Production Planning And Inventory Control In Manufacturing Company (A Case Study Of Tuyil Pharmaceutical Industry Limited Ilorin)
Production Planning And Inventory Control In Manufacturing Company (A Case Study Of Tuyil Pharmaceutical Industry Limited Ilorin)
Proposal
The purpose of writing this project is for the partial fulfillment of the requirement for the award of higher National Diploma in Business Administration and management. This research project is aimed to exaime production planning and inventory control in manufacturing company using TUYIL pharmaceutical industry limited, Ilorin as a case study. This study is divided into five chapter controls which the first chapter focused on the introductory aspect discussing relevant sections such as statement of research problem, important of the study, the objective and limitation of the study. Chapter two focuses on the review of relevant literature on the topic i.e. it considers views of different authors on production planning inventory control. In chapter three, the research methodology used for the project work fully discussed. Questionnaires were used to gather more information also brief history of the organization understudy as well as its organization structure is x-rayed. The questionnaire administrated chapter three is also critically analyzed and present in chapter four. While necessary recommendation and made and conclusion drawn in chapter five.
Table of Contents
- Title page
- Certification
- Dedication
- Acknowledgement
- Proposal
- Table of Contents
Chapter One:
Introduction
- 1.1 Background of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Significance of the study
- 1.5 Scope of the Study
- 1.6 Plan of the Study
Chapter Two:
Literature Review
- 2.1 Production system
- 2.2 Types of production system process
- 2.3 A typical production processing system
- 2.4 Inventory control
- 2.5 Importance of inventory control
- 2.6 Reasons for carrying out inventory
- 2.7 Cost of inventory
- 2.8 Inventory control methods
Chapter Three:
Research Methodology
- 3.1 Historical background of the case study
- 3.2 Population of the study
- 3.3 Research Design
- 3.4 Sources of data
- 3.5 Method of data analysis
Chapter Four:
Presentation, Interpretation and Analysis of Data
- 4.1 Data Analysis
- 4.2 Interpretation of results
- 4.3 Testing of hypothesis
Chapter Five:
Summary, Conclusion and Recommendation
- 5.1 Summary
- 5.2 Conclusion
- 5.3 Recommendations
- References
- Appendix
Chapter One
1.0 Introduction
1.1 Background to the Study
Production is any unique process or procedure designed to transform a set of input elements into a specific set of out put elements. Input elements include land, labour capital and entrepreneurial ability while output elements are goods and services that satisfy human wants. Good and services are viable only if they provide satisfaction to the customers and the simple interior is the only general condition existence manufacture and distribution of goods. It can also be defined as the science and at concerned with the slow of materials in industry and commerce.
As a business function, production is primarily concerned with the transformation or conversion of input resources (raw materials) into finished goods. It can be said to be the relationship between factors of production (i.e. land, labour and capital) and a given output.
Planning is defined as the first and perhaps the most important function at management. The essence of planning events. Planning goes beyond attempting to attain the stated organization objective. It involves the development of strategy and procedure required for effective realization of the entire plan. The most basic function of the management functions is planning and it involves selection form among alternatives future causes of action for the enterprises as a whole. If production is well planned. Thus adding to the attainment of the whole organizational objectives, planning have finished the standard of control.
Inventory on the other hand is an important factor in the achievement of an organization overall objective. Inventory refers to any stock on items within the production system or in the operation of the business. In operation management, inventory refers to resources that remain idle in anticipation of satisfying a future demand for it. The state of processing one is likely to see in a factory but all the human resources maintained but not currently used by an organization in order to meet anticipated demand for its product or services. According to Monk (1977) inventories are one of the major assets of most firms ranging from perhaps 25% to 75% of their current assets. This depends on firms or types of industry actually next of plants, buildings and equipment, inventories often from bulk of assets value of an organization, which requires large amount of investment and capital cost of maintenance.
Control is a process that guide activities towards some predetermined goals. Control is the managerial ability that helps to ensure acquisition and use of the enterprise resources and achievement of its objectives. It involves a comparison against some previously established standard and then taking corrective action when an unacceptable deviation occurs.
Production planning is the function of management concerned with deciding what production facilities are required, how these production facilities should be laid out in the space available for production and how they should be used to produce products. It will be seen that the function has two main parts. First, it is concern with routing or planning the sequence of work tasks that have to be carried out to complete products. And second, it is concerned with layout or planning the spatial relationship between the places were work is done.
Production planning inventory control functions in general include the planning itself, taking strategic decision areas relation to and setting up device(s) to check and direct any deviation that may want to occur during the process, large amount of investment and capital cost maintenance of the productive system, quality control, product objective and setting in motion of applicable corrective works as expected. All these will have to be put in place through careful production planning and inventory control.
