ASSESSING THE IMPACT OF INFORMATION TECHNOLOGY ON INVENTORY CONTROL IN OIL AND GAS SECTORS (A Case Study Of Kaduna Refining And Petrochemical Company)
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ASSESSING THE IMPACT OF INFORMATION TECHNOLOGY ON
INVENTORY CONTROL IN OIL AND GAS SECTORS
(A Case
Study Of Kaduna
ABSTRACT
This research work, assessing the impact of information technology an
inventory control in oil and gas sector. This study is focused on Kaduna
TABLE OF CONTENTS
Title
page - - - - - - - - - i
Approval
page - - - - - - - - ii
Declaration - - - - - - - - iii
Dedication - - - - - - - - iv
Acknowledgement - - - - - - - v
Abstract - - - - - - - - - vii
Table
of Contents - - - - - - - viii
CHAPTER ONE
1.0 Introduction - - - - - -- - 1
1.1 Background of the study - - - - - 1
1.2 Statement of the General Problem - - - 3
1.3 Objective of the study - - - - - 5
1.4 Statement of the Hypothesis - - - - - 5
1.5 Significance of the study - - - - - 5
1.6 Scope of the study - - - - - - 6
1.7 Limitation of the study - - - - - 6
1.8 Historical background of the case study - - 8
1.9 Definition of terms - - - - - - 10
1.10 Organizational structure - - - - - 12
CHAPTER TWO
2.0 Introduction - - - - - - - 13
2.1 method of inventory control - - - - 14
2.2 The importance of inventory management - 18
2.3 Process of information technology - - - 23
2.4 Application of information technology
in
oil and gas sector - - - - - - 25
2.5 The effect of information technology
on
inventory control- - - - - - 27
CHAPTER THREE:
3.0 Research Methodology - - - - - 33
3.1 Research design - - - - - - 33
3.2 Research population - - - - - - 33
3.3 Sample size and sampling technique - - 34
3.4 Method of gathering data - - - - - 35
3.5 Justification of method used - - - - 36
3.6 Method of data analysis - - - - - 37
3.7 Justification of investment used - - -- 38
CHAPTER FOUR:
4.0 Data
Presentation - - - - - - 39
4.1 Data analysis - - - - - - - 39
4.3 Test of hypothesis - - - - - - 52
CHAPTER FIVE : Summary of Findings, Conclusion Recommendation
5.1 Summary of finding - - - - - - 55
5.2 Conclusion - - - - - - - 57
5.3 Recommendation - - - - - - 57
References- - - - - - - - - 60
Appendices - - - - - - - 62
CHAPTER
ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
The American institutes of accountants defines the
term inventory as “the aggregate of these items of tangibles properties which
are held on sales in the ordinary course of business, are in process of
production for such sale or one to be currently consumed in the production of
goods or services to be available for sale”. Advanced accounts.
Inventories are the significant portion of most
forms of assets which accordingly requires substantial investment in order to
keep these inventories from becoming unnecessarily large, inventories must be
managed efficiently. In efficient procedures regarding inventory and some items of stocks, other overstock, necessitate
excessive investment. Inefficiencies ultimately will have an adverse effect
upon profits, thus the effect of
inventory control in flexibility and level of investment required in categories
represent two sides of the same coin. These are various principles of inventory
control which will be viewed from the content of a profit oriented organization
form which a base can be formed for the title of the project.
In the
modern business worlds, greater importances have been put to the control of
inventory. Its concern in the management of inventory control must be to
provide right goods in right condition at the right time. It implies that, the
control procedure should be able to;
i.
retain
appropriate stock levels
ii.
Ensure proper
use of stock in business operation.
iii.
Ensure the
inventory is duly accounted for.
iv.
Safe guarding
of stock against loss or misuse the management needs to ensure that adequate
control procedures for purchasing and controlling of inventory in a way that
optimum balance is obtained between efficient control and economy.
1.2
STATEMENT OF THE PROBLEM
Using information technology in inventory control
is one of the most recent aspects of the modern business method. A lot of
establishments engage diverse strategies to achieve accountability goal. The
control problem of inventory control as it store and proper recondition of
possible loss to a business through interruption of production or failure to
meet other with the holding cost of stock large enough to give security against
loss.
In examine the concept of control to know weather
the present inventory control of company does not provide for reliability for
the control designed. It can therefore be seen that for us to fully discuss
inventory control in KRPC. It is essential to examine and evaluate the
following as they exit in the oil and gas sectors
(a)
accounting
system
(b)
stock taking
procedure
(c)
Management supervision.
The complexity of modern business techniques and
the increase in the size of business units encourage the adoption and
practicalization of inventory control.
For inventory control to operate efficiently and
effectively there should be a perpetual inventory to facilitate regular
checking and it obviates closing down of stock taking. The balance of any
account in stores ledger should give an accurate balance with the bin lard or
stock control record. In most private organization there is tendency to say
that there can be no effective system of control, its inventory control as the
stock keeper control many division with only few staff to assist him through
the oil and gas sector (KRPC) understudy, has advance information technology on
inventory control, but lack of proper personnel to handle the programmers is still
a bottleneck for proper recondition, we shall examine whether or not there is a
provision for control which ensure profit maximization in the company.
