The Importance Of Stocktaking In A Manufacturing Organization
This research study work took place between the months of September and October 2011, which was required for the National Diploma ND Certificate Award.
The study is aimed at investigating the Importance of Stocktaking in an Manufacturing Organization stocktaking has got many definitions, as stocktaking is defined as a check of stock of material and component in store with the view of checking the balances as shown on the stock records with physical stocks in the rack and with the books of account by valuation.
Table Of Contents
- Table of Content
- 1.0 Introduction
- 1.1 Background of the Study
- 1.2 Objectives of Study
- 1.3 Statement of Problem
- 1.4 Significance of the Study
- 1.5 Scope the Study
- 1.6 Limitation of the Study
- 1.7 Definitions of Terms
- 2.1 Literature Review
- 2.2 Definition
- 2.3 Identification coding of stock
- 2.4 Reasons for carrying out stocktaking
- 2.5 Stocktaking Documents
- 2.6 The Importance of Stocking
- 3.1 Discussion of the Major Findings from the conceptual Literature
- 3.1 The Factors that affects t
- he level of stocktaking
- 3.2 The effects of inefficient stocktaking
- 3.3 The Importance of Stocktaking
- 4.0 Summary, Recommendation and Conclusion
- 4.1 Summary
- 4.2 Conclusion
- 4.3 Recommendations
1.1 Background Of The Study
In all manufacturing organization there must be decision making concerning the Importance of Stocktaking in an organization.
Stocktaking has to do with valuable and expensive man-hour and financing resources to arranger, also a great deal of management time is needed to investigate all the necessary but of stock discrepancies, consumers are always willing to pay a high price, that is, obtain value their money for whatever they consider as the right quality, so manufactures who like all their customers should endeavor that stocktaking is properly taking care of in order for effective manufacturing to take place in an organization, which will in-turn provide quality product of goods and services in the organization and also to satisfy the needs and wants of the customers.
1.2 Objectives Of The Study
The major objectives of this study is to become and effective and efficient purchasing officer and also to fulfill any condition which is necessary for the award of National Diploma (ND) in Purchasing and Supply Management,
Secondly, to minimize the possibility of delays in production which are a times caused by stock discrepancies the objective of the study on stocktaking also helps in purchasing officials to know the procedures and timing of stocks.
1.3 Statement Of The Problem
Most companies often suffer because of some problem, which they encounter in purchasing materials, and these problems include
- Most firms in manufacturing companies do not maximize profit which comes in as a result of fraudulent practices and occurrences of errors among stock takers
- Also a good number of manufacturing firms do not take stock regularly, this irregularities of stocktaking gives chances to dubious and dishonest workers the opportunity to defraud the company
1.4 Significant Of The Study
This study is significant because years ago, some manufacturing organization have been unable to recognize stocktaking as an important thing to consider for effective and efficient manufacturing process to be taken place in any organization, and also more emphasis should be laid on the importance of stocktaking because without effective and proper stocktaking by an organization, the organization will find it difficult to achieve its goals, this also helps the stock-takers to know the wiser way of taking stock in case they were not educated on the effectiveness and efficiency of stocktaking
1.5 Scope Of The Study
This project work is undertaken to cover stocktaking as a tool for improving efficiency in a manufacturing organization it will also examine the company ranging formation through the objective area of storage system, operating sinecure receipts and payment.
1.6 Limitation Of The Study
In any research work, one is bound to encounter some difficulties some of these difficulties encountered in this project work include
Finance is the major important factor, for the researcher to be able to get adequate information that he needs a lot of money spending must be involved.
Time is another factor which the researcher encounters in doing his project work, the degree of time consumed at the expenses of some important things like assignment cannot be over emphasized.
c. Sourcing of Material:
In research work, it is very difficult for the writer of this project work to get suitable materials that will serve as a guide in producing this work
4.0 Summary, Conclusion And Recommendation
This very chapter deals with summary of findings recommendation and conclusion on the important Stocktaking in a Manufacturing Organization.
This project is aimed at the Important Stocktaking in a Manufacturing Organization the researcher, through the process of conducting everything on this topic; it was of raw materials, falsification of records, poor and non-existence of important of stocktaking procedure.
Finally, the performance of the purchasing stores department is very poor because of majority of staff being unqualified and inexperienced; moreover, this leads to materials needed for manufacturing or operational activities unavailable at the right quality and quantity at the required time and price.
In conclusion, I have come to find out the Important of Stocktaking in organization because without a proper stocktaking, the organization will be moving backward instead of progressing and no organization can do properly will without taking stock so finally stocktaking is useful to every organization and vice-visa.
Based on the finding gathered, the following were recommended by the researcher base on what the researcher feels, the situation should be in order to eliminate the ineffective procedures of stocktaking in a manufacturing organization therefore, for management to ensure effective procedures of stocktaking, the following recommendation should be applied.
- The store/purchasing workers should be given on the job training on how to distinguish between obsolete and unstable stocks
- There should be will trained security men in order to eliminate fraud and theft
- Qualified and experienced people should be employed to check and count stock
- Storage facilities should be proper and also efficient
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