The Relevance Of Stock Control In An Organization

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Project and Seminar Material for Purchasing and Supply PS

Project and Seminar Material for Purchasing and Supply PS


Dedication


This project is dedicated to God Almighty who’s through His infinite mercies led me through the academic section.


Acknowledgement


My most thanks goes to the Almighty God who has seen me through this academic period. Glory and Honour be to his Holy Name.

My special thanks goes to my supervisor Mr. A.M. Uzor who stay also for going through this project work also made some necessary corrections. My thanks also go to the Head of Department of Purchasing and Supply and the lecturers and staffs of the Department of Purchasing and Supply for their support and knowledge they import on me.

My profound gratitude goes to my beloved Mum Mrs. ClementinaAnokwuru who brought me into this world and for her moral and parental support that saw me through in my academic period. I also grateful to lovely brother Mr. Collins ChikwadoAnokwuru and my father Mr. Jude Anukwuru, ny lovely sisters Mrs. Faith UloakaNwaologbo, AugustinaAnokwuru, Ozioma Another, my friends, inlaws Mr. ChimaNwaologbo and well-wishers for their encouragement.

Also to all student of Federal Polytechnic Nekede Owerri, mostly to the Department of Purchasing and Supply. I pray for God guidance and protection through Jesus Christ our Lord Amen!


Abstract


The management and/or board of director of every organization must remained that every item held in stock control saying that inefficiency purchasing of materials can serious affected financial health of the organization resulting to its doom. Purchasing is chamber of any business organization so to decentralize the function of purchasing is to deprive an organization some of its potential profits.

However, centralization of purchasing function is essential in any organization for the purpose of attaining both optimum operating efficiency and maximum profitability. More so, an organization’s purchasing officer should motivate its stock control officers to ensure, a common relationship with each other. In conduction the research, the researcher adopted the survey method using oral interviews, questionnaires and personal observations. The researcher also interview other related literature necessary to get the needed information from the data collection for the study.


Table Of Contents


  • Title page i
  • Approval page ii
  • Dedication iii
  • Acknowledgement iv
  • Abstract v
  • Table of contents vi

Chapter One

  • 1.0 Introduction 1
  • 1.1 Background of the study 1
  • 1.2 General overview of the study 2
  • 1.3 Objective of the study 3
  • 1.4 The scope of the study 4
  • 1.5 Statement of problem 6
  • 1.6 Research questions 8
  • 1.7 The significance of the study 10
  • 1.8 The limitation of study 11
  • 1.9 The definition of terms 13

Chapter Two

  • 2.0 Meaning of stock control 16
  • 2.1 The basic concept of stock control 18
  • 2.2 Stock controls as a management concept 19
  • 2.3 Stock control by value and quality 20
  • 2.4 Reasons for holding stock 30
  • 2.5 The stock control system 32
  • 2.6 Sources of information for stock control 34

Chapter Three

  • 3.0 Research design and methodology 37
  • 3.1 Introduction 37
  • 3.2 Research design 37
  • 3.3 Sources and method of data collection Sources of data 38
  • 3.4 Method of data collection 40
  • 3.5 Population and sample size 42
  • 3.6 Sample technique 42
  • 3.7 Method of data analysis 43

Chapter Four

  • 4.0 Presentation and analysis of data 45
  • 4.1 Introduction 45
  • 4.2 Presentation and analysis of data 46

Chapter Five

  • 5.0 Summary of research work and recommendations
  • 5.1 Summary of findings 57
  • 5.2 Conclusion 58
  • 5.3 Recommendations 60
  • Bibliography 62
  • Appendix 64
  • Questionnaires 65

Chapter One


1.0 Introduction

1.1 Background Of The Study

Production operation will highly be hampered if the references of stock control are no properly and effectively carried out the basic stores functions is that of holding stock, thus the need for proper stock control becomes imperative in the other of contrary. The basic relevance function of stock control is that of making sure that activities designed towards the effective management and control of all inventories items held in stock are properly care off.

