STOCK MANAGEMENT IN THE HOTEL INDUSTRY.

A CASE STUDY OF ROYAL PALACE HOTEL ENUGU

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ABSTRACT

This research work tagged: Stock Management In The Hotel Industry is intended to introduce the readers to the effective means of avoiding waste in their establishment and in order to avoid running under stock.

An objective looks at stock management in the hotel, the activities involved in controlling stock, and roles of the stock keeper at both hotel and other firms.

However, this work is organize into five (5) chapters

Chapter one (1) which is the introduction focuses on the background of the study, objectives of the study ,research questions significance of the study, scope and limitation of the study and operational definition of the concept and terms used in the study.

Chapter two (2) centers n the reviews of the related literature relevant to the field of study among areas of related literature reviews include the concept and the need for Stock Management, Approaches to Stock Management, Cost of handling and storing stock, stock levels, Factors affecting the application of materials Management, Benefits of materials management concept.

Chapter three (3) deals with the methods of research used in carrying out the research works.

Where as chapter four (4) centers on the presentation and analysis of data that validate the research findings.

Chapter five (5) is the summary of the findings recommendation and conclusion and areas for further research.

TABLE OF CONTENT

CHAPTER ONE

Introduction

1.1 Background of the study

1.2 Statement of the problem

1.3 Purpose of the study

1.4 Significance of the study

1.5 Research Questions

1.6 Scope of the study

1.7 Limitations

1.8 Definitions of terms

REFERENCE

CHAPTER TWO

Literature Review,
1 The need for stock management

2.2 Approaches to stock management

2.3 Cost of handling and storing stock

2.4 Stock levels

2.5 Factors affecting the application of materials management concept

2.6 Benefits of materials management concept

REFERENCES

CHAPTER THREE

3.0 Research methodology

3.1 Research design

3.2 Sources of Data: Primary and Secondary

3.3 Population of study.

3.4 Sample size determination

3.5 Instrument of Data collection

3.6 Questionnaire Administration and Retrieval

3.7 Validation of the instrument

3.8 Reliability of the Instrument

3.9 Method of Data treatment and Analysis

CHAPTER FIVE

Summary of findings, Recommendation,Conclusion and Areas for further Research

Summary of findings
Recommendation
Conclusion
Areas for further research

BIBLIOGRAPHY

APPENDIX

CHAPTER ONE.

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The most significance and most valuable assets of any existing enterprise are inventory management because for an enterprise to be able to give accurate measurement and good description of her asset, inventory becomes the first to mention. This is of course, is so because the sale of inventory at a price is greater than total cost indicates an efficient merchandising, which is however is the primary source income generation.

These inventories are both assets and items held in the ordinary course of business or goods that will be consumed or used in the production of goods to be sold.

Geoffrey Merdith[1982] defined stock management as inventory operations as the combination of systems and processes involved with inventory management as well as the physical aspects of storage and material handling. The direction and control of activities with the purpose of getting the risk inventory in the right place, at the right cost. Effective stock management and security are imperative and must cover the whole supply chain through to the final distribution to customers .

From the clear point of view, inventories in management constitute and important asset. However , stock management is an area of accounting and financial data of goods being sold. The stock management is an area of accounting and financial data of goods being sold. The stock management system should ensure that initial low quantity of goods can be put best use.

Graham Buxton[1979] looked at stock management as the ability of a firm to ensure that stocks of a company’s products are made available on a consistent basis in the light of the company’s service policy to its market demand. Stock management is extremely important. The investment of inventories, the largest current assets in manufacturing and retail establishments and may also be a material portion of the company’s total assets.

So if unstable items have accumulated in the inventory, a potential loss exist and product ordered by potential customers are not available in the desired system, style, quantity, quality, sales is an inefficient purchasing procedure, faculty manufacturing techniques, inadequate sales efforts will thus all result in excessive and unstable inventories During prosperity when sales are high in many business, merchandise can be given off readily and quantities on the other hand may not appear excessive.

But when there is a slight downward inventories in the business cycle, many live merchandise move slowly, then stocks accumulate and bring about obsolescence. To achieve this, if not stopped completely, management should put much efforts and interest in inventory planning and control.

Duck-larkan emphasis on stock control so as the right materials are available at the right time, with the minimum of storage and investment. It is necessary to monitor those forecasts into action. A system must be installed to record stock levels, sanction the issue of stock and purchase replacement. The master document is the stock control card which continuously gives a record of the stock position for the item concerned including numbers outstanding or orders placed. A classification and codification is necessary both from the stock control and the stores affect.

In conclusion however, it is necessary to properly investigate and examine the real nature of stock management in the existing hotel and catering industries rank equally and favorably with their counterparts in the developed nations. Companies must keep accurate records for items in inventories and installed at customer sites knowing who has checked out, which equipment each morning and which asset is returned every evening is a critically inventory management.