-
Role Of Stock Control In A Manufacturing Company
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
-
1.6 SCOPE OF STUDY
The
project writer intends to adequately focus the attention of the study
specifically on the role of stock control in a manufacturing company
using consolidated Breweries Plc Awo-Omama. The study will also intend
to control the work in progress (W.I.P.) items.
Furthermore, the study will cover the standard methods used in carrying or holding stock.
Finally,
we use seek to make recommendations that will assist in improving the
stock control and carry out some activities, like reviewing the past
relevant literature and test of hypothesis formed in order to determine
the validity.
1.7 LIMITATION OF THE STUDY
Stock controls like
other managerial function ha its peculiar problems. It can be internal
or external problems which can originate when the manager fails to
understand the role of stock holding in the production process. If the
work of the store manager is specified, there are unspecified roles; it
then means that the job of the store keeper may be assigned to another
department. It may lead to mismanagement due to inadequate knowledge in
both quantity and quality.
Meanwhile, the internal problems may
appear inform of customer attitude to product produced by the firms in
consolidated breweries plc, quality control is based on customer’s
demand for example, the quantity demanded in a week if the storekeeper
will order for more materials with the hope of that more product will be
demanded in the upper week and where such is not ordered as expected,
it will lead to over stocking of material items which may deteriorate
before they are used. it is been regarded as a limitation to stock
control management.
More so, the problems faced by the research during the research work are:-
a. inadequate fund to make research
b. bad road to access the access the areas the researcher was restricted
c. poor manner of responding to the questionnaire
d. short time to amount this project research work
e. Stress and other factors to mention but few.
1.8 OPERATIONAL DEFINITIONS OF TERMS:
1. INVENTORY: all the tangible assets of an organization other than fixed assets.
2.
PRE-PRODUCTION INVENTORY: this comprises parts and materials purchased
from outside the organization to manufacture into products
3. STOCK CHECKING: this represents any other check on physical qualities which may be applied either regularly or otherwise
4. STOCK TAKING: This means the complete process of varying the quantity balance of the entire range of items held in stock
5. LEAD TIME: This represents a time between an orders is placed to the time it is finally delivered or accomplished.
6. STOCK-OUT: A situation where one cannot boost of any stock in the store.
7. CODIFICATION: This is the allocation of number or alphabets to store items for easy identification.
8. FIFO: Simply means first in first out.
9. LIFO: Last in first out.
10. SCRAP: It means materials which has lost their original value due to faulty works or other causes.
11.
Obsolescence: This can be machine or equipment which and going out of
use for operational reasons but not completely phased out.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
