Full Project – The impact of effective stock control in a manufacturing organization

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CHAPTER ONE

1.0  INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Efficient and effective stock control is the system that will ensure the provision of the required quantity of materials of the required quality at the required time with minimum amount of capital tied up. Stock control is the process by which materials of the right quantity is made available as at when required with dues requirement to economy in storage and ordering costs, purchasing price, and working capital. If a cost accounting system is to be fully effective, there must be proper system for the control of materials from the same or requisition to the time the materials are issued for production. It must be stated there that the materials deterioration, pilferage of materials and careless handling of stores lead to reduction of profits even losses.

However, in the effort for manufacturing organization to achieve objectives, the various measures of stock control must be fully adopted and implemented.

1.2  STATEMENT OF THE PROBLEM

A good number of firms, mostly manufacturing firms are maximizing profit due to production practices, and occurrences of errors among the purchasing storekeepers who control stock.

Similarly, good number of manufacturing firm do not take stock regularly, some take monthly, quarterly and some yearly. These irregularities of stock could give chances to defraud their companies. Also many manufacturing firms today have unqualified purchasing and stores personnel because the personnel’s are not qualified, they cannot carryout their works effectively.

This project is a case study of the impact of effective and efficient stock control in Coca-Cola Nigeria Plc. The principle problem being in vested is to determine how efficiently and effectively these duties are being carried out in an organization, if one should ask “Do the Coca-Cola Nigeria Plc” carry out their stock control activities efficiently?

Simply put, this question relates to whether there is need for efficient and effective stock control in the stores of the Company or not.

1.3  OBJECTIVE OF THE STUDY

Effective and efficient control of stock by a manufacturing firm has a significant impact on its productivity and profitability. Also, the nature of the relationship between the purchasing store and other departments have transparent effect on their general performance and efficiency.

Further more, the benefit incurred in undertaking stock significantly exceeds the expenses incurred and therefore should be effectively undertaken.

1.4  RESEARCH QUESTIONS

It is necessary to establish some research questions that will serve as a guide to the study. These questions would rather be transformed to research questions.

The questions are:

1. To what extent does stock control affects the administration of the organization?
2. To what extent does the stock professional activity affect the growth of the organization?
3. To what extent does stock control affect the profitability of the organization?
4. To what extent does the stock management affects the profitability of the organization?

1.5  RESEARCH HYPOTHESIS

Taking the stated topic of the project into due consideration, the following hypothesis have been formulated.

Hi: Effective stock control does not affect the profitability of the organization.

Ho: Effective stock control affects the profitability of the organization.

Hi: Stock control by professionals does not affect the growth of the organization.

Ho: Stock control by professionals affects the growth of the organization.

1.6  SIGNIFICANCE OF THE STUDY

This study will help students in the country and beyond to acquire greater skills and knowledge and also will help the company were I used for case study.

In the researcher’s side it will help to know more about controlling of stock, how to stock, code and record items in stores and also how the duties of the workers in the stores are handled.

The study will also help other researchers to acquire more knowledge and make correction where necessary in the former knowledge they have about the topic, stock control.

They have also known the need to employ professionals in the various departments like Purchasing, stores, production departments for efficient stock handling for maximum profit.

1.7  SCOPE OF THE STUDY

The research work is designed to give an insight into the way of controlling the stock in manufacturing companies. There are a lot of manufacturing companies and as a result it will be extremely difficult and impossible for the researcher to study all the considering time given. The professional’s standard so as to defect the difference and make corrective recommendation were necessary.

1.8  LIMITATION OF THE STUDY

A lot of obstacles were encountered in the conduct of the research. Many factors worked together and made the research study less a perfect success.

These factors are:

1. Time Constraints: The study was done under lecture and tense academic condition. As at the time of the research, there was not enough time to enable deeper and more thorough work to be carried out on the study. This project was written within lecture period and relatively short academic session.
2. Finance: Just as it is, finance is a major factor and the life blood of any successful research work. There was need to travel from now and then to gather information from company and libraries as well as other materials needed to buy. Also meeting high cost of papers, typing of questionnaires presented to some problems in them.

iii.    Transportation Cost: The study was seriously hindered by unavoidable constraints. The research was carried out at a time of raining season when there is always hold-up on road due to bad roads. Also a time when there was high cost of fuel and the researcher had not enough sources of income thus hindering mobility of the researcher.

1.9  DEFINITION OF TERMS

To ensure a proper understanding of what the term is all about, some unfamiliar words to those who are not in the same field are defined as they appear in the project. This is also beneficial to those groups of people who might make this study useful by way of making use of them now or in future.

Organizational Purchasing: By definition, is a means in which materials of the correct quantity and quality is made available as at when required.

Organizational control: It is the whole system control, financial and otherwise establishment by management in order to carryout the business of the enterprise in an orderly and efficiently manner. Ensure adherence to management policy safeguarded the assets and secure as far as possible the completeness and accuracy of the recorded.

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Full Project – The impact of effective stock control in a manufacturing organization