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THE INVENTORY MANAGEMENT AND CONTROL PROCEDURE IN MANUFACTURING OUTFITS

THE INVENTORY MANAGEMENT AND CONTROL PROCEDURE IN MANUFACTURING OUTFITS

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
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CHAPTER ONE

1.1    Introduction/Background of the Study                      1

1.2    Statement of problems                                            3

1.3    Objective of the study                                             5

1.4    Significant of the study                                            5

1.5    Scope, Limitation and delimitation of the study         7

1.6    Definition of basic terms and concepts                      9

CHAPTER TWO

2.0    Literature Review                                                    13

2.1    Nature of Inventory                                                 15

2.2    Inventory Control and Management                         15

2.3    Objectives of Inventory Control                                18

2.4    Importance of Inventory Management                      19

2.5    Objectives of Inventory Management                       20

2.6    Critical Evaluation of Inventory Problems                  22

CHAPTER THREE

3.1    Summary of Findings                                               26

3.2    Recommendation                                                    33

3.3    Conclusion                                                             37

  • Bibliography 39


 

 




CHAPTER ONE

1.1   INTRODUCTION/BACKGROUND OF THE STUDY

It is difficult to exaggerate the contribution of production to the society wellbeing. Why this is so, is suggested by Alexander Solzcheritzyn in his novel captioned August, 1914. One of the Chief character in that work Suyatosalar lakinfovich Obodovsy a former anarchist, who maintained the following position. As for industry, anyone who has created something with his own hands know that production is neither capitalist nor socialist but one thing only. It is what creates national wealth, the common material basis without which no country can exist. When enough has been built and made. Then even if distribution is less than perfect, no one will be left without this share. With reference you goods, production could be defined as the fabrication of a physical objects, solid or liquid, through the use of labour, material and equipment, adequate and proper utilization of labour materials and equipment will have to be made in order to enhance greater efficiency, since production is very important to any economy whatsoever.

The viability of an organisation can be enhanced through effective and efficient management of material resources. Inventory management control system exists to ensure that proper and adequate utilization of materials are made and that the optimum level of material investment are determined and maintained. This is a notable measure managing material resources. Management of resources covers action taken from the procurement of the resources to their disposal firms the certain measures towards preventing their stock from being in shortage. Pilferage and waste of some of the resources are very effective while others are not.

Bindey, I.M. in his book: "Management defined management as an art and science of achieving the set objective of a business in the most efficient way. Management can be defined as the process of reading organisational goals by working and through people and other organisational resources.

 

1.2    STATEMENT OF PROBLEMS

The goal of every business entity is to maximized wealth. Wealth maximization is achieved when interest of the stock holder can be met only when the business entity make profit. Profit is said to have been cost and expense incurred. Effective Inventory  Controls are important factors in keeping the total cost of maintaining inventories at a minimum and help to increase returns on the investment.

many organizations do not adequately control their inventory, making it possible for losses (through shortage of stock, pilferage, waste of materials, e.t.c.) to pass unnoticed. The stores department is often neglected an equivalent amount of (liquid) cash.

Unplanned flow of materials is detrimental to efficient production.

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