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Impact Of Effective Stock Keeping And Control In An Organization
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1.4 RELEVANCE OF THE STUDY
The
relevance of stock control in an organization to know the various ways
of controlling the stock held there firm/organization.
Stock control
is an important aspect of business management and must not be neglected
by management. This is so because any management that neglects it
control of stock will generally reduce its profit potential or even the
level of service provided, shortage in inventory an as well as tools,
for instance, will interrupt production, rendering machines and labour
force idle and will further lead to losses in sales buying and over
stocking of materials in inventory, the organizations fund will be tied
up in stock and will represent cash that would have been used for other
purpose.
1.5 RESEARCH QUESTION
In other to a make a complete investigation of subject matter, the researcher has to come up with the following questions thus:
Question one: Does the store department have adequate number of staff?
Question two: Does you organization adopt and method to supply requirements of materials without holding stock?
Question three: Do you find out reason why customer waste much time in you company?
Question Four: Does your organization control there stock?
Question Five: What are the tools for stock and material control
Question Six: What are the process and procedures for stock control?
1.6 THE SCOPE OF THE STUDY
In
industries as well as in the public sector organization, the “storesâ€
has remained as one of the production department and the storage,
whether of raw materials, partly processed work or finished goods or
products. In part of the sequences of operations both clerical and
physical which starts as soon as the customer’s order or management
decision to manufacture and is completed by the dispatch of a finished
product. The major aim of every efficient manager is to reduce the rime
and labour involved in each operation to the absolute minimum consistent
with maintaining the required quality so as to achieve minimum output
and reduce manufacturing cost.
In treating the stock control as an
operation, the manager must have similar objects in mind, his aim in
this regards is to ensure that every piece of material, whether raw or
worked, coming into and store shall therefore be as short a time as
possible before moving either out of the factory to be processed, or, in
the case of such things spares, tools or building materials, into use.
The essential qualifying condition here is that stock must be maintained
just high enough for a constant supply of materials or components to be
available when required.
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ABSRACT - [ Total Page(s): 1 ]The effect of stock control in an organization is so vital in both large and small firm whether in the public or private sector. Serious operational and financial breakdowns can result if a good stock control system is not operated by the stores. Every stock control system must be designed to meet the particular needs of the organization. Stock control is set up in any organization to assists in the production of goods and service and no substantial size can be efficiently manage without it. The ... Continue reading---
