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The Significance Of Stores Management In A Manufacturing Organisation
[A CASE STUDY OF DOYIN INVESTMENT PLC, ILORIN]
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1.8 LIMITATION AND CONSTRAINTS
The research work will be restricted to Doyin Investment Plc, Asa Dam Road, Ilorin.
The researcher faced a lot of problems during the course of the study. Among the problem encounter by the researchers are:
1.) Lack of Cooperation:- The respondents who are the staff of the company are reluctant to supply the needed information owing to the nature of such information. They wanted to be convinced that the information sought for strictly be used for academic purpose.
2.) Financial Constraint:- Owing to the current economic situation in the country, the cost of carrying out any meaningful research is very high. This problems represents one of the major problems encountered.
3.) Another limitation has been scarcityof textbook journals, magazines, manuscripts researchers couldconsult for more valuable information.
4.) The last but not the least limitation for study is the time allowed for the completion and submission of the project the time was too short for the study and during this same period available for research study, the researcher had to contend with academic activities as well.
1.9 DEFINATION OF TERMS
STORE:- Is any space reserved and equipped for holding stocks, waiting for dispatch to customer for further processing or future use. It is basically concerned with holding stocks.
STOCK RECORDS:- Like many other records kept in an organization, stock records are those documents used to record all store’s operations and the spot on the stock carried in the store. It facilitatesthe necessary for accurate stock decision.
STORAGE:- Storage comprises the management of store house and
stock yards, the operations of handling and storage equipment, the safe custody and protection of continuously arranging the current rates of consumption with due regard to economy.
STOCK TAKING AND STOCK CHECKING:- Stock taking is a complete process of physical verification of the qualities and conditions of goods usually on a periodic basis. Stock checking is similar but may be done on adhoc basis for operational rather than audit reasons.
STORES ACCOUNTING:- Store accounting is the process of recording stock improvements and balance in value.
MINIMUM STOCK LEVEL:- Is the level below which stock should not normally be allowed to fall.
MAXIMUM STOCK LEVEL:-Is the level above which stock should not normally be allowed to rise.
RE-ORDER LEVEL:- This is the point between the maximum and the minimum stock at which time is essential to initiate purchase
requisition for fresh supplies of materials.
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