THE IMPACT OF INVENTORY MANAGEMENT AND CONTROL IN TOWER GALVANIZED PRODUCT LIMITED KADUNA

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ABSTRACT

This research work is an attempt to look into the impact of inventory management and control in manufacturing company. It was conducted using Tower Galvanized Products (GTP) Ltd Kaduna.

The research work was carried out with the intention of examining the pit falls of manufacturing companies in carrying out necessary management and control of their inventories.

For this purpose the study was divided into five chapters. Chapter one introduced the research topic, the objective of the study was also define which include to access and highlight the different methods of inventory, planning and reeducation and the most appropriate one.

Chapter two was concerned with the review of related literature and points like objectives of inventory management which include to maintain minimum investment in inventories to maximize profitability were discussed.

Chapter three dealt with the methodology used in collecting data. In this chapter the random sampling technique was adopted and questionnaire were used to collect the data.

Chapter four has to do with the analysis of the various data collected using the mean. In chapter five, summary of the research work was don and conclusion were drawn to give recommendations in that a manufacturing companies with a view to profit maximization and cost reduction should adopt and maintain an effective inventory management and control system

TABLE OF CONTENTS

CHAPTER ONE

Introduction

1.1    Background of Study                                                    1

1.2    Statement of the Problem                                             4

1.3    Objective of the Study                                                   6

1.4    Significance of Study                                                    7

1.5    Research Questions                                                      8

1.6    Scope of the Study                                                        8

1.7    Limitation of the Study                                                 9

1.8    Definition of terms                                                        9

CHAPTER TWO

Literature Review                                                       

2.1    Introduction                                                                  11

2.2   The Concept of Inventory Management                         12

2.3    The Nature of Inventory                                                14

2.4    Motive for Holding Inventory                                        16

2.5    Objective of Inventory Management                             20

2.6    Techniques of inventory Management and Control      22

2.7    Economic Order Quantity Model                                  23

2.8    Inventory Records                                                         31

2.9    Inventory Valuation Methods                                       35

2.10  Inventory Ordering System                                           38

2.11  The Impact of Computer Application on Inventory     Management and control                                                      41

CHAPTER THREE

Research methodology

3.1    Introduction                                                                  44

3.2    Research Design                                                           44

3.3    Area of Study                                                                45

3.4    Population of the Study                                                45

3.5    Sample                                                                          45

3.6    Instrument for Data Collection                                     46

3.7    Validity of the Instrument                                            47

3.8    Reliability of the Instrument                                        47

3.9    Methods of Data Collection                                           48

3.10  Methods of Data Analysis                                             48

CHAPTER FOUR

Data Presentation and Analysis     

• Introduction 50
• Characteristics of respondents 50
• Presentation of Data and Analysis in Tables 54
• Summary of findings 61
• Discussion of Findings.                  63

CHAPTER FIVE

Summary, Conclusion and Recommendations             

5.1    Summary                                                                      66

5.2    Conclusion                                                                    67

5.3    Recommendations                                                        69

Bibliography                                                                  72

Appendixes

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Inventories constitute the most significant part of current events of a large majority of companies in Nigeria and indeed many other part of the world. Because of the large size of inventories maintained by firms, a considerable amount of fund is required to be committed to them. Therefore, the efficient and effective management of inventories becomes imperative in order to achieved unnecessary turnover or to minimized the cost associated with keeping inventories. The neglect of inventory management and control by a firm will amount to jeopardizing its long run profitability and may even cause the firm to fail ultimately.

Inventory is defined as the stock of any item or material used in an organization. Therefore, an inventory management is the set of policies and control that monitor levels of inventory and determines the following:-

1. What level should be maintain
2. When stock should be replenished.

iii.     How large order should be

However, inventory can include input such as human resources, financial, equipment e.t.c and output such as parts or component.

It is possible for a company to reduce its level of inventories to a considerable degree without any adverse effect on production and sales by using inventory planning and control techniques.

The reduction in excessive inventory carries a favourable impact on company profitability (Pandey 1999) in doing this however, care should be taken to avoid under stocking which directly affect production causing stoppage, loss of sales, loss of good will. etc.

Inventory forms a link between production and sales of a product. A manufacturing company must maintain a certain level of inventory in the form of raw materials, work in progress and finished goods. Raw materials inventory gives the firm flexibility in its purchase, without it, a manufacturing company must exist on a hand-to- moth basis buying raw materials in keeping with its production schedule. Work-in- progress are items of stock that are subjected to further processing to produced the finished product. finished goods inventory allows the firm flexibility in its production scheduling and in its marketing thus there is on incentive to maintain large stocks of all three types of inventory.

In an inflationary environment like Nigeria, there is the need to adopt a realistic inventory valuation method in order to give correct value of inventory in the profit and loss account and in the balance sheet which would have otherwise show an appropriate financial position of the organization and thus negating the purpose of accounting which is the provision of accurate financial information to investors, shareholders, management, government and her agencies and other related interested parties in order to assist them in taking decision about the organization.

