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Inventory Management And Control In A Manufacturing Organization
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All raw materials of
Akaraka Industries Nigeria Limited are naturally as sedimentary
metamorphic and igneous rocks in millions of tones.
Her product range includes:
[i]
KAOLIN: Used as filler in plastic, rubber [tyre] and paints manufacture
filler in papermaking for making porcelain [crucibles] and ceramics
[china wares] and in the manufacture of pharmaceuticals.
[ii]
CALCITE: Used as raw materials for manufacture of paints, soap, plastic,
cosmetics, adhesives etc, as raw materials in the chemicals, glass and
cellulosic industry. It is also use for smelting of iron ore and could
be crushed and used as granite for roads and concrete as a flux [coke]
in melting of iron and melting steel. Manufacture of cement, detergents,
soda, lime, glass, artificial fertilizer etc.
[iii] DOLOMITE: Used
in the manufacture of paints, toothpaste, cement and lime. It is also
used for building, as ornamental stone and as magnesium ore for the
production of magnesium.
[iv] DIATOMITE: Used as a filter to remove
impurities in breweries and discoloration from liquids as an abrasive to
polish soft materials as an absorbent in the production of dynamite
when mixed with nitroglycerine.
[v] FELDSPAR: Used in pottery for
making porcelain, in making enamel wares, glass, artificial teeth, in
the manufacture of fertilizer and for architectural decorations.
[vi]
BARYTE: Used mainly in drilling of crude oil and in paint
manufacturing. It is also used for pyrotechnics and for protection
against x-rays, as flux in brass meeting, as inter filler in the oil
cloth manufacture, linoleum paper and plastic, as a weighing material
for textiles and leather.
[vii] GYPSUM: Use for manufacture of
plaster of Paris [POP] for soil conditioning for cosmetics and
pharmaceutical manufacture as a retarded in Portland cement production,
as an extender for paint, as a distributor in insecticides and can also
be used as filler for paper.
[viii] TALCUM: Used in cosmetics, soap electric cables, ceramics, paints and crayon manufacture.
[ix] AKACLEAN: Used as a souring power
[x] BONACREAM: Used in cosmetics manufacture and for treatment of keloid.
[xi] AKACREAM: Used as after share and for treatment of general skin infection.
The finished products are usually packaged in 50kg bags but can be bagged in jumbo sack if the need arises.
As
a result of increased efforts on research and development, the quality
of the company’s chemicals ranks the best in the country and very
suitable for export.
1.2 STATEMENT OF PROBLEM OF THE STUDY
Inventory
control and stores management functions have not been fully understood
and carried out by many manufacturing organizations.
It is this
general assumption that made the researcher to take up the study of how
Akaraka Industries Nigeria Limited, Aboh Mbaise operate theirs, to see
if there is a difference or differences from the general assumption.
The
researcher is not just out to identify the problems or differences but
most importantly to device alternative source within the organizational
constraints and yet accomplish the set objectives.
1.3 OBJECTIVE OF THE STUDY
The
researcher’s reasons in undertaking the study of the inventory
management and control in manufacturing organizations taking a case
study of Akara Industries Nigeria Limited, Aboh Mbaise are numerous.
The
choice is aimed at representing all other manufacturing companies and
to attribute the findings to other institutions and organizations.
A
well-planned and effectively controlled inventory can contribute
substantially to a firm’s profit because inventories are the life-wire
of all organizations. It is however necessary to visualize the purpose
of this research as follows:
1. To ensure correct quality of stock required.
2. To ensure constant supply and flow of material to the operations.
3. To ensure that the materials are available at the correct time they are needed.
4.
To ensure a continuous or steady supply of information for control of
production about what to produce in order to keep established level of
the organization finished stock.
5. Control of obsolescence of stock
ensuring that all stocks held by the organization are being used at a
regular rate and therefore have not been superseded by a new or
redesigned item.
The success of the company as a manufacturing one
has a great influence on the researcher to know the secret behind this
success, since inventory control is concerned with the success over
failure of any company.
The loopholes to be filled in the management of stores and inventory need to be taken care of.
The
researcher feels that through this medium he can suggest the right
professional techniques suitable for stores and inventory management and
control in all sectors of the economy.
Review of contributors
towards the situation of the case study will be narrated to see the
attitude of the nation and individuals towards this discipline.
Finally this study will help the organization to recognize the problems and how to resolve them.
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ABSRACT - [ Total Page(s): 1 ]An efficient and effective inventory control and management in any organization is very vital in the survival of such organization. Inventory is defined as “An idle resource of any kinds that possesses economic values, and is classified in many ways thus: production inventories like raw materials, parts and components which enter the firm’s product in the production process. MRO inventories that is maintenance, repair and operating supplies which are consumed in the production proce ... Continue reading---
