THE IMPACT OF INVENTORY MANAGEMENT AND CONTROL IN TOWER GALVANIZED PRODUCT LIMITED KADUNA

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ABSTRACT

This research work is an attempt to look into the impact of inventory management and control in manufacturing company. It was conducted using Tower Galvanized Products (GTP) Ltd Kaduna.

The research work was carried out with the intention of examining the pit falls of manufacturing companies in carrying out necessary management and control of their inventories.

For this purpose the study was divided into five chapters. Chapter one introduced the research topic, the objective of the study was also define which include to access and highlight the different methods of inventory, planning and reeducation and the most appropriate one.

Chapter two was concerned with the review of related literature and points like objectives of inventory management which include to maintain minimum investment in inventories to maximize profitability were discussed.

Chapter three dealt with the methodology used in collecting data. In this chapter the random sampling technique was adopted and questionnaire were used to collect the data.

Chapter four has to do with the analysis of the various data collected using the mean. In chapter five, summary of the research work was don and conclusion were drawn to give recommendations in that a manufacturing companies with a view to profit maximization and cost reduction should adopt and maintain an effective inventory management and control system

TABLE OF CONTENTS

CHAPTER ONE

Introduction

1.1 Background of Study 1

1.2 Statement of the Problem 4

1.3 Objective of the Study 6

1.4 Significance of Study 7

1.5 Research Questions 8

1.6 Scope of the Study 8

1.7 Limitation of the Study 9

1.8 Definition of terms 9

CHAPTER TWO

Literature Review

2.1 Introduction 11

2.2 The Concept of Inventory Management 12

2.3 The Nature of Inventory 14

2.4 Motive for Holding Inventory 16

2.5 Objective of Inventory Management 20

2.6 Techniques of inventory Management and Control 22

2.7 Economic Order Quantity Model 23

2.8 Inventory Records 31

2.9 Inventory Valuation Methods 35

2.10 Inventory Ordering System 38

2.11 The Impact of Computer Application on Inventory Management and control 41

CHAPTER THREE

Research methodology

3.1 Introduction 44

3.2 Research Design 44

3.3 Area of Study 45

3.4 Population of the Study 45

3.5 Sample 45

3.6 Instrument for Data Collection 46

3.7 Validity of the Instrument 47

3.8 Reliability of the Instrument 47

3.9 Methods of Data Collection 48

3.10 Methods of Data Analysis 48

CHAPTER FOUR

Data Presentation and Analysis

Introduction 50
Characteristics of respondents 50
Presentation of Data and Analysis in Tables 54
Summary of findings 61
Discussion of Findings. 63

CHAPTER FIVE

Summary, Conclusion and Recommendations

5.1 Summary 66

5.2 Conclusion 67

5.3 Recommendations 69

Bibliography 72

Appendixes

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Inventories constitute the most significant part of current events of a large majority of companies in Nigeria and indeed many other part of the world. Because of the large size of inventories maintained by firms, a considerable amount of fund is required to be committed to them. Therefore, the efficient and effective management of inventories becomes imperative in order to achieved unnecessary turnover or to minimized the cost associated with keeping inventories. The neglect of inventory management and control by a firm will amount to jeopardizing its long run profitability and may even cause the firm to fail ultimately.

Inventory is defined as the stock of any item or material used in an organization. Therefore, an inventory management is the set of policies and control that monitor levels of inventory and determines the following:-

What level should be maintain
When stock should be replenished.

iii. How large order should be

However, inventory can include input such as human resources, financial, equipment e.t.c and output such as parts or component.

It is possible for a company to reduce its level of inventories to a considerable degree without any adverse effect on production and sales by using inventory planning and control techniques.

The reduction in excessive inventory carries a favourable impact on company profitability (Pandey 1999) in doing this however, care should be taken to avoid under stocking which directly affect production causing stoppage, loss of sales, loss of good will. etc.

Inventory forms a link between production and sales of a product. A manufacturing company must maintain a certain level of inventory in the form of raw materials, work in progress and finished goods. Raw materials inventory gives the firm flexibility in its purchase, without it, a manufacturing company must exist on a hand-to- moth basis buying raw materials in keeping with its production schedule. Work-in- progress are items of stock that are subjected to further processing to produced the finished product. finished goods inventory allows the firm flexibility in its production scheduling and in its marketing thus there is on incentive to maintain large stocks of all three types of inventory.

In an inflationary environment like Nigeria, there is the need to adopt a realistic inventory valuation method in order to give correct value of inventory in the profit and loss account and in the balance sheet which would have otherwise show an appropriate financial position of the organization and thus negating the purpose of accounting which is the provision of accurate financial information to investors, shareholders, management, government and her agencies and other related interested parties in order to assist them in taking decision about the organization.

It is in view of this that the need arises for an appropriate management and control measure to maintain the most accurate level of stock that will assist management of the organization carryout business in such a way that it does

not portray the organization in bad shape.

1.2 STATEMENT OF THE PROBLEM

The wide distance between the source of raw material and factories in Nigeria today has posed a great problem to management. Thus the management may not predict with certainty to delivery date of materials. How then does the management ensure that there is no

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