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Impact Of Inventory Control And Planning In Stores Administration
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1.6 SCOPE OF STUDY
This
study is to analyze the need for efficient stock control and planning
on store administration. In general but with particular reference to Fan
Milk Industry in Owerri. This is with the view of finding out how the
company has been able to control and plan her stock and the achievement
of her objectives.
1.7 LIMITATION OF THE STUDY
During the course
of research for this work the researcher encountered difficulties in
gathering response from the respondents, the location of the case study
organization the difficulty in delivery what is normally termed
organization’s secrete by respondents. Despite all the problems the
researcher was able to obtain the needed information.
1.8 DEFINITION OF TERMS
In
this research work some technical words which are purely related to the
topic are used for easy comprehension and the explanations of the work
are given below:
Order cost: Ordering cost using consist of cost of
preparing a purchase order or production order and special processing
and receiving cost related to the number of order processed.
Carrying
cost: Carrying cost of desired rate of return on the investment in
inventory and cost of storage, breakage, obsolesce, deterioration,
insurance and personal property taxes.
Economic order quantity:
Economic order quantity is the size of inventory that will result in
minimum total and annual cost of the items in question.
Recorder
level: This is the print or level that automatically triggers new order.
It is dependent on expected usage during lead time.
Safety stock:
This is the stock set aside to meet the demand of the customers in the
case of new materials in case where there is sudden usage beyond the
normal usage. The essence is to ensure that the company does not run out
of stock at the same time.
Lead time: This is the interval between
the recognition of need till the placement of order and the gathering of
the requirement and delivered to the buyers.
Stock: This is the
quantity of goods or anything that is kept or stored for use as the need
arise especially a quantity of raw materials, work –in-progress,
finished goods of suppliers.
Stock control: Activity process or study
of stock ensuring that quantities of stock or raw materials suppliers
or finished goods are such that satisfactory services level is
maintained for all stock keeping unit while holding cost are minimized.
Stock holder: A firm or a person who has a specified type of sock example wholesalers that has stock of manufactured goods.
Stock level: (Inventory level) this is the level at which sales are kept.
Stock
out: This is a state of having in keeping stock or materials for some
time example. The rent of storage space the wages of a store keeper the
cost of sock records.
Stock card: This is the measuring of the
quantities of item of stock that an enterprises has in order to obtained
the accurate list of item.
Stock turnover: This is the ratio of the sales revenue of a firm for a person of the averages goods during that period.
Obsolesce: This is simply the state of being older fashioned.
Obsolete:
The state whereby a given product or material is out of use or no
longer in the use because of the invention of a new product or
materials.
Minimum stock level: This the level at which stocks are not allowed to exceed.
Parato analysis: This is a systematical mechanism used in classifying stocks in the order of importance.
Bulk purchase: This is making purchase in large qualities .
Deterioration: This is the reduction in value residual value of product asset materials etc.
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ABSRACT - [ Total Page(s): 1 ]The research work will look into the impact of inventory control and planning in stores administration in fan milk industry owerri. This work is divided into five chapters, the first chapter will look into the introduction, background of the study, research questions, limitation of the study, and definition of terms. Chapter two will look into the literature review that is introducing many authors and their books, journals etc bring out their view on the topic while chapter three will look into ... Continue reading---
