IMPORTANCE OF STOCK CONTROL TO BUSINESS ORGANIZATIONS
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CHAPTER ONE
INTRODUCTION
1.0 HISTORICAL BACKGROUND OF THE STUDY
For many years now a lot of manufacturing company does not know the important of stock methods and even when they know, it is not consciously handle or put in the care of professional. Infact, they belief that the stock control methods is not the ultimate things the organization desire this means the contribution on effective stock control can make to the success of an organization still not very widely appreciated and hence it is of great significant to reflect the impact and effective and efficient stock control would have on an organization as well as the profitability level of the company.
The fundamental point about stock control is that by the very nature of it’s operation, every items of the store receives individual attention. The stock is the key element of working capital which has the power to influence the future of the company either positively or negatively and the effect is said to prevail over the other when it is not highly controlled. Where an organization materials are not systematically controlled, it can result to unnecessary trying up capital in stock and losses through breakage, pilferage, deterioration, theft, obsolesce etc. Beside, any organization which of stock out control stock is always faced with the problem of stock out in which may cause hold up in production service and sales, the staff become idle mean while salaries still have to be paid. Effective and efficient stock control will go along way in preventing loses and waste as such increase the point level of the organization.
Infact a slide percentages increase in efficiency a stock control will amplifies the profitability level. Since stock is often regarded as a life wire or life given element of an organization, the control of stock therefore is highly significant and should start right from the time the need is identified to purchase order expediting. Receipt and inspecting storage and issue so that services will be rendered in the most effective manner and at the lower possible cost. The achievement of the potential benefits that are there in an efficient stock control system will only be possible if any one when store personal are well trained in their profession make available necessary material handling equipment and above all ensure an effective secure o the stock card, store house, store personnel as well as the keys to every entrance.
In September, 1969 the federal military government decided to merge the (ECN) Electricity Corporation of Nigeria and (NDA) Nigeria Dams Authority into a single body to avoid duplication for resources in the two organizations.
A year later, a Canadian firm of consultants (Shansimont Ltd) was appointed to look into the technical detail of the merger. The report was submitted in 1974.consequently a decree merging the two organizations in the National Electric power authority (NEPA) is to develop in efficient, coordinated and economical system of electricity for all parts of the federation.
The national grib connected the facilities resulting from the merger, the grib interconnection includes generating at Kainji, Lagos (Ijora) Ughali (Delta) Afarm and Oji River.
In addition there were diesel generator installation at Ibadan, Benin,Warri, Aba, Enugu, Zaria, Kaduna, Owerri, Abeokuta and Oshogbo further, diesel generation supplied system in population centers isolated from the grib include Gusau, Sokoto, Bauchi, Yola, Maidugari, Potiskum and Mubi. The grib was fact two major sub-system since the connection between the western system and Onitsa and was yet to be effected, a 330Kva transmission was in operation in the western system between Kainji and Lagos.
March 2005, witnessed major milestone in the electricity power sector reform process with the signing into law of the (EPSR) act in March, 2005 and the mergence of Power Holding Company of Nigeria Plc in place of National Electric Power Authority as well as the subsequent Electricity Regulatory Commission (NERC) on 31st October, 2005. The visible results of the ongoing transformation of the company include staff re-orientation anchored on customer service delivery. The new focus in the unbundled units has resulted in improved revenue collection and customer services delivery with a land mark collection of seven billion Naira (N7,000,000,000) in October 2005.
In the last three months we have consistently on a daily basis achieved pack generation of over 3000- mw to the national grid we are optimistic that with this improvement in generation availability and the federal government commitment to built it new power station that will add 6000 Mw new capacity there quest to meet the 10,00 Mw target by 2010 was not reality. The National Electric Power Authority central Kaduna was established in 1976 now Power Holding Company of Nigeria (PHCN) made up of the following.
- Administration
- receipt and packaging
- issue and storage
- Account
- stock control
At inception, there were about twenty (20) staff but since then, there has been an increased manpower section namely inspection and audit section the principal objective of establishing a central issue to fifteen (15) states at the Northern state.
Since national electric power authority has three central store which the country made up of central store Oshodi, Issuing material to western states of the country and central store port-Harcourt for eastern states of the country.
Organizational structure
1.1 STATEMENT OF GENERAL PROBLEM
Every organization is it big or small keeps stock to order to provide necessary basic raw materials for daily operation and also to provide a reservoir for absorbing the effect of variation in delivering and consumption also to maintain ready availability of supplies within the organization which may be required at short notice. But most organization does not consider the necessity of some basis consideration for keeping such items.
When good are held in stock there is great deal of administrative work involved i.e. control of receipt issues and the general custody of all the stock items in order to prevent theft and pilferage and sometimes equipment for loading and off loading such materials have to be bought all these costs must be taken into consideration. Otherwise the organization may end up tiring down it’s working capital when could be invested elsewhere and generate more profits for the organization concern.
In PHCN control store Kaduna the store is responsible for providing the standard material such as transformers, underground cable copper wires, fuses etc to the sixteen Northern states PHCN districts.
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