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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:            

1. Consider and analyze the various systems of inventory control and the problems for maintaining them.
2. Know the standard system for controlling inventory
3. 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.