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THE IMPACT OF
PRODUCTION PLANNING AND CONTROL IN AN ORGANIZATION
CHAPTER ONE
INTRODUCTION
1.1 Background of
the study
This essay is aimed at establishing the importance of
production planning and inventory control in an organization with particular
emphasis in the consideration on what the subject matter production planning,
inventory control is all about to be emphasis in the introduction of the essay.
Basically, production refers to the transformation of raw
materials into output, while production planning on the other hands is the
determination of the production operation in a manufacturing unit.
Inventory technique is an internal control system that serves
to ensure the maintenance of adequate inventory level in an organization.
Moreover, inventory control represents the major capital investment in an
organization.
The inventories in an organization function or stock record
keepings stocks therefore can be seen as finished goods reader for sales. The
importance of production planning and inventory control in an organization is
to feed the organization with information about the stock of the organization
in other to safeguard the organization from the risk of obsolesce of excess
purchases of raw materials, it also ensure that the needed raw materials for
production operation is constantly viewed or verified to meet the production.
It also serves as a basis of which the purchasing as the stock inventory
control will provide information about stock that are excess and those are by
specification i.e. those are where the organization will likely be running of
stocks.
Inventory Control in an organization is an important aspect
in the daily life of an organization. This is because inventory control enhances
organizational progress. The existing problem in this stock inventory control
which instigate this standing to my point of view indirections. That is, it may
be too large or too small so if it is large relative to it, the cost of
carrying the inventory control will be equally higher than it needs be, while
if it is too small, the cost of controlling the inventory will be small.
Consequently, the inventory carrying cost include cost include such things as
interest on the inventory management, handing cost depreciation and obsolesce.
1.2 Statement of the
Problem
The basic significant statement of the essay is aimed at
bringing a clear picture and transparent understanding of the essay “Production
Planning and Inventory Control in an Organization”, it also embraces the
problem facing the production sector, types of production and production
planning methods of controlling inventories in an organization.
Furthermore, this essay entails all the necessary inventory
techniques available in the management of inventories before and after being
stored in the organization and the policies or scheme that will regulate the
production activities in the organization.
1.3 Limitation of
the Study
In undertaking an academic study, the research is often
constrained by many factors ranging from inadequate facilities, this research
is not an exemption.
1. There is
infact information which could have helped the researcher in portraying the
topic in a wider perspective but due to what some of the management staff of
this company termed as “top secret policies” the researcher was limited to make
the maximum use of the little information available to him.
2.
Respondents’ unwillingness to respond to questions also posed some
problem. Some of them had little or no spare time, while others still claimed
that they do not understand the questions.
3. Lastly,
some of the respondents showed a general lack of interest in supply appropriate
answers to the questions drawn.
1.4 Definition of
Terms
Inventory Control
Inventory control is designed to support the requisition
processing, inventory management, purchasing and physical inventory
reconciliation function of inventory management through a set of highly
interactive capabilities, the design of inventory control is based on the
following key objectives:
a. To provide
information on the availability of stocked items and the status of stoked
requisition.
b. To
facilitate timely requisition.
c. To
automatically record and service back orders.
d. To help
minimize inventory management consistent with service objective by passing
purchasing decision on usage history.
Inventory is the stock of any item or resource used in an
organization. Inventory can exist raw material goods products, component parts,
supplier and work in process organization keep inventory for a number of reason
including of maintaining independent of operations to meet, the variation in
product demand to allow flexibility in the production scheduling to provide a
safeguard to variation in raw materials delivery time and to take advantage of
economic purchases and order size cost association with inventory include
holding or carrying cost set up or ordering cost and shortage order quantity of
fixed time period in the fixed order quantity model the same amount of
inventory is replenished in each order period. Necessary assumptions include
demand is know constant and uniform throughout a period lead times is constant
and the price per unit and ordering cost are constant.
Mismanagement of Inventory Record
This is a situation where the stock official fails to take
care of their responsibility of managing and controlling record of raw
materials and finished goods the ability of manager and control stock of
inventory has been tremendously affecting production in an organization.
Different Methods of Inventory Control and Production
Planning
Production planning and inventory control has no universal
method of planning and production operation and control of inventories.
However, inventory control differs from organization to
organization mainly based on the king of production activities involve in the
organization. Most firm adopts the scheme that will favour the operation.
Stock Control
A stock control system should keep you aware of the quantity
of each kind of merchandize on hand. An effective system will provide you with
a guide for what brand it will reduce the number of cost sales resulting from
being out of stock of merchandize is popular demand. The system will also
locate slow selling articles and help indicated. Locate change in customer
preference. The size of your establishment and the number of people employed
are determine factor in devising an effective stock control plan can keep
control by observation.
Production Planning
Is a border area between management economic (specially
manufacturing economy), mechanical engineering, industrial engineer nature and
in particular the economical informatics. It is occupied with the operational
temporal quantitative and even if necessarily planning, control and coherently
with the administration of all procedures, which are necessary with the
production of goods and goods, production planning can be divided into two (2)
sub range:
a)
Production program planning
b) Material
requirement planning
a) Production
Program Planning: In production program planning (also primary requirement
planning) kind of quantity and manufacturing dates of the finished product
(primary requirements) are specified.
b) Material
Requirement Planning: It is requirement how the quantity unit at intermediate
products and raw materials are needed for the covering of primary requirement.
Sequence Planning
During the detailed planning one specifies, which machines
are assigned to certain orders. Short term task of the production control are
to be seen particularly in connection with short term change in order capacity
reality.
1.5 Scope of the
Study
Production Planning and Inventory Control being a complex and
dynamic concept has a wide area of coverage so it is clear that research of
this nature cannot hold without problem. As such this work is limited to the
area that are relevant to the problem under investigation that is effective
production planning and inventory control in an organization.
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