IMPORTANCE OF PRODUCTION PLANNING AND INVENTORY CONTROL IN AN ORGANIZATION

IMPORTANCE OF PRODUCTION PLANNING AND INVENTORY CONTROL IN AN ORGANIZATION

 

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ABSTRACT

Verily the idea of production generally dates back to the ancient days/times when human being concerned most production systems, beginning with the family and craft system which involves into the factory system culminating in mass production lines and the automation concept. This productivity system are unique inventions of mankind. They are mean of which we create an endless list of goods and services needed for sustained modern society. Consequently, production planning and inventory control in an organization is basically aimed at establishing the significance of the subject matter organizations performance relating to the production process production control and planning inventory control. This is consistently relevant activity in production. Marketing and finance department in the organization toward achieving its objectives.

CHAPTER ONE: INTRODUCTION

1.1     Background of the Essay      –         –         –         –         –         1

1.2     Statement of the Problem    –         –         –         –         –         3

1.3     Limitations of the Essay       –         –         –         –         –         4

1.4     Definition of Terms     –         –         –         –         –         –         5

1.5     Scope of the Essay       –         –         –         –         –         –         11

CHAPTER TWO: LITERATURE REVIEW

2.1     Concept of Production –         –         –         –         –         –         12

2.2     Production Planning    –         –         –         –         –         –         24

2.3     Inventory Control        –         –         –         –         –         –         29

2.4     Significance of Production Planning and Control     –         33

 

CHAPTER THREE: SUMMARY, CONCLUSION AND RECOMMENDATION

3.1     Summary   –         –         –         –         –         –         –         –         35

3.2     Conclusion –         –         –         –         –         –         –         –         36

3.3     Recommendation         –         –         –         –         –         –         37

Bibliography       –         –         –         –         –         –         –         –         40

 

CHAPTER ONE

INTRODUCTION

1.1     Background of the Essay

This essay is aimed at establishing the importance of production planning and inventory control in an organization with particular emphasis in the consideration on what the subject matter production planning, inventory control is all about to be emphasis in the introduction of the essay.

Basically, production refers to the transformation of raw materials into output, while production planning on the other hands is the determination of the production operation in a manufacturing unit.

Inventory technique is an internal control system that serves to ensure the maintenance of adequate inventory level in an organization. Moreover, inventory control represents the major capital investment in an organization.

The inventories in an organization function or stock record keepings stocks therefore can be seen as finished goods reader for sales. The importance of production planning and inventory control in an organization is to feed the organization with information about the stock of the organization in other to safeguard the organization from the risk of obsolesce of excess purchases of raw materials, it also ensure that the needed raw materials for production operation is constantly viewed or verified to meet the production. It also serves as a basis of which the purchasing as the stock inventory control will provide information about stock that are excess and those are by specification i.e. those are where the organization will likely be running of stocks.

Inventory Control in an organization is an important aspect in the daily life of an organization. This is because inventory control enhances organizational progress. The existing problem in this stock inventory control which instigate this standing to my point of view indirections. That is, it may be too large or too small so if it is large relative to it, the cost of carrying the inventory control will be equally higher than it needs be, while if it is too small, the cost of controlling the inventory will be small. Consequently, the inventory carrying cost include cost include such things as interest on the inventory management, handing cost depreciation and obsolesce.

1.2     Statement of the Problem

The basic significant statement of the essay is aimed at bringing a clear picture and transparent understanding of the essay “Production Planning and Inventory Control in an Organization”, it also embraces the problem facing the production sector, types of production and production planning methods of controlling inventories in an organization.

Furthermore, this essay entails all the necessary inventory techniques available in the management of

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