Select Currency
Translate this page

NEED FOR EFFECTIVE INVENTORY CONTROL IN A SERVICE ORGANIZATION

Format: MS WORD  |  Chapter: 1-5  |  Pages: 72  |  580 Users found this project useful  |  Price NGN3,000

  DOWNLOAD THE FULL PROJECT

NEED FOR EFFECTIVE INVENTORY CONTROL IN A SERVICE ORGANIZATION

 

ABSTRACT

The need for holding inventories in any service organization is necessary. The space of the inventory will be properly controlled so that the object of carrying or maintaining adequate inventory lands at minimum cost can be realized the study therefore examined the system of inventory control and management in Imo concord Hotel Owerri considering the nature of the study and the organization a lot of data were generated from questionnaire administration and proposal interview conducted on staff of the organization.
Based on the method of data collection the researcher found out that the system of inventory control is adequate in design and effective in operation as regards the determination of stick levels which could be attributed to the use of scientific method in determining the quantity and time to order. 

 

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND TO STUDY

Effective and efficient inventory control management is a vital aspect of business management that must not be neglected by managers. Recent advancement and technology in business activities have generated the need for inventory management and control. For more than a decade now, inventories were handled by a clerk in a routine manner without applying the techniques of inventory but in recent times proper attention has been given to inventory management and control. It is of utmost importance that inventories be well planned and impaltly controlled in order that it can contribute substantially to the efficient growth of the organization. In the effect of inventory control adequate care is taken in the assessment of the items cum materials to be held in stock decide the extent of stock holding of items individually and collectively and finally regulating the input and issue of stock into and from store cum warehouse. Any management that neglects inventory control will definitely run into costs that will generally reduce its corporate profits. Shortages n inventory will interrupt production and will further lead to losses. On the other hand if then is unintentional excess of stocking of materials in inventories the organizations funds will be tied up in stock instead of using if for other profitable purposes. It is of use factors that any organization will decide on how much and how often to place order in order to minimize the cost involved and equilibrate the total cost resulting from excess stocking and under stocking. Therefore the importance of the effect of inventory control in the services organization cannot be over emphasized.

1.2 STATEMENT OF PROBLEMS 

Most organization do not realize the essence and need for inventory control mechanism and because of this many of these organizations can not final their feet in business their inability to find their feet in business also include lack of proper inventory system and so such as material inventory control systematically controlled which resulted into excess inventory of hoods teeing up of capital loss through obsolescence and deterioration. At the same time shortages of materials have arises at the time when they are urgently needed and with this operators are delayed. It is based on these problems mentioned above that the researcher dimmed it fit to final out that the problems associated with the effect of INVENTORY CONTROL of the services organization ever, as it applies to the concord Hotel Owerri and also proffer solution through this work.

1.3 OJECTIVES OF THE STUDY

Inventories are stock of finished goods and raw materials kept for strategic reasons by organization. Inventories are necessary to run the organization more efficiently by keeping operation at a fair level rate and maintain optimum stock levels. The objectives include determining the following:

Who makes inventory decision in the concord Hotel Owerri?
What inventory control level is of utmost importance to the concord Hotel Owerri?

If the systems in use in the concord Hotel Owerri are working in line with the organization goal? And where this not the case, to help suggest way of improving on their performances.

This study will help the concord Hotel Owerri to recognize the problems invent in the management and control inventories in the organization and how to solve the problems. Organization and on how to solve the problems.

1.4 SCOPE OF THE STUDY

The researcher concern treated this work in the concord Hotel Owerri due to the problems which are encountered in the course of studying numerous organizations as it regards to finance. Thus this study is limited with the continues of the operations of the concord Hotel Owerri.

1.5 SIGNIFCANCE OF THE RESEARCHER 

This study with be of benefit to the following persons or group of persons.

(a) THE GOVERNMENT: The government will be able to know how resources are being managed and controlled in the services organization.

(b) THE SERVICES ORGANIZATION: The services organization will be able to know the need for a proper the effect of inventory control.

(c) THE INVENTORY MANAGERS: This group of person will be able to identify areas to intensify the effect of inventory control measures

(d) THE MAMAGEMENT: They will be in position to unless if the inventory targets or goals of the organization are being achieved.

(e) THE RESEARCHER: Any researcher who may so desire to carry out further research on this topic or related topic 

(f) LIMITATION OF THE STUDY: Even though this work is limited to concord Hotel Owerri the researcher still encountered some problems and constraints in the course of this work which include:

FINANCE: Lack of finance limited the areas which the researcher should have concord in the course of this study.

TIME: This is also a constraint since the research could not writ or reschedule appointment for the appropriate stuff that is to produce the relevant data due to limited time.

LACK OF RELEVANT TEXTBOOKS: This also formed a limitation because most textbooks are outdated and were not able to treat the topic in its totality and also coupled with our poor library system.

1.6 DEFINITION OF TERMS

INVENTORY/STOCK: This is an ideal resource of any kind that possesses economic value

INVENTORY CONTROL: This is a managerial technique that tries to maintain enough stock to meet reasonable fluctuations in demand 

INVENTORY CONTROL SYSTEM: Is an operational system designed to provide minimum inventory service to inventory users at a minimum cost to the organizations management.

INVENTORY MANAGERMENT: Is a managerial responsibility that determines and fixes the appropriate level of inventory of an organization

INVENTORY POLICY: This is a plan of action on statement of ideals adopted by an organization that guide the operation of the inventory manager

SAFETY/ BUFFER STOCK: This is the minimum stock that is kept to supply the incoming demands if the lead time is delayed.

LEAD/PROCURMENT TIME: Is the time internal between the placement and the receipt of an order.

ORDERING TIME: This is the period inventories are ordered for replenishment of stock

RE-ORDER POINT LEVEL: Is the inventory level at which the order must be made

PURCHASE COST: This is the cost incurred in the placement of orders. 

ABC ANALYSIS: This is managerial techniques that is developed for classifying inventory items in their order of importance.

INVENTORY HOLDING COST: Is the cost incurred due to capital/ inventory item being lied up in stock 

ECONOMIC ORDER QUANTITY (EOQ): This is a system of inventory management used when the stock level of a given item is not sufficient to sustain the production operation until the next schedule review an order is placed replenishing the supply.

SHORTAGE COST: It is the cost incurred when an organization runs out materials of a particular inventory. 

STOCK OUT: It is a term used in the situation whereby an organization runs out of materials of a particular inventory.

PILFERAGE COST: Is the cost incurred due to inventory keepers workers staling inventory items from the stock thereby reducing the inventory level

PURCHASE REQUISITION: It is a prepared booklet used by the stock control unit when new quantities of items should be order next

PYSICAL INVENTORIES: This is used to verify balances shown on the perpetual inventory records and to obtain a correct account on all items of inventory that may be on a control system

INVENTORY EVALUATION: Is when management compiles inventory valuation in order to take inventory level decision and also provide data for financial reports to internal and external parties.

SPECIFIC IDENTIFICATION: Is a method of inventory evaluation which items of stock specifically identified by particular attributes are assigned their value which have already been known

STORES REQUISITION VOUCHER: It authorizes the issuance of any class of inventory item from a controlled or storage stock.

  DOWNLOAD THE FULL PROJECT

Not What You Are Looking For?



For QUICK Help Call Us Now!

+234 813 2926 373

+234 701 5050 881


Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on 0813-292-6373 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: (+234) 813-292-6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!