1.2 Statement of the Problem
It has been observed that majority of the manufacturing companies in Nigeria do not carryout production planning and control more complex and this has made it difficult to achieve the expected result. These failures, which may be due to unavailability of fraud labour, shortage of raw materials, lack of managerial ability etc. will be research into.
Problems such as stock high capital tied on inventory damages and breakages, pilferage, stock out and buffer stock can be easily avoided when one effective and efficient inventory control system is in place.
No matter how prosperous a company may be inventory control and planning requires a professional expertise.
1.3 Objective Of The Study
This study is being carried out to achieve the following objectives.
- To examine the problems that production department
- To analyze how effectively and efficiently the company utilizes the resources at its disposal.
- To analyze how inventory should be controlled in order to guide against stock out so as to meet production level.
Therefore all these will be examined so as to formulated the best model for the operation of manufacturing company in Nigeria with particular reference to TUYIL PHARMACEUTICAL INDUSTRY LIMITED, ILORIN
1.4 Significance of the Study
Upon the completion of the study, the benefits listed below are expected to be derived.
- The study will add to the research previously down these probe areas.
- To identify the challenges faced by production personnel in the course of manufacturing the desire output
- To achieve a smooth and economical operation of the production distribution system.
- The study will finally educate organization and the general public on the importance of production planning and inventory control.
1.5 Scope of the Study
The research study will specifically focused on the production process ways in which the company manages its inventory system to enhanced continuity and all other activities involve in the conversion process till where finished products are stores in readiness for dispatch to customer.
1.6 Plan of the Study
This study is divided into five chapters. The first chapter focuses on the introductory aspect discussing relevant section such as statement of research problem, importance of the study.
Chapter two focuses on the review of relevant literature on the topic i.e. it consider views of different authors on production planning and inventory control, role of inventory control, production system and its types and also reason for carrying out inventory was locked into:
Inventory control method of cost of inventory is also elaborated also, different methods of material sprcugarp also discussed.
Chapter Five
5.0 Summary, Conclusion and Recommendations
Introduction
This chapter comprises the summary, conclusion and recommendation. The summary is the details of the study chapter by chapter; the conclusion part presents briefly the findings of the study during the research exercise and finally, the recommendations ded with feasibility suggestions and pieces of advice necessary for improving the production area and inventory control.
5.1 Summary
In the course of this research, it was discovered that most of the respondents are female while make was represented by a small percentage of respondents. Also, the large percentage of the respondents falls between 30-39 years of age. This study disclosed that majority of the respondents are experience worker between 2-5 years of experienced.
More so, it was discovered that majority of the workers have qualification between primary school to secondary school. WASSCE/GCE, representing the total respondents.
The researcher also discovered from the study findings that the production start from loanding table and main production takes place at the production hall. It was also discovered that majority of the company raw materials purchased or procured use to take at least one weak for the supplier to delivere them. We also deduced from the study that there exists a standard inventory control system.
We can also deduce the most commonly used inventory valuable techniques of the industry are FIFO method (first-in-first out-method). It is obvious however that the company is using the best inventory control techniques that often prevent the danger of damage and obsolescence of the long existing materials in store.
We also deduced that the company is used the best procedure of inventory control system.
Finally, the researcher hopefully expects that useful recommendations can be given based on the conclusion inferred from the data presentation.
5.3 Conclusion
From the preceding summary, however, it wad discovered that production planning and inventor control is an organized and formalized set of functions or activities aimed at enhancing production efficiency and effectiveness of the organization.
Proper management training, manpower motivation and a good inventory control system are 9importatn and necessary for them to achieve their aims and objectives.
5.2 Recommendation
Going by the findings in this study and the policies of the company towards production planning and inventory control, it can be concluded that the company should see production planning and inventory control has a paramount technique in striving for vetter production performance. This can be achieved by drawing out good development plan or pattern on planning and inventory control system and ensure it strict implementation.
Also, the management should monitor the production and sales of the company. This can be possible by changing on sales target for the supervisors. Meanwhile the company’s products which in turn will increase revenue generation.
The company’s equipment and machines should be properly and promptly maintained while new ones should be bouthgt to replace old ones. This will ensure a smooth running process of production.
The industry should also improve on its control system because it will eliminate the occurrence of stock out and it will also help in checking the performance of the production system.
In terms of financial problem, the company should seek a reliable source of fund to improve its efficiency and effectiveness. This could be from banks and other financial institution.
Finally, the management should maintain good management working relationship. This can be achieved when top manages see the junior workers as their partner in progress and not someone to be disregarded, when this is achieved, they will both be committed to the successful implementation of strategic planning and control.
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