition of inventory control.
Inventory control is the activities, techniques and methods of maintaining an accurate stock of items or inventories at a desired level. This is because a company’s inventory can either be an asset or a liability to her, depending on the quantity available at the moment.
Too much inventories consumes physical space, increase the possibility of damages, spoilage or loss. While on the other hand, too little inventory disrupts manufacturing operations, engenders chaos on the shop floor and increases the likelihood of poor customer service.
Too much or too little inventory is an evidence of poor forecasting inadequate attention to processes and procedures and haphazard scheduling. Therefore if a manufacturing company must survive, strategies for minimizing avoidable waste, shortages and excesses must be developed so as to compete effectively with other firms. And all these can only be achieved through effective inventory control.
1.2 STATEMENT OF PROBLEM
Since inventories are the wheels on which manufacturing activities run on, the progress of a manufacturing concern or it’s down fall depends on how firm their grip on inventories are. I have therefore set out by this project to:
- Consider and analyze the various systems of inventory control and the problems for maintaining them.
- Know the standard system for controlling inventory
- Find out the imitations against the effective implementation of inventory control procedures.
1.3 OBJECTIVE OF THE STUDY
a) Demonstrate the methodology of Emenite Ltd inventory control procedure.
b) Present the various ways of achieving organizational goals through proper raw material handling.
1.4 SCOPE OR DELIMITATION OF STUDY
While conducting research for this project, there are some problems which were encountered and which affected (indirectly) the project. They include:
1) For lack of time could not question all the staff of Emenite Ltd, hence I applied the sampling method.
2) The study was limited to Emenite alone, since I could not reach other manufacturing companies. Hence the project only speaks about Emenite.
3) There was not much money with which to run around for the project.
1.5 RESEARCH QUESTIONS
The information’s contained in this project were collected based on the presumption of the following hypothesis:
a) That the success of manufacturing concerns depends on their material management.
b) That Emenite ltd has a very good inventory control procedure, hence their success in manufacturing.
c) Many other manufacturing companies can make good progress if they follow a suitable material control process.
1.6 SIGNIFICANCE OF STUDY
This study is very important because:
1) It will bring to the knowledge of manufacturing companies, that proper inventory control is the basis for organization progress in manufacturing.
2) Up coming manufactures will be able to learn from an existing company how to handle their inventory so as to make profit from it.