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THE EFFECT OF INVENTORY MANAGEMENT IN
THE VIABILITY OF A COMPANY
A CASE STUDY
OF STEEL AND NAILS
MANUFACTURING
INDUSTRY
TABLE OF
CONTENTS
TITLE
PAGE
II
APPROVAL
III
DEDICATION IV
ACKNOWLEDGEMENT
V
TABLE OF
CONTENTS
VI
LIST OF
ILLUSTRATIONS/TABLES
CHAPTER ONE:
1.1 INTRODUCTION
1
1.2 THE STATEMENT OF THE PROBLEM 1
1.3 THE NEED FOR THE STUDY 3
1.4 THE PURPOSE OF THE STUDY 5
1.5 RESEARCH HYPOTHESIS 5
1.6 THE SCOPE OF THE STUDY 6
1.7 RESEARCH METHODOLOGY 6
1.8 LIMITATION OF THE STUDY 7
1.9 ORGANIZATION OF THE STUDY 8
1.10 OPERATIONAL DEFINITION OF TERMS 9
CHAPTER TWO:
2.0 INVENTORY CONTROL AND INVENTORY
VALUATION12
2.1 NATURE OF INVENTORY 12
2.2 INVENTORY CONTROL 16
2.3 ACQUISITION AND ISSUE OF MATERIALS 40
2.4 BASIC INVENTORY CONTROL SYSTEMS 43
2.5 FACTORS THAT AFFECT INVENTORY CONTROL
SYSTEMS 49
2.6 INVENTORY CONTROL METHODS 49
2.7 INVENTORY VALUATION SYSTEMS
2.8 INVENTORY VALUATION METHODS 53
2.9 FACTORS AFFECTING INVENTORY VALUATION DECISIONS 57
2.10 THE CONCEPT OF VIABILITY 60
CHAPTER
THREE
3.1 SELECTION OF DATA
62
3.2 COLLECTION OF DATA 64
3.3 TOOLS OF DATA ANALYSIS 66
3.4 RELIABILITY OF DATA 67
CHAPTER
FOUR: DATA PRESENTATION ANALYSIS
4.1 DATA PRESENTATION AND ANALYSIS 68
4.2 HYPOTHESIS TESTING 86
CHAPTER
FIVE:
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 SUMMARY
100
5.2 CONCLUSION
101
5.3 RECOMMENDATION 102
BIBLIOGRAPHY
107
APPENDICES
109
CHAPTER ONE
1.1 INTRODUCTION:
The viability of an organization ca
be enhanced through an effective and efficient management of material
resources. Inventory control is a
notable measure in managing material resources.
Management of resources covers every action taken from the procurement
of the resources to their disposal.
Firms take certain measures towards preventing their stocks from being
in shortage, pilferage and waste some of the measures are very effective while
other are not.
In consideration of the scarcity raw
materials, their exorbitant costs of procurement and management in the present
prevailing economic condition, if is imperative for firms to do away with the
rule of thumb’ approach of inventory control and adopt the scientific approach. It is on the basis of this that the need for
this study lies.
1.2 THE STATEMENT OF THE PROBLEM
The goal cot every business entity is
to maximize wealth. Wealth maximization
is achieved when the interest of the shareholders are met. The interest of the shareholders can be met
only when the business entity makes profit. Profit is said to have been made
when the total revenue exceeds the total cost and expenses incurred. Effect five inventory controls are important
factors in keeping the total cost of maintaining inventories at a minimum and
help to increase return on the investment.
Many organizations do not adequately
control their inventory making it possible for losses [through shortage of
stock pilferage, waste of materials etc.) to pas unnoticed. The stores department is often neglected
equivalent amount of (illiquid) cash.
Unplanned flaw of materials is
determined to efficient operation.
Production stoppages resulting from stock out have innumerable negative
effects (costs). They lead to loss of
man-hour, disappointment of customers and possible loss of goodwill.
Few manufacturing firms use
scientific approach of inventory control.
Many fall back on the rule of thumb.
This is reasonably inaccurate. It
leads in to over-stocking or under stocking over stocking entails incurring
high storage spaccs and stock loss
On the other hand, under-stocking may
result to panic buying and diction delay and loss of sales revenue which gives
rises to be of profit and goodwill or even penalty payment where there is a
conduct to maintain regular supplies.
Stock losses could occur when
inventories are not properly accounted for. This may be due to type of
inventory system used, the method of valuation of unused of unsold inventories
at the end of valuation period and the managerial efficiency in adopting
an acceptable inventory. Control when most required.
This study will look in to the nature
and external of solving their problem.
1.3 THE NEED FOR THE STUDY,
Many companies are making looses
while others are winding up. These gives
rises to the people through that, there is inability to manage resources
effectively in Nigeria. This is because
these things are happening in the midst of abundant resources Ringin viewing as
above stated that prudent management for our financial, materials and human
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