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THE IMPORTANCE OF INVENTORY MANAGEMENT IN SMALL SCALE ENTERPRISES
(A CASE STUDY OF RAZ RESOURCES LIMITED KADUNA)
TABLE OF CONTENT
- Background of the study
- statement of the problem
- statement of the objective
- statement of the hypothesis
- limitation and delimitation
- definition of terms
RIEVIEW OF RELATED LITERATVTRE
2.1 Historical background
2.2 Definition of inventory management
2.3 Cost of inventory management
2.4 Benefit of inventory management
2.5 Challenges face by inventory management
2.6 Problem Associate with inventory management
2.3 Sources of data collection
3.3 Instrument used for data collection
2.4 Validity and Profitability of Research instrument
3.5 Research population
3.6 Determination of sampl ing size
3.7 Method of data analysis
Presentation, analysis and interpretation of data
4.2 Data presentation, analysis and interpretation of data
4.3 Testing of hypothesis
5.2 Summary of finding
BACKGROUND OF THE STUDY
Most business organisation that makes investment that will make them to achieve their corporate objectives, these investment are typically in land, building, machinery, stocks of various types, debtors and cash when organisation are assessing investment project account must be taken not only on the investment in a mom durabh (fixed) assets but in the current assets as will. Current assets are these that will not remain permanerntly in a company of which stock inventory is our will be linked up with its performance not to put too times a point in the organisation efficiency. Basically inventory (stock) falls under three broad categories.
- Raw materials, which are the item, the company holds ready for use in the production process reguired.
- Work-in- progress, these are particularly manufactured product of manufacturing industry
- The finished good, which are the goods a stock which are the goods or stock which are ready for sales by the organization, for the benefit of this research work, we shall be concerned with the position or benefit of industry control in manufacturing. One should not that when controlling inventory, one should let share holders maximization to be in consonance with the times goals. When inventory control is imbalanced there should be stock which, could lead to reduction of sales and which can lead to lose of customer to another competitors.
1.2 STATEMENT OF THE PROBLEM
Business today sly away from running a small or medium business many have neglected opportunities because of their fear of failure the first problem limitating against most industries is lack the inventory control system to be used which will suit the need of the organization.
Problem also occur in the area of production, marketing, personnel, and finance there has leen the problem of internal valuation via inventory controls the inventory control system has a direct impact on the profitability of the organization operation and that is why the study came to being.
1.3 STATEMENT OF OBJECTIVES
Despite the limitations of this research work our porpose and focus of writing this is to work out the impact of inventory control as part of capital with respect to organization performance.
Secondary to have an over view of inventory control, store procedure pricing stock taking and of course the general problem accoutered to the above mentioned process, increases is to establish an empirical, justification for the introduction of means and wants of remediating the stated problems and also to recommerd more objective and rational is carried out mainly to sofeguard the assets, check agueacy and reliability of accounting department and to promote operation efficiency, encourage adlierence to presentable management policy and ensure accurate reporting.
1.4 STATEMENT OF HYPOTHESIS
A (Ho) poor inventory management is s a result of inadequate stock control facilities.
(Hoi) poor inventory management is not as a result of inadequate stock control facilities
B (Hoi) storage space limited the size of inventory held by small scale firm.
(Hoi) storage do not limit the size of inventory held by small scale firm.
C (Ho) proper classification of stock is a major or determinant of efficient inventory control
(Hi) proper classification of stock is not a major determinant of efficient inventory control.
D (Hi) poor inventory management results to either overstocking or under stocking problem.
(Hi) poor inventory management is not as a result of inadequate stock control facilities.
1.5 LIMITATION AND DELIMITATION OF THE STUDY
To say there was to limitation during this research will be an under standing as the research focuses on inventory control. Apart from the limitation is inadequate information some data were given as expected within others were given as all they were classified as given companies secrets.
However due to financial constraints and time factors the researcher has decided to further limit the study to inventory control system. The research was able to collect information.
1.6 DEFINITION OF TERM
It is important at this point to offer some delimitation and encourages to some of the terms that form the operational framework for the research work in order to facilitate clarify of purpose.
INVENTORY: the quality of goods on hand and available for sale at any given time similarly, it is the measure amount of some goods which varies in quality war time in response to demand process, which operate to diminish the stock and a replenishment process which operate to increase it.
CARRGING COST: are cost incurred for holding inventories including opportunity cost of fund lavested inventory insurance, cost of deterioration and obsihucence.
SUFFER STOCK: otherwise know as state stock is guantity of stock held in order to ensure. That demand is not even when order one in transit.
LEAD TIME: this is time of actually receiving the materials
OBDERING COST: this consist of the clerical cost preparing a purchase order and the special processing and receiving cost related to the number of order processed.
ECONOMY ORDER QUALITY: the optimum quantity of inventory to be purchase that minimize the carrying cost and ordering cost.
MINIMUM STOCK LEVEL: the level below stock should normally be allowed to fall.
RAW MATERIAL: this one these basic input materials that one contented into finished product through various processing.
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