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THE IMPORTANCE OF INVENTORY MANAGEMENT
IN SMALL SCALE ENTERPRISES
(A CASE STUDY OF RAZ)
TABLE OF CONTENT
TITLEPAE
APPROALPAE
ABSTRACT
ACKNOLEDEMENT
DEDICATION
TABLEOFCONTENT
CHAPTER
ONE
INTRODUCTION
1.0
Background of
the study
1.1
statement of
the problem
1.2
statement of
the objective
1.3
statement of
the hypothesis
1.4
limitation and
delimitation
1.5
definition of
terms
CHAPTER TWO
RIEVIEW OF RELATED LITERATVTRE
2.1 Historical
background
2.2 Definition
of inventory management
2.3 Cost of
inventory management
2.4 Benefit
of inventory management
2.5 Challenges
face by inventory management
2.6 Problem
Associate with inventory management
CHAPTER
THREE
3.1 Introduction
2.3 Sources
of data collection
3.3 Instrument
used for data collection
2.4 Validity
and Profitability of Research instrument
3.5 Research
population
3.6 Determination
of sampl ing size
3.7 Method
of data analysis
CHAPTER FOUR
Presentation, analysis and interpretation of data
4.1 Introduction
4.2 Data
presentation, analysis and interpretation of data
4.3 Testing
of hypothesis
CHAPTER FIVE
5.1 Introduction
5.2 Summary
of finding
5.3 Conclusion
5.4 Recommendation
Bibliography
appendices
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Most business organisation that makes investment
that will make them to achieve their corporate objectives, these investment are
typically in land, building, machinery, stocks of various types, debtors and
cash when organisation are assessing investment project account must be taken not
only on the investment in a mom durabh (fixed) assets but in the current assets as will. Current assets are these that
will not remain permanerntly in a company of which stock inventory is our will be
linked up with its performance not to put too times a point in the organisation
efficiency. Basically inventory (stock) falls under three broad categories.
a. Raw materials, which are the item, the company
holds ready for use in the production process reguired.
b. Work-in- progress, these are particularly
manufactured product of manufacturing
industry
c.
The finished
good, which are the goods a stock which are the goods or stock which are ready
for sales by the organization, for the
benefit of this research work, we shall be concerned with the position or
benefit of industry control in
manufacturing. One should not that when controlling inventory, one should let
share holders maximization to be in consonance with the times goals. When
inventory control is imbalanced there should be stock which, could lead to
reduction of sales and which can lead to lose of customer to another
competitors.
1.2 STATEMENT OF THE PROBLEM
Business today sly away from running a small or
medium business many have neglected opportunities because of their fear of failure the first
problem limitating against most industries is lack the inventory control system
to be used which will suit the need of the organization.
Problem also occur in the area of production, marketing, personnel, and finance there has leen the
problem of internal valuation via inventory controls the inventory control
system has a direct impact on the profitability of the organization operation
and that is why the study came to being.
1.3 STATEMENT
OF OBJECTIVES
Despite the limitations of this research work our
porpose and focus of writing this is to
work out the impact of inventory control as part of capital with respect to
organization performance.
Secondary to have an over view of inventory
control, store procedure pricing stock taking and of course the general problem
accoutered to the above mentioned process, increases is to establish an
empirical, justification for the introduction of means and wants of remediating
the stated problems and also to recommerd more objective and rational is
carried out mainly to sofeguard the assets, check agueacy and reliability of
accounting department and to promote operation efficiency, encourage adlierence
to presentable management policy and ensure accurate reporting.
1.4 STATEMENT
OF HYPOTHESIS
A
(Ho) poor inventory management is s a result of inadequate stock control facilities.
(Hoi) poor inventory management is not as a result
of inadequate stock control facilities
B (Hoi) storage space limited the size of inventory
held by small scale firm.
(Hoi) storage do not limit the size of inventory
held by small scale firm.
C (Ho)
proper classification of stock is a major or determinant of efficient inventory
control
(Hi)
proper classification of stock is not a major determinant of efficient
inventory control.
D (Hi)
poor inventory management results to
either overstocking or under stocking problem.
(Hi)
poor inventory management is not as a result of inadequate stock control
facilities.
1.5 LIMITATION
AND DELIMITATION OF THE STUDY
To say there was to limitation during this
research will be an under standing as the research focuses on inventory control.
Apart from the limitation is inadequate information some data were given as
expected within others were given as all they were classified as given
companies secrets.
However due to financial constraints and time
factors the researcher has decided to further limit the study to inventory
control system. The research was able to collect information.
1.6 DEFINITION
OF TERM
It is important at this point to offer some
delimitation and encourages to some of the terms that form the operational
framework for the research work in order to facilitate clarify of purpose.
INVENTORY:
the quality of goods on hand and available for sale at any given time
similarly, it is the measure amount of some goods which varies in quality war
time in response to demand process, which operate to diminish the stock and a
replenishment process which operate to increase it.
CARRGING COST: are cost incurred for holding inventories including opportunity cost of
fund lavested inventory insurance, cost of deterioration and obsihucence.
SUFFER STOCK: otherwise know as state stock is guantity of stock held in order to
ensure. That demand is not even when order one in transit.
LEAD TIME:
this is time of actually receiving the materials
(orders).
OBDERING COST: this consist of the clerical cost preparing a purchase order and the
special processing and receiving cost related to the number of order processed.
ECONOMY ORDER QUALITY: the optimum quantity of inventory to be purchase
that minimize the carrying cost and ordering cost.
MINIMUM STOCK LEVEL: the level below stock should normally be allowed
to fall.
RAW MATERIAL: this one these basic input materials that one contented into finished
product through various processing.
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