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Stock Control As A Management Tools For Efficient And Effective Stores Operation
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1.4 SCOPE OF THE STUDY
The
scope of this study embraces all activities of the stock controller in
an organization. Furthermore, t6his research project will cover how
stock control as a management tool will be used in Nigeria to help the
industries and organizations to attain their objectives. It will focus
on ensuring that stock control is carried out as a management tool for
effective and efficient store operation.
1.5 SIGNIFICANCE OF THE STUDY
A
naira in the bank is worth two in the inventory and it usually cost
more to stock too little than it does to stock too much. Stock control
is an important and expensive activity which is often neglected and
under rated in many organizations both in the public and private
sectors.
It is an area where modern stores management techniques
could be used to advantage in reducing cost and ensuring increased
profitability for an organization.
In modern supply management stock
control is the real control function; it comprises all the basic aims of
the store operation. The basic concept of stock control is quite
simply, the right material in the right quanlity,of the right quantity,
at the right time and place and at the right price. The element of cost
in relation to stock control also plays a vital role.
It also supplies a constant flow of material to the operation. It ensure correct quality of stock required.
The
importance of this stock control has led the researcher to doing some
work in the topic, this study will enable not only those in a more
organized business environment but also the small enterprise with,
little or no skill in the area of inventory control and management to
enable them understand the contribution of inventory in achieving
organizational objective.
1.6 LIMITATION OF THE STUDY
So many
factors militate against the researcher not be able to carry out fully
the research work on the subject as it should have been done. These
factors include time; the time allowed for this work was considerably
short to enable me cover all the area necessary.
Additionally, the
researcher encountered a financial constraint. the finance required to
carryout the research work in some area of the state was not much by
making it unable for the researcher to accomplish much.
1.7 DEFINITION OF TERMS
Certain terms are associated with a good stock control system. They include;
--STORE: it refers to the building set, aside for keeping materials regarding its safety.
_LEADTIME: this refers to the time interval between when an order is placed and the period of receipt of orders.
_WORK-
IN- PRORESS: This refers to the semi finished goods. it is obtainable
in a situation where a balance flow of production is not possible.
_RAW MATERIALS: this has to do with those items which are transformed into finished goods.
_STOCKS: This refers to the items held in the store.
_INVENTORY: This has to do with a term which Americans use for stock that are kept or stored for use as the need arises.
_OBSOLESCENCE: this refers to the left over of stocks which can not be used immediately in the operation.
_REDUNDANT: this refers to the unwanted materials that are out of use in the store.
_DETORIORATION: the act of worsening the situation of the goods in the store.
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