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Inventory Management And Control In A Manufacturing Organization
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1.4 SCOPE OF THE STUDY
The
researcher found it impossible to cover many manufacturing organization
in this study so he focused his investigation on Akaraka Industries
Nigeria Limited, Aboh Mbaise, Imo State Nigeria as a case study.
The
researcher however bases his findings on this study and would relate
them to other industries in the same area of activities.
1.5 RESEARCH QUESTION
The study will center its findings on the following questions.
1. What is the role and place of stores department in the organization?
2. Is inventory well managed in the organization?
3. Are professionals employed to handle stores?
4. What are the receiving and issue procedure employed in the organization or store?
5. What system of inventory or stock control is adopted?
6. How are scraps, waste, obsolete and redundant materials managed?
1.6 RESEARCH HYPOTHESIS
In
order to achieve the objective of the study, research hypothesis will
be developed and used in the analysis of data collected. The research
hypotheses are:
1. Ho: The inventory control of the received stock items in the industry is not effective.
HA: The inventory control of the received stock item in the industry is effective.
2. Ho: The inventory control has no significant impact on purchasing performance in Akaraka Industries.
HA: The inventory control has significant impact on purchasing performance in Akaraka Industries.
1.7 SIGNIFICANCE OF THE STUDY
The
research will serve as a useful guide to manufacturing organization on
effective control and management of inventories which form the life
blood of their set up.
The research work will be a reference material for researchers on how to manage and control inventories in an industry.
It
is however the researcher’s belief that the information gathered from
this research will help the employers and employees of Akaraka
Industries [Nig] Ltd to know whether their method of inventory control
procedure are effective or not.
The reader might benefit from
considering inventory control in manufacturing organizations as he
perceives it in his own environment.
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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---
