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Role Of Stock Control In A Manufacturing Company
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1.3 OBJECTIVES OF THE STUDY
Stock of materials firms up to 60% of the
total resources of an organization and stock control management which
contributes immensely to the effectively and efficient running of the
organization and the objectives of the study is to;
1. Find out the roles and benefits of stock control system and how to enhance the profit of an organization.
2. To study and understand the factors affecting stock control system.
3. To analyze and consider the pros and cons of stock control management.
4. To critically examine the economic order quantity (EOQ) associated with stock control system management.
1.4 SIGNIFICANCE OF THE STUDY
The
study is vital because it will bring to the knowledge of all the
manufacturing organization the numerous solutions to the problems
encountered by various stock control management within any manufacturing
company. The study is also interested in assessing the ways of
providing reliable costing information as regards to records of
materials issues and receipts.
Finally, production operations cannot
flow effectively without having stock of different materials work in
progress (WIP) finished parts and supplier functions.
Research questions
This study will centre its findings in the following questions.
a. What is the role and place of stores department in the organization?
b. Is stock well managed in the organization?
c. Are professionals employed to handle is store?
d. Is stock control important in manufacturing organizations?
e. What system of stock control is adopted?
f. How are scraps, waste, obsolete and reluctant materials are managed?
1.5 HYPOTHESES
In
order to achieve the objective, of the study research hypothesis will
be developed and used in analysis of data collected. The research
hypotheses are
1. Ho: the stock control in the organization is not effective
Ha: the stock control in the organization is effective
2. Ho: the stock control has no significant impact in purchasing performance in consolidated breweries plc. Imo.
3. Ha: the stock control has significant impact in purchasing performance in consolidated Breweries Plc. Imo.
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