CONTROL OF STOCK AND ITS IMPLICATION FOR MANUFACTURING INDUSTRIES

CONTROL OF STOCK AND ITS IMPLICATION FOR MANUFACTURING INDUSTRIES (A Case Study of UNITED NIGERIAN TEXTILE PLC Kaduna)

 

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ABSTRACT

Control of stock and its implication for manufacturing industries are very significant in the operational activities of an organization especially that of processing and manufacturing concerns, which are profit, oriented. The research direct its focus on the proper understanding of how effective and efficient application of stock control techniques will enhance greater productivity in the organization as well as stimulate economic growth and development. This project review relevant literature and source it data main from primary sources and analyze them to warrant an object recommendations, which will be indispensable to policy maker.

 

 

TABLE OF CONTENT:

CHAPTER ONE: (General Introduction)

  • Introduction –       –       –       –       –       –       –       1

1.1     Historical Background of Organization     –         –         –         4

  • Statement of the Problem –         –         –         –         –         7
  • Research Question –         –         –         –         –         –
  • Significance of the Study –         –         –         –         –         9
  • Objective/purpose of the Study –         –         –         –         10
  • Statement of Hypothesis –         –         –         –         –         12
  • Limitation and Delimitation of the Study –         –         –         13
  • Definition of Terms –         –         –         –         –         –         14

 

CHAPTER TWO: (Literature Review)

  • Introduction –         –         –         –         –         –         –         17

2.1     Meaning of Stock Control       –         –         –         –         –         17

  • Standard System of Control –         –         –         –         –         26
  • Maximum Stock Level – –         –         –         –         –         28
  • Minimum Stock Level –         –         –         –         –         –         29
  • Reorder Stock Level –         –         –         –         –         –         29
  • Economic Order Quantity (EOQ) –         –         –         –         32
  • Stock Taking and Stock Checking – –         –         –         35
  • Types of Stock Taking – –       –       –       –       –       36
  • Review of Stock Levels –         –         –         –         –         39
  • Importance of Stock Levels –         –         –         –         –         40
  • Problems of Stock Control –         –         –         –         –         42

 

CHAPTER THREE: (Research Methodology)

  • Research Design – –       –       –       –       –       –       44
  • Population Sampling –         –         –         –         –         44
  • Sources of Data – –         –         –         –         –         –         45
  • Statistical Techniques Used for Data Analysis –         –         48

 

CHAPTER FOUR: (Presentation and Analysis of Data)

4.1     Introduction          –         –         –         –         –         –         –         49

4.2     Data Analysis      –         –         –         –         –         –         –         49

4.3     Hypothesis Testing       –         –         –         –         –         –         68

 

CHAPTER FIVE:(Summary, Conclusion and Recommendation)

5.1     Summary    of Findings –         –         –         –         –         –         73

  • Findings –         –         –         –         –         –         –         –         75
  • Conclusion –         –         –         –         –         –         –         76
  • Recommendation –         –         –         –         –         –         77

Bibliography         –         –         –         –         –         –         –         80

Appendix    –         –         –         –         –         –         –         –         82


CHAPTER ONE

GENERAL INTRODUCTION

  • INTRODUCTION

The world of study is full of discoveries and innovations. Through intensive question and enquires. The discoveries are used in solving some compound problems either directly or indirectly.

 

This study is focused on stock control and its implication in an organization, with special reference to the manufacturing industries.

 

Stock is an material supplied, received into store house and being shop or issued on request (Lockyer K. 1984)

 

Stock control is the means by which material of correct quantity and quality is made available as and when required with due regard to economy in storage and ordering costs, purchase prices working capital.

 

Stock control is very important in the public sector, but it is generally considered to be more important in the private sector, this is because there is a notion that control is always applied by a profit making organization. The present economic situation in the country has made it imperative for manufacturing industries to control its stock scientifically other wise it will affect the cost of production as well as its profit margin.

 

There is no standard system of stock control which can be universally recommended or applied, each organization adopt the one most suitable to its needs, although certain principle and practice are more or less common to most them.

 

Stock control is very important unit in an organization, which has to be critically analysed and coordinated however various firms has not been making use of stock control to their own advantage.

 

They tend to have little or shallow view of the stores activities, which in the long run brings set back to them and resulting to tying down the circulating capital.

Therefore adequate method of measuring and checking inventory level is crucial for the survival or any organization especially the manufacturing concern. Stock control involves the making of rational decision on the level of stocks that may be economically needed to meet all requirement for planned production.

 

From the stores point of view, one of the major important thing is to keep the incoming material as nearer as possible to the machine shops and assembly shops that will be used daily. To avoid a disruption of production process that may ultimately result in low productivity, low sales and low profit, shortage of materials should be avoided.

 

In other words, every organization should as a matter of importance, know its quantity and its economic order quantity.

 

More also, proper and adequate stock control regulates the delivery of excessive materials, hence if left unchecked, it will pile up the ware house the production area, apart from the fact that the excess of deliveries tie up too much capital here the emphasis should be on the manufacturing schedule and everything is regulated by that, in respect to some manufacturing firms that deals with expensive or bulky material or components the flow has to be regulated and managed hour by hour and their demand high degree of understanding cooperation and efficiency.

 

Therefore, if as effective and efficiency

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