1.3 OBJECTIVES
OF STUDY
The study is aimed at realizing the following
objectives:
i.
Real sizing the impact of information technology
on inventory control in KRPC
ii.
To know the importance of information
technology organizational performance as a whole.
iii.
To provide useful recommendations where
necessary to where the study is related.
iv.
To give other
and future researchers to improve where this present research stop.
1.4 STATEMENT
OF HYPOTHESIS
Ho: the usage of information technology on
inventory control does not have a positive impact on material usage.
Hi: the usage of information technology on
inventory control has a positive impact
on material usage.
<
1.5 SIGNFICANCE
OF THE STUDY
The significance of the study is to asses the
impact of information technology in inventory control in KRPC and also to
suggest and make recommendation to problems that may likely occur if information
technology has not been used to control inventory in oil and gas sector.
1.6
SCOPE OF THE STUDY
The scope is limited to all aspect of inventory
control in a production industry and will serve as a useful guide to users and
researcher who would want to know on KRPC a well as inventory control.
This
research work covers the following:-
i.
The concept of
inventory control.
ii.
The concept of
information technology
iii.
Method of
inventory control
iv.
The effect of
information technology on inventory control
1.7 LIMITATION OF THE STUDY
A study of this nature would normally entail
investigation into a variety of issues to be able to achieve a comprehensive
study of the problem; a lot of constrains would be encountered in form of
collection of data. Lack of adequate information and scarcity of researcher’s
infrastructures. As a result of this, certain limitation will be imposed on the
area covered.
Firstly, the study will be
confirmed to KRPC who does not have library section, which would have ease the
researcher’s effort by providing information containing its comprehensive
details of it’s operational background from it’s inception.
Secondly, inaccessibility of data (collection of
data) to provide the necessary information were difficult to acquire especially
the financial figures, some of the employees who co-operated were not in better
possession of the facts and figures necessary in this project.
Thirdly, limited area of
study, there are many section in the organization, and a lot of forms of
inventory, however, the researcher’s intension is to concentrate only on the
material store for the project. These problems apparently pose serious
limitation of this project and the researcher has to work with data available.
Finally, there are hardly
many writers on the subject matter, therefore text books on this topic are
scarce, so the information was gathered from books of accounting, purchasing,
internet also due to using such as liquefied petroleum gas (LPG), petrol, automotive
gas oil or diesel oil, kerosene, fuel oil and sculpture and those from the lubricating
oils complex historical base oils, asphalt and waxes.
1.8 HISTORICAL
BACKGROUND OF KRPC
The decision to construct the third Nigeria
National in 1974 along with second (NNPC) refinery located in warri, however,
it was decided that work would commence on the construction of their refinery
wherever the projection of the consumption of petroleum products justifies it.
By early 1975, in view of
fuel shortages experienced then, the federal government decision that work on
the third refinery should be advanced. It was built so that it could meet up
with the fuel demand then.
Based on feasibility studies curried out, which
took into consideration the consumption of various petroleum products within
the Northern zone, and the adequate means of disposal for the surplus products.
A crude oil capacity of 42,000 barrels per stream day (BSPD) could be easily
justified. Hence, the refinery was designed for the capacity of 60,000 barrels
per stream day (BSPD). It was much later that the federal Government decided
that the capacity for more barrels per stream day (BSCD) which would have led
to the production of large equinity of heavy ends and no one practical and
variable solution is reprocessing the heavy fuel. In order to do this, the
whole project plan had to be modified so that what initially was planned to be
a simply shydrosking type of refinery developed into integrated refinery. The
refinery would now be able to produce a wider variety of petroleum products,
some of which should be lubricating base oil. Hence, it becomes necessary to
import suitable paraffin base crude oil from Venezuela ,
Kuwait , or Saudi Arabia
Products from Kaduna
1.9 DEFINATION OF TERMS
INVENTORY,
MATERIAL, STORES: - these are
words that are used inter-changeably and they refer to goods in different
forms, for different purpose, such as for production, maintenance, processing
of finished goods.
STOCK: - these are the list of stock (inventory). One
item in this list referred to stock or material.
KRPC: - is an acronym of Kaduna
NNPC: - is also an acronym of Nigerian national
petroleum co-operation (NNPC)
STOCK
TAKEN: - is a complete process of
verifying the physical qualities, or balance with a view to ascertain the
actual balance in the store.
STOCK MANAGEMENT: - Are the activities involving store handling,
store security and store maintenance.
INFORMATION
TECHNOLOGY: - is the theory and
practice of using computers to store and analyse information.
STOCK OUT: - This occurs when there is insufficient stock
to Meet production requirements.
STOCK TURNOVER:
-This is the ratio which cost of inventory is used per annum the average stock
of inventory.
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