Nevertheless in an industry as well as the public sector organization, the stores has remained as one of the production department and storage, whether of raw materials partly processed work or products, is part of the sequence of operations, both clerical and physical which starts as soon as the customer’s order or management decision to manufactures the principles and procedures are exactly the same.


1.2 General Overview Of The Study

The study of purchasing and supply management cannot be complete without proper allurement of control of stock and its relevancies.

In treating the reference of stock control as an operations and or topic is to acknowledge the managers the most similar objects to beer in mind, which is to ensure that every piece of materials whether raw or worked coming into any store shall stay there for as short a time as possible before moving either out into the factory to be processed, or in the case of such things as spares, tools or building materials into use the essential qualifying condition here is that stocks must be maintained first high enough for a constant supply of materials components to be available when required.


1.3 The Objective Of The Study

The objective of the study (relevance of stock control in an organization) is to ensure that the following is achieved in every organization.

  1. To find out whether materials needed for manufacturing or operation purposes are available in the height quantity and quality, at the required time and place.
  2. To find out whether the level of stock is kept as low as possible, in order to keep capital invested in it to a practical minimum and to avoid occupying excessive factory space with consequent high overheads.
  3. To find out whether the necessary information for financial control is really and accurately provided.
  4. To know the protection of stock against waste and pilferage.
  5. To provide basis for perpetual inventory check and to eliminate the need for annual stock taking.

1.4 The Scope Of The Study

The researcher having visited some companies that deal on the same business line concert traded his investigation on the ways of achieving an organizations stated goals.

The researcher will however, identify the different strategies involved and used in the areas of stock control in these organization and some of the problems associated with it.

Furthermore, we will only focus our attention the ways of achieving success:

  1. By giving accurate record of every item in the store house.
  2. Keeps proper custody of materials information needed for the day to day operation in the storehouse.
  3. Transmits such information, to appropriate locations.
  4. Adapts effective method of discarding dead stock and method of improving life stock.
  5. Established the most economic levels for all stock of items in the store.

1.5 Statement Of Problem

The relevant of stock control in an organization is so vital in both large and small form. Upon the relevance of the stock control, the researcher in carrying out this research, work was able to identify some problems that may hinder the progress or smooth control of stock in an organization some of some of these problems are identified below:

  1. Professionals were not employed in the purchasing department and this makes the strategies involved in the relevance of stock control not achievable because the staff employed to do the job is not well trained.
  2. The method of sources of information used in this organization in terms of checking the control of stock is not good in the sense that anybody can do it without considering if the individual has the capacity.
  3. The stock control records are not properly kept and this makes the store’s manager to be very active.
  4. Another problem that hinders the progress of stock control in an organization is the type of material purchased. This implies that the materials might be in a bad shape, thereby stops the smooth running of organization.
  5. Finally, the stock held in the store for so long can cause a problem in controlling the stock in an organization. This means that stocks are not supposed to keep in the store for so long before they are dispatched to where they are needed.

1.6 Research Questions

  1. Do you think that professionals were not employed on the purchasing department and this makes the strategies involved in the relevance of stock control not achievable because the staff employed to do the job is well trained?
  2. Do you think that the method of sources of information used in this organization in term of checking the control of stock is not good in the sense that anybody can do it without considering if the individuals are capacity?
  3. Do you think that the stock control records are not properly kept and this makes the store’s manager to be very active?
  4. Do you think that the type of stock control strategy used in an organization might equally affect the type of material produced?
  5. Does imply that the type of stock control can cause materials to be bad shape, thereby stops the smooth running of the organization?
  6. Can a stock held in the stores for a longtime cause a problem in controlling the stock in an organization?
  7. Does it mean that stocks are not supposed to be kept in the store for a longtime before they are dispatched to where they are needed?

1.7 The Significance Of The Study

The significance and the relevance of stock in an organization cannot be over emphasized perhaps, if entrances this organization to be able to make and know the various ways of controlling the stock in the firm.