It is in view of this that the need arises for an appropriate management and control measure to maintain the most accurate level of stock that will assist management of the organization carryout business in such a way that it does

not portray the organization in bad shape.

1.2   STATEMENT OF THE PROBLEM

The wide distance between the source of raw material and factories in Nigeria today has posed a great problem to management. Thus the management may not predict with certainty to delivery date of materials. How then does the management ensure that there is no

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THE ROLE OF FINANCING SMALL AND MEDIUM SCALE ENTERPRISE IN RURAL AREA IN KADUNA STATE

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ABSTRACT

An important feature of the Nigerian economy is imbalance in the spatial distribution of natural resources, basic infrastructure and economic institution. In order to foster development, some less development attempts to have started making conscious attempts to encourage deferent part of their territories to tap adequate resources which nature provide.

Throughout it history, shall scale enterprise has been one of the major wheels of economic development in almost all economic of the world from the simple money changing transaction of the Jews in Italy to the middle age goldsmith in England who were regarded as real revolution and up to the present day, complex arrangements of financing of small and medium scale enterprise and the importance of it in any economy cannot be overemphasized.

Its history has been the story of development and problems, occasionally; it has developed from its early role of accepting or financing of small and medium scale business, which is better handled by banks and rural areas. Small and medium scale business that takes care of all the financial needs of its customers. It is the theme of this project to analyze the policy, formulation and execution strategies of the small and medium scale business especially in the rural areas with the view to evaluate the problems and recommendation of the problems. However, prospects are therefore small and medium scale enterprise in Nigeria so as to know what the future hold for them.

TABLE OF CONTENT

CHAPTER ONE

1.1    Introduction      –       –       –       –       –       –       –       –       1

1.2   Background of the study    –       –       –       –       –       –       3

1.3    Statement of problem        –       –       –       –       –       –       5

1.4    Objective of the study        –       –       –       –       –       –       9

1.5    Research hypothesis –       –       –       –       –       –       –       10

1.6    Scope and limitations of the studies   –       –       –       –       11

1.7    Definition of term      –       –       –       –       –       –       –       12

CHAPTER TWO :      Literature review

2.1    Introduction      –       –       –       –       –       –       –       –       13

2.2    Institution established for the finance of scale    –       –       13

2.3    What institute a small scale industry –       –       –       16

2.4    Small scale industry and problems of financing  –       –       18

2.5    Factors responsible for business failure     –       –       –       27

2.6    Interest charges         –       –       –       –       –       –       –       28

2.7    Out come of finance  –       –       –       –       –       –       –       29

CHAPTER THREE

3.0    Summary –       –       –       –       –       –       –       –       –       31

3.1    Recommendation-     –       –       –       –       –       –       –       32

3.2    Conclusion        –       –       –       –       –       –       –       –       33

References        –       –       –       –       –       –       –       –       –       34

CHAPTER ONE

1.1     INTRODUCTION

Industrialization in Nigeria can be traced as far back as the mid sixty (mid 60’s) although co-ordination and meaningful programmers in this direction become manifested with the released of the second national development plans, subsequent development plan has long focused largely on industrial growth and development plan. These accounted for introduction of the small scale industries credit scheme (s-s-1.cs) all over the federation in 1996 each state from the defined Benue-Plateau states, came the birth of the present Plateau state government which sponsor small-scale industries credit scheme.

The federal and state government realized the important of small-scale industries in the growth and development of stable and dynamic economy accounted for their government assistance in both cash and lend. They made funds and expertise available to small scale medium industries to enable them under take project that could contribute to the economic development of the country.

In general term, the small-scale industries credit scheme was established to provide loan in a cash and kind to the establishment and modernization of small-scale industries that offer promising being of economically viable by producing, needed commodities, making use of local raw materials and expanding employment opportunities, small- scale industries being the “back-bone” of any economy principal source of innovation and new ideals or method, they make up of economic units in every economy, their development and growth is of great significant to overall health of the natural economy by financing (inform of loans) these small-scale industries especially those in the rural areas, it is hoped that growth and development of small-scale industries which is an important pre-requisite for the substance of well balance industries would achieved and there by ensured the realization of Nigeria’s industrial goals, since the bulk source of the Nigeria raw materials are from the rural areas.

Historically small-scale industrial programmes. In developed economy and united state of America (U.SA ) Germany and Japan developing country like Nigeria, generally speaking, small, scale industries served as.

1.2     BACK GROUND OF THE Study

Union Bank of Nigeria plc, commercial banking operate in Nigeria in 1894 as the bank of British West Africa limited (Liver pool) with an authorized share capital of $100000 (one hundred thousand Dollars), making it the second bank to be established in Nigeria after first bank.

The bank recorded remarkable growth over the years with the opening of a branch in Calabar in 1907 and they take over in 1912 of the bank of Nigeria thus, regarding, it position as second bank of apart from first bank in the country at that time. The bank was nominated to act as agent in Nigeria to the West Africa currently board (set up in 1912) to perform, the role of a commercial banking like first bank in Nigeria.

