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ANALYSIS OF THE PROBLEMS AND PROSPECTS OF INVENTORY CONTROL IN A MANUFACTURING COMPANY (A CASE STUDY OF NIGERIA BOTTLING COMPANY PLC ILORIN PLANT)
TABLE OF CONTENTS
TITLE PAGE PAGES
CERTIFICATION I
DEDICATION II
ACKNOWLEDGEMENT III
LIST OF TABLE IV
CHAPTER ONE
BACKGROUND OF THE STUDY 1
STATEMENT OF THE PROBLEM 2
AIMS AND OBJECTIVE 3
SIGNIFICANCE OF THE STUDY 4
SCOPE AND LIMITATION OF THE STUDY 6
RESEARCH METHODOLOGY 8
THE HYPOTHESIS OF THE STUDY 8
ORGANIZATION AND PLANS OF THE STUDY 9
CHAPTER TWO
2.O LITERATURE REVIEW11
2.1 INVENTORY CONTROL DEFINITION AND TYPES 11
2.2 IMPORTANCE OF INVENTORY CONTROL 12
2.3 MATERIAL PURCHASE 12
2.4 MATERIAL STORAGE 13
2.5 CENTRALIZATION OF MATERIAL STORAGE 13
2.6 INVENTORY VALUATION METHOD (MATERIAL PRICING) 14
2.7 STOCK TAKING 16
2.8 BRIEF HISTORY OF THE ORGANIZATION 17
2.9 COMPUTERIZATION OF NBC PLC 18
2.10 CALCULATING THE ECONOMIC ORDERING QUANTITY (EOQ) ` 19
CHAPTER THREE
3.0 INTRODUCTION 24
3.1 RESEARCH DESIGN 25
3.2 POPULATION OF THE STUDY24
3.3 SAMPLE SIZE24
3.4 SOURCE OF DATA AND DATA COLLECTION INSTRUMENT25
3.5 QUESTIONNAIRE BASIC ASSUMPTION 26
3.6 STATISTICAL TECHNIQUES/TOOLS 26
3.7 PROFILE OF THE CASE STUDY 26
CHAPTER FOUR
4.0 DATA ANALYSIS AND PRESENTATION 28
4.1 INTRODUCTION 28
4.2 CHARACTERIOSTICS OF RESPONDENT ANALYSIS 28
4.3 THE HYPOTHESIS RESULT 33
4.4 DISCUSSION OF FINDINGS 34
CHAPTER FIVE
5.0 SUMMARY OF INDINGS, CONCLUSSION AND RECOMMENDATION 37
5.1 SUMMARY OF FINDINGS 37
5.2 CONCLUSSION 38
5.3 RECOMMENDATION 38
BIBLIOGRAPHY 40
QUESTIONNAIRE 41
CHAPTER ONE
1.1 BACKGROUD OF THE STUDY
A major problem facing the stock control has affected the growth of business or company is the determination of an economic order quantity that will minimize total inventory cost. The purchasing department only orders the amount needed to attain the maximum stock level whenever stock reaches or fall below the minimum stock level. While the company fails to realize that the minimum level does not have to be attained always, it has cost implications whenever stock falls below minimum level, ordering cost per unit decreases as quantity increases, however, there will be an increase in carrying cost. Hence, total cost is not minimized whenever the quantity order is greater than the optimum required that is the economic order quantity.
The company is faced with the problem of delayed with regards to local supplies of its production materials such as sugar, and water bottle soften carbon(iv)oxide02. even though local supplies constitute only 28% of the total production material used in most cases, supplies fail to meet the delivery date upon because they do not know the exact materials required and yet will not admit ignorance. The high value part of the materials on the one hand and the financial inability on the part of suppliers initially may not realize the huge amount of capital involved with the result that they will not supply at all and fail to inform the company of their inability to supply.
Consequently, the company incurs cost in sending remainders and in cancellation of orders prompt delivery of production material is of primary concern to management.
Delay in the delivery of these materials will lead to the increment of enormous cost by the company.
1.2 STATEMENT OF THE PROBLEM
The importance of stock in any organization can be over emphasized and its control must be accorded a great attention so as to minimize some of the problems associated with inventory control. Some of these problems are:
inventory valuation method are many
There are improper record keeping
The supply of raw material by contractors is ineffective
No policy regarding minimum and maximum stock levels determination
The company adopts manual inventory control system
The bi-annual stock taking is not enough for effective control.
B. PROBLEM OF STOCK MANAGEMENT DUE TO INEFFECTIVE STOCK CONTROLL SYSTEM
For accurate pricing of stock, these has to be an effective means of recording the movement of stock. This is to say that the recording must be up to date regarding materials prices. The following are major problem of stock management due to ineffective stock control system.
Material are brought at different prices
These material becomes unidentifiable from other undesirable from costing point of view
Profit calculation is affected by the pricing method adopted by an organization, particularly where materials from a large of raw material due to suppliers cause problem of stock inefficiency management
Storage: material like concentrates chemical require fully air conditioned, very cold room
Ineffective supply of raw material due to suppliers cause problem of stock inefficiency management.
Capital tied down due to ineffective control system
Quality of materials; there may be available found but in absence of materials of the desired quantity for graded materials, problems ensure.
1.3 AIMS AND OBJECTIVE OF THE STUDY
Inventory forms a large proportion of any firms working capital and therefore, there is need for effective control by management which is like major objective of this study on inventory control system
To have a general critical review of managing problems arising from stock control of the soft drinks industry
The Bi – annual stock taking adopted by NBC plc to be used as a case study industry.
Ways of correcting faulty valuation method and at the same time determine the suitable stock valuation method for the particular circumstances of soft drink companies Nigeria
To check the problem of determining the E.O.Q
To suggest appropriate policy regarding determination of maximum and minimum stock levels.
To look at possible means of bringing to minimum the huge expenditure on stock control
The effective management of available funds will be the result of effective stock control system
Management information system (MIS) to enhance control system on introduction of computer
Clerical operations account for inefficiencies in management control on inventory
To look at the ways of making maximum and effective use of the seemingly washing human resources who are not fully utilized in management control system of stock other implement to efficiency of stock management in organization which with equally draw attention in this study include
Fraud and misappropriation of stock balance (quality) and of pricing (price)
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