Stock control is also relevance in an organization because it aided in the researcher to and how the organization should be used and able to control their stock. It also enable an organization to maximize profit since a huge amount of money is being spent on materials it will also help the organization to ensure that cost are also minimize to the lowest minimum level.

Finally, stock control serves as a means of references to the organization. This research kept and this makes it easy for those who need than house it.


1.8 The Limitation Of Study

An investigation of this kind of confronted with several limitations. Its limitations are as follows.

Financial Problem:

Financing projects has been a trying experience, because of the prevailing economic conditions in the society, so the researcher is unable to travel and cover many places of interest in order to gather information for this research work.

Natural Factor:

This is seen as a hindrance to the study. The project work is disturbed from fact of regular rainfalls and not whether wind thereby hinders the researcher movement in his bid to collect data and distribution of questionnaires to respondents.

Limited To Factor:

The schedule of academic activities for every final year student both ND’s and HND’s of the polytechnic is tactic. The researcher needs to attend classes, read other courses etc.
This makes the researcher unable to collect response from many companies/organization as he would have loved to do.

Transportation Problem:

The researcher also confronted with transportation problem. He wasted so much time on road and thereby making him to reach his place of investigation late.

Even some people in the organization do not give reliable information to the researcher which associated with unreliable information; poor audience by respondent is a big limitation to this project.


1.9 The Definition Of Terms

The researcher did not observe hard term words during his investigation.

Nevertheless, below are the definitions of the few observed terms by the researcher during his investigation.

Tactic:

This entails the ability of the researcher to develop the skill in avoiding offences during his investigation in order to get useful information from the investigation.

Record-Using/Record Cards:

Under this system, a number of other sub-forms have been devised, notable amongst them are:

  1. Periodic Stock Level/Cyclical Provisioning:This means that stock is reviewed at regular intervals and sufficient is ordered to restore stock to the predetermined level.
  2. Re-Order level Stock control/Maximum and Minimum Control:Through this method, a replenishment order is issued when balance falls to the re-order levels.

Base Stock Method:

This system is mainly used for mayor project to ship building, where there is to be major project like a series of units constructed.

Self Regulation Stock Plan Scheduling

This is concerned with commutative movement of stock which is compared to predetermined friend, perhaps seasonally adjusted.

Imprest Stock Controls

This system applies where sub stores are maintained e.g. initial float of stock is given at regular bases like weekly or monthly.

Out For On Stock Control

There each issue is dependent on the returns of the item being replaced.


I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic


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How to nail it on the head during your project defence


You are through with writing that project. Now what?

You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.

  • How am I going to start?
  • I hope I will do well enough to get an A.

You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.

I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.

Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.


Watch Your Body Language And Keep It Confident:

Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.


Dress In Your Most Comfortable And Impressive:

Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.


Speak With Authority:

Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.


Use, Your Gestures:

I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.


Have A Good Opening And Closing Line:

Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.


Make Sure You Know Your Work:

Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.


Prepare For The Questions:

Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.


These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.


The structure of a good project work


Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.

A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are


1. Introduction

The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.

Below are the contents in chapter one of an undergraduate research project which includes;

  • Background of the study,
  • Statement of the problem,
  • Objectives or aims of the study,
  • The research questions,
  • Research hypothesis,
  • Significance of the study,
  • Scope of the study,
  • Limitations of the study and
  • Operational definition of terms.

2. Literature review

Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.

3. Research Methodology

This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected.  This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.


4. Results & Discussion

This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question.  Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported.  In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.


5. Summary, Conclusions And Recommendations

This section summarizes the findings of the study in an easy to understand manner.  It also explains the practical implications of those findings, and points to recommended directions for future research in that area.


References:

This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.

SAMPHINA ACADEMY

SAMPHINA ACADEMY

Samuel Obiora Blessed is the CEO and founder of Samphina Academy (samphina.com.ng) a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials, a musician as well as a pro developer with the interest of Nigerian students at heart.

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