Inventory Control System On Three Products Of Three Supermarkets In Owerri

Project and Seminar Material for Mathematics and Statistics

Project and Seminar Material for Mathematics and Statistics


Abstract


This research work entails the process involved in inventory control of three supermarkets on three products they sell. The supermarkets include Noble supermarket, Pick ‘n’ smile supermarket and Maris supermarket as a case study. We take their inventory on Candid Red Wine, So Klin Detergent (900g sachet) and Peak Milk Powder. In this research work, data for the observation were collected and analyzed using statistical inventory control models. The inventory models used here were Single item static model (with shortages not allowed) and single item static model (with shortages Allowed). These models are used to dictate shortcomings of the management and control of inventory in the supermarkets on these three goods.


Table Of Contents


  • Title Page
  • Approval Page i
  • Dedication ii
  • Certification iii
  • Acknowledgement iv
  • Abstract v
  • Table of Content vi-vii

Chapter One

  • 1.1 Introduction 1-5
  • 1.2 State of Problem 5-6
  • 1.3 Aims and Objective 6
  • 1.4 Significance of Study 6-7
  • 1.5 Scope of Study 7
  • 1.6 Definition of Terms 8-10

Chapter Two

  • Literature Review 11-16

Chapter Three

  • 3.0 Methodology 17
  • 3.1 Data Collection and Methodology 17
  • 3.2 Limitations 17
  • 3.3 Method of Analysis 18
  • 3.4 Data Presentation 18-21

Chapter Four

  • 4.1 Data Analysis 22-28
  • 4.2 Interpretation of Result 28-29

Chapter Five

  • 5.1 Summary of Result 30-31
  • 5.2 Recommendation 31-32
  • 5.3 References. 33-34
  • Appendix 35-50.

Chapter One


1.1 Introduction

Inventory control involves provision for a flow of goods in and out of a business organization. Inventory control improves the marketing system by checking discrepancies and enabling effective planning. It is also applied to all production activities. Therefore, inventory control is quite useful in a marketing organization. It is very important to marketing process. Considerable attention has been given in recent years to viewing manufacturing facilities as production/inventory system. The framework reorganizes the importance of inventory.

However, it sometimes happens that the organization will find itself with more items in inventory than that maximum that is to say with an excessive inventory. The management of inventory systems typically involves keeping track of thousands of stock keeping units. Since competitive and economic advantages exist from efficient control of inventories, inventory control models have been developed to assist inventory management.

Inventory control system is based on recorded or theoretical (not actual) stock levels to determine a set of parameters that optimize inventory control. These parameters affect both operational and financial decisions. A recorded stock level, is considered accurate when the recorded level agrees with the actual stock level, otherwise there is an error. Inaccurate inventory records may result in out-of-stock condition that lower the service level and lead to loss of goodwill production time or sales.

The main objective of inventory control is to maintain a system which will minimize total cost and determine the optimum quantity of commodity to order for and when best to make the order. The two major systems are the “Re-order level system” and the periodic review system.

Re-order level system: This is the most commonly used to set quantity of stock for each item. This system which is more responsive to fluctuations in demand compared with periodic review system sets the value of three important level of stock as either check or trigger for management. The three important level of stock are as follows:

  1. Re-order level = Maximum usage (per period) x maximum lead time.
  2. Minimum Level (Lmin) = Re-order level – normal usage average lead time.
  3. Maximum level (Lmax) = Re-order level + Economic order quantity (EOQ) – (Minimum usage x minimum lead time) where EOQ is associated with cost of ordering inventory.

Periodic Review system: This system sets a review period for each stock item at the end of which the stock level of the item is brought up to a predetermine value. The cost would be saved and profit is increased, when many items are ordered at the same time or in the same sequence. There is little or no chance of stock becoming obsolete since it is reviewed periodically.


Inventory Control System On Three Products Of Three Supermarkets In Owerri


Project Material Download

3,000 Naira


The complete material will be sent to you in just 2 steps.

Quick & Simple…


Step One Purchase

Make payment of ₦3,000: through USSD Transfer, Bank Mobile App, ATM Transfer, or POS Transfer to:

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current

Or Click Here to pay with Debit Card

FOR CLIENTS OUTSIDE NIGERIA:
Click Here to pay with Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 

  PAY WITH CRYPTOCURRENCY


Step Two Purchase

Send the following details through Text Message or WhatsApp Messenger | +234-8143831497

  • Payment Details 
  • Email Address 
  • Inventory Control System On Three Products Of Three Supermarkets In Owerri

The complete material will be sent to your email address after receiving your payment information | T & C Apply


  Contact Our Help Desk


You may also like:

⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Disclaimer


This research material “Inventory Control System On Three Products Of Three Supermarkets In Owerri” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “Inventory Control System On Three Products Of Three Supermarkets In Owerri” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.