EVALUATION OF THE APPLICATION FOR INVENTORY CONTROL CONCEPT IN THE MANAGEMENT OF MATERIAL

EVALUATION OF THE APPLICATION FOR INVENTORY CONTROL CONCEPT IN THE MANAGEMENT OF MATERIAL

ABSTRACT

The research work will look into the education of inventory control concept in management of materials, using the Nigeria Bottling Company (NBC) plc Owerri plant as a case study.
These work divided into five chapters. The first chapter will look into the background of study, statement of problem, the objective of the study, significant of the study, research questions, limitations of the study, the scope of to study, hypothesis and definition of terms.
Chapter two will look into the literature review that is, introducing many authors and their books journals etc bringing out their views on the’ topic.
While chapter three will look into the research design and methodology that is, showing the source of data, population size, sample size,how the data are collected, validation of instrument used, the description of instrument and method of data analysis.
Chapter four will talk about data presentation and analysis after which the hypothesis will be tested and finally discussion on the major findings during the study.
Chapter five will finally summarize all the chapter above, conclusion will be drawn and the researcher will give her recommendations and state the bibliography and finally write out the question in the questionnaire.

CHAPTER ONE

INTRODUCTION
1.1 BACKGROUND OF STUDY
The objective of most business included survival and growth fulfilment of social responsibilities and realization of satisfactory profit. This level of returns enables the company to take advantage of business opportunities undertaken research and innovation which further makes for growth and survival in the long run, discharge the social responsibilities and it obligations to the owners.
In other to maintain this status quo, it becomes imperative that position attempt must be made to minimize the operational cost of the business, increase production and boost the sale of these products. However, one of the efficient ways of achieving the most desired efficiency in business operation is through education of operational cost to a tolerable level.
One major component of this cost in many manufacturing organization that deserves the attention of management is the investment in inventories. Otherwise know as stock. In most organizations, the inventory or stock figures is the largest sample item in the current assets group. Any excess as well as storage of stock can contribute to business failure. Inventories are the stocks of the product a company is manufacturing for sale, and the components of stock are raw materials, work-in-progress (WIP) and finished goods. Raw materials can be said to be those input goods through the manufacturing process.
Raw material stocks are those units of input which have been purchased and stored for future production. Working-in-progress (WIP) stocks are semi-manufactured products. They represent products that needs more work before they become finished products for sale. Stock of raw materials and work in progress facilitates production, while stock of finished goods is required to smooth marketing operations so considering the large sum of money that is committed on these stock of raw material work in progress and finished goods. It therefore becomes important that stock should be efficiently managed in other to avoid jeopardizing the profit position of the firm. The only sure way by which mis-management of stock can be avoided in a company is for the company to install a sound management system. Knowing the level of inventories needed for the most successful merchandising inventories at a lesser cost, this means high labour and plant efficiency in the physical handling of inventory in and out of storage.

EVALUATION OF THE APPLICATION FOR INVENTORY CONTROL CONCEPT IN THE MANAGEMENT OF MATERIAL