However, it retained this role until 1959 when the central bank of Nigeria was established. The central bank of Nigeria was established inline with the discoloration process of the 1950’s, the bank’s name was changed to bank of West African Limited in 1957. The standard bank of England in compliance with the company’s decree of Nigeria limited in 1969. the federal government of Nigeria purchased 36, 1% of the bank equity while the Nigeria investors took up 12.9% in line with the indigenization process, commenced by the Nigerian government in 1972, government share holding had increased to 44.76% and that of other local investors to 17.24% as a result of the dilution of union bank of Nigeria plc and its share were listed on the floor of the Nigeria stock exchange in the same year.

In compliance with the requirements of sections 31 of the Companies Allied Matters Act 1990. The name of the bank was further changed to union bank provide its customer a full range of commercial banking services including current saving and deposit accounts, loans and over-drafts, provision of international banking services, least export credits, financial advisory services and soon with the establishment of merchant bank in 1990, the bank has also be able to provide its numerous customers a full range or merchant banking services. The union bank of Nigeria plc provides services to its customers in different dimensions in the country.

1.3     STATEMENT OF THE PROBLEM

In spite of numerous efforts by the government to increase new form of industrial activities in the national economy and the unique position occupied in the small and medium industries in the overall national development, very competition disadvantages with the big industries in Kaduna state

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CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION

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ABSTRACT

CHAPTER ONE

1.1     Introduction

The modern world is information oriented, thus management becomes more concerned about communication with employees. Hence communication is vital tool for effective management in an enterprise.

The need for effective communication has become paramount because most managers found it difficult to understand why efficiency is not as certain in an organization.

However, communication integrates, coordinate and synchronize organization activities. In an organization, there is need for harmonization of overall activities, this can be done through communication.

According to Koontz H. Weihrich (2008) 12^th edition of management at global and entrepreneurial perspective page 22 defined communication as the process of transferring information meaningfully from one to another.

Communication is a fundamental aspect of all human interactions: through languages, humanity has recorded its history and transmit its culture from one generation to another. The ability to communicate has enable human being to build societies, organization and other social group that make for survival and social wellbeing.

Communication constitute about 60% managers tasks. It takes the following form: directive conservation, request and instruction. The mix include not only oral and written form of one communication but gestures, positive dress and other visual signals.

Concept of Communication

Communication can mostly be facilitated through language and language is purely abstract in nature thus a well spoken language earns benefits and purpose of communication. The more an individual increases its vocabulary, the like/she visualize his words, object and phrase. Many people attach difficult meaning to gesture communication and as such it poses problem. Henry Fayol “studies unity of direction” in his 14 principles of management which means that each group of activities with the same objective must have one head and one plan. While Barnard in his popular book “the function of the executive” saw maintenance of organizational communication as top of his life of the three basic execution functions. Perhaps Bandas and Barret expressed the most eloquent when they write: It is not a secondary or derived aspect of

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Role of Communication in Enhancing Productivity in an Organization

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CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND OF THE STUDY

As business is becoming more and more complex, organizations are tending to group together and to increase in size.

Establishments in the same group of companies may frequently be separated geographically by considerable distance. Therefore, it is impossible to hold effective meetings or to contact all interested parties. Consequently, a good communications is essential to the effective operation of any organization. This is because of its persuasive nature.

Communication is often referred to as the network that binds together all the members and activities within an organization through “communication” is a highly ambiguous term which stems from the latin word “communiqué” is meaning to share, to make common to comport for the purpose of this study, I shall defined it (communication) as the preference of information is, sharing of ideals and instructions of feeling between individual or groups of individual and within or between organizations at inter-organizational levels.

Though, the transmission of this information, ideals and their activities may co-ordinate in the pursuit of organizational goals and individuals satisfaction. However, in order to achieve this, management must decide upon the form and content in any items of communication. To do these properly, it is essential first to decide the exact purpose of this communication and a thorough appreciation of the knowledge, understanding, interest and attitudes at those who will receive the information.

Hence, management of kinds has a greats responsibility to ensure that adequate communication occurs in their organization, communication therefore become an indispensable functions of people and organizations or the organism relocates its part and its environment and relate its part and its internal processes one to the other. That is to say, communication is the life wire of any meaningful existing organization.

However, it is worth noting that communication even between friends is at best difficult and at time impossible to achieve, in spite of their relationship, it may be expected therefore, that where hierarchical relationship exists as in Hamdala Hotel, and where interpersonal feelings are some time more negative, even more attention and effort, it is to yield the level of understanding necessary for efficient operations. Inspite of the complexity of the process, communication have fundamental that are important to managers and supervisors.

1.2    STATEMENT OF PROBLEM

The passing of information is not only from supervisor to subordinate. It also emanates from subordinate to supervisor; in Hamdala Hotel, it is not only between organization but information could also be passed horizontally for instance within Hamdala Hotel from one department to another failure to communicate effectively has became a constants source of frictions, between departments in the work situation. If one where to devolved into the cause of some of the constant conflicts which arises between department or between individuals one would find that most of them arouse because “we were not informed”. Many good managers have been devolved because major decisions affecting

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