THE EFFECT OF MATERIAL AND STOCK CONTROL ON THE PROFITABILITY IN KADUNA REFINING AND PETROCHEMICAL COMPANY (KRPC), KADUNA
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This research is on the effect of material and stock control on profitability (a case study of Kaduna Refining and Petrochemical Company). The study used both primary and secondary source of data collection. Questionnaires were used to elicit the view of the respondents on whether material and stock control has effect on the profitability of Kaduna Refining and Petrochemical Company. Frequency and percentage were used in analyzing the data collection, and chi-square was used to test the hypothesis formulated. Some of the problems facing KRPC are those of procurement of raw materials, inventory management and control. These come about as a result of inability of the company (KRPC) to calculate the economic order quantity and the various control levels use in the management of stock. The major purpose of this research on material and stock control are to analyzing the effect of material and stock control in KRPC to know the importance of material stock control in KRPC and to give future research room to improve on where the present research stop. Seventy (70) samples were used and two (2) hypotheses tested. The research among other things made the following findings: the KRPC is such a large company that every major section of its operation is now fully computerized and the stores staff are given periodic training.
1.1 Background of the Study
Material management, as practiced in business today, can be defined as “a confederacy of traditional material activities bound by common idea. The idea of an integrated management approach to planning, conversion flow and distribution of products materials form the raw materials state to the finished state (Iornum, 2007).
The above definition implies that materials management is generally concerned with the flow of material from the source of supply through the production line to the final consumers. This means that the material management include such function as the primary responsibilities of purchasing plus other major procurement responsibilities like inventory control, traffic, receiving, warehousing as well as production planning and control.
Later Douglas also defined material as aggregate of those ordinary causes of business which are in the process of production of goods or service to be available for sale. Material are significant portion of most firms of assets which accordingly requires substantial investment in order to keep these inventories from becoming unnecessarily large, material must be managed effectively. In modern business greater emphasis have being put in material handling. It concern in material management is to provide material in the right condition at the right time. It implies that the handling procedures should be able to appropriate stock level, ensuring proper use of stock and ensure that inventory is fully amounted for.
Jonny Ater – defines material handling as the movement and protection of material goods and products through the process of maintaining, distribution, consumption and disposal. Material handling should be controlled and carried out properly if a huge standard of efficiency and cost effectiveness is to be achieved.
1.2 Statement of the Problem
Material and stock control in organization is an important aspect of production process. Many companies engage diverse strategies to achieve organizational goal through material and stock control. The control of material as it affects Kaduna Refining and Petrochemical Company (KRPC) is the unavailability of material in store an proper reconciliation of possible loss to business through interruption of production or failure to meet order with the handling cost of stock.
Here in Nigeria, a cursory look at our economic problem will appear to suggest the non-adoption of materials management which is a product of our industrial philosophy that has made our manufacturing sector over important dependent. Though the organization (KRPC) under the study has advance store and way of obtaining their materials but lack proper personnel to handle the material problem.
1.3 Objective of Study
The following are aimed at realizing the objective:
i) Analyzing the impact of material and stock control in KRPC
ii) To know the importance of material and stock control in KRPC
iii) To provide useful recommendation as related to the study
iv) To give future research room to improve on where the present research stops.