The Problems And Prospect Of Inventory Control In Ensuring Materials Availability

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ABSTRACT

This research work has made an assessment of the problems and prospect of inventory control in ensuring materials availability in Nigerian Bottling Company (NBC).The relevance of inventory control cannot be over emphasized, therefore,  the need to have in place necessary procedures to ensure that the investment of the organization on martials will not be at a lost.

The background of the study is aimed at identifying the problems and prospect of inventory control in the organization. The statement of the problems on inventory control cannot be over emphasize among which are the neglect of inventory department, materials management problems, unqualified personnel etc. the purpose of the study is to assess the problem and prospect of inventory control in Nigerian Bottling Company.

The significance of the study will guide the organization in question on how to implement proper and effective inventory control system to ensure materials availability. In a population of 210 staff, 20 staffs was taken for the study, it was based on this 20 that data was analyzed.

All data collected from the respondent mean score of the respondent and linker approach, 2.50 as the basis of making comparism between element and the basis for passing judgement. The instrument of data collection is questionnaire. Conclusion was drawn that inventory control still plays an important role in the survival of the organization, if proper procedures are maintained by the organization.

CHAPTER ONE:
Introduction

1.1   Background of he study

1.2   Statement of the problem

1.3   Objectives of the study

1.4   Significance of the study

1.5   Scope of the study

1.6   Research Question

1.7   Definition of terms

CHAPTER TWO: Literature Review

2.1   Inventory Control

2.2   Strategies in Controlling Inventories

2.3   Problems and  Prospect of Inventory Control

2.4   Possible ways of Improving Inventory Control

2.5   Contributions of Inventory Control

CHAPTER THREE: Research Methodology

3.1   Area of study

3.2   Research Design

3.3   Population of Study

3.4   Sample and Sampling Procedure

3.5   Instrument for Data Collection

3.6   Administration of the Instrument-

3.7   Statistical  Techniques for Analyzing Data

CHAPTER FOUR: Presentation and Analysis of Data

4.1   Presentation of Result

CHAPTER FIVE: Summary, Discussion, Conclusions, and Recommendations.

5.1   Summary of Procedures

5.2   Discussion of Findings

5.3   Implication of Findings

5.4   Conclusion

5.5   Recommendations

5.6   Suggestions for Further Study.

BibliographyAppendix

CHAPTER :

Introduction

1.1    Background of the Study

A vital ingredient for the survival of a manufacturing organization is its ability to manage inventories successfully. The question of identifying the problems and prospect of inventories in a manufacturing company has to be a concern for an organizational management. This is reflected in their work as per solving the problems of poor management system in the store, because the lack of good inventory control in the store results to a total failure of the entire store of the entire organizational performances.

The researcher is interested in identifying the problems and prospect of inventory control in Nigerian Bottling company and also to trace the causes of these problems and how it should be addressed for the purpose of attaining the set- up organizational objectives.

Studies have revealed that there are lack of total knowledge of duties and responsibilities amongst the store staffs, the lack of punctualities to the office, lack of discipline amongst the store staffs and corrupt practices in the store.

Over the investigations carried out, it is identified that the above problems could be traced to the management who employs the inventory staffs through the wrong channel and thereby, suggested that, before management issue employment letter to new employee, proper selection processes and devices be strictly adhered to, so as to make sure that competent and disciplined inventory officers be employed for the organization.

It is also necessary for the organization that in its selection, there should be employee education which could be through orientation, training and development of staffs so as to meet up with that modern technological advancement of inventory control system in the store.

This problem is investigated for the sole purpose of achieving success in a manufacturing organization and other future researchers.

The impact of solving these problems is going to be a success and sanity in the store of the manufacturing organization.

1.2    Statement of the Problem.

Number one problem facing the organization most especially in the store unit is the lack of knowledge of store inventories. Where an inventory staff is been employed to carry out some certain responsibilities but lacks the knowledge of his responsibilities, the office is rather regarded as the office of the ‘ghost’ where no work can be carried out.

Secondly is the problem of lack of orientation, training and development of the store staffs. An organization that lacks staff’s training and education can be seen as a dormant organization because; it will not be able to meet up expectations.

The researcher therefore suggested that there should always be a routine staff training and development, if not, the organization will one day wake up and see itself folding up.

1.3  Objectives of the Study

This study is specifically designed to;

1. Identify the extend of inventory control in the organization.
2. Identify the various strategies adopted in controlling inventories in the organization.
3.   Identify the problems and prospect of inventory control in the organization.
4. Identify the possible ways of improving the inventory in the organization.
5. Identify the contribution of inventory control in the organization.

1.4 Significance of the study

The research when completed will be useful to the researcher himself that is, it will serve as sources of knowledge to him and also an experience undergone during the research work. The research work will be useful to future researchers and will serve as a guide.

It will also be useful to the organization under study and like wise other related manufacturing organizations.

It is also a requirement In partial fulfillment for the award of higher national diploma in purchasing and supply of kaduna polytechnic.

1.5 Scope of the study

The study covers the problems and prospect of inventory control in ensuring materials availability in Nigerian Bottling Company which is located at the southern part of Kaduna state, Kaduna south local government, precisely stores.

The period within which this research work will be conducted is six months that is from July to December of the year 2010.

Also the subject matter is to identify the problems and prospect of inventory control in ensuring materials availability in the Nigerian Bottling company, Kaduna branch.

1.6  Research Questions

1. What is the extent of inventory control in the organization?
2. What are the various strategies adopted in controlling inventories in the organization?
3. What are problems are prospect of inventory control in the organization?
4. What are possible ways of improving inventory control in the organization?
5. What are the contributions of inventory control in the organization?

1.7  Definition of Terms

Buffer stock: This is the quantity of stock in the store to ensure against possible unpredictable variation in supply rate or demand deterioration: these are materials that are losing their original value or quality due to bad condition.

Discrepancy: this is differences between the physical quantities at stock and the quantities shown on records.

Inspection: This refers to the physical examination of the incoming materials to ensure its conformity to specifications.

Inventory: Materials recorded in the books of department and kept in the store house.

Inventory Checking: This refers to the physical check of quantities to determine the contribution of items kept in the store..

Inventory taking: This is a way of verifying the quantity balance of every arrangement of items held in a store house

Issue: This refers to an act of giving out materials from the store to an authorized person, unit or department with appropriate records.

Lead time: This refers to the time order is placed up to the time it arrived the store.

Minimum stock level: This is the amount expressed in units of issue below which the stock of given items should not be allowed to fall.

Maximum stock level: This is the amount expressed in units of issue which should not exceed the limit of stock level.

Quantity: In purchasing context, quantity refers to numbers of items in units.

Quality: This refers to anything that meet up to the customer’s specification or it refers to the suitability of items for the intended purpose.

Receipts: This refers to a certificate of acceptance of goods that conform to one ordered.

Re-order level: This is an expression of issue of which ordinary action is indicated in time for materials to be delivered before stock fall below minimum level.

Stock: These are physical goods held in the store house and stock yards which proper records are kept.

Storage: This is an act of holding and protecting materials/item in the store for future use.

Store: This is a general term used to denote a structure where materials are kept until they are needed for use.

Store house: This is a place where all kinds of materials, records for production, maintenance etc are kept for safe keeping.

Store record: This is a book which gives detailed information of receipts, issues and balance of stock from day to day activities in the organization.

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