AN OVERVIEW OF INVENTORY CONTROL IN AN ORGANIZATION (FOCUS ON NIGERIA BOTTLING COMPANY PLC LAGOS STATE)

AN OVERVIEW OF INVENTORY CONTROL IN AN ORGANIZATION (FOCUS ON NIGERIA BOTTLING COMPANY PLC LAGOS STATE)

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgement

Table of contents

Abstract

CHAPTER ONE

1.0            INTRODUCTION

1.1            Background of the study

1.2            Statement of the problem

1.3            Purpose or significance of the study

1.4            Research question

1.5            Objective of the study

1.6            Significance of the study

1.7            Scope of the study

1.8            Limitation of the study

1.9            Definition of terms

CHAPTER TWO

2.0            LITERATURE REVIEW

2.1            Introduction

2.2             Definition of the concept

2.3            Concepts Associated with inventory control

2.4            Importance of inventory control

2.5            Aims of the stock taking and stock checking

2.6            Inventory control techniques

2.7            Perpetual inventory method

2.8            Periodic inventory method

2.9            Simple inventory model

2.10       Inventory model

2.11       Functions of inventory control

2.12       Planning for inventories

2.13       Classification of inventory control

2.14       Importance of an Accurate valuation of inventory control

2.15       Estimating inventory by the retail inventory methods

2.16       Inventory shortage

2.17       Summary

CHAPTER THREE

3.0     RESEARCH METHODOLOGY

3.1     Research design

3.2     Population

3.3     Sample size

3.4     Research Instruments

3.5     Reliability of the Instrument

3.6     Validity of the research instrument

3.7     Administration of the instrument

3.8     Data collection and analysis

CHAPTER FOUR

4.1            Introduction

4.2            Data presentation and analysis

4.3            Summary of finding

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1            Summary

5.2            Conclusion

5.3            Recommendation

5.4            Suggestion for further studies

Bibliography

Appendix I           Research Proposal

Appendix II                   Respondents letter

Appendix III        Research questions

Appendix IV        Organizational chart

ABSTRACT

This project work contain deals with instruction of an overview of inventory control in manufacturing company, it also include the aim and objective of study and scope of study.  Then the profit of Nigeria bottling company plc and its administration were highlighted.  The final summarizes the whole and deductible recommendation, which we think will be advantageous, to the management of Nigeria Bottling company plc and other manufacturing company’s.

CHAPTER ONE

INTRODUCTION

1.1            Background of the study

In a manufacturing organization, the need for inventory control is very necessary because it helps the organization to verify the accuracy of stock records with physical stock (records) that is, (materials in the stock) among the numerous purpose of the exercise.

Moreover, inventory control, it deals with identification of every inventor in the store, that is, the process of systematically defining all items in the stock.

Stock taking and inventory are interrelated concept in store management.  The management need to ensure that at any point in time the capital of the business is not necessarily tied down in form of materials in the store that will provide an opportunity for management need to put at minimal rate, stock looses which emanate from store operation.  However, there is no way of achieving these two objectives without a proper stock taking on the stock items as well as infusion of strong and effective inventory control into the functioning of the established store system.

Since stock represents cash assets of the organization, it should be looked after carefully and well protected, therefore in business, stock is of paramount importance.

In the manufacturing business, availability of raw materials stock items guarantee continuity of production plans and level.  This will help the organization to be able to capture in meeting the customer demand.

However all these can only be achieve if there is an effective control in stock taking.

Also at the end of each financial year weather in the public or private sector, there is need to value the closing stock for inclusion in the balance sheet to ensure accurate figure of stock items, there must be an effective stock control and stock taking.

It also involves provision process, which indicates instruction given for the placing order usually production department takes a large store in provision in manufacturing organization.

The inventory in the store as to be control and concluded by several business authority as to corporate balance sheet, commonly constitute from 20 to 25 percentage invested capital.

Therefore, it should be adequately take care off, because this has to do with profit of the organization.

1.2            Statement of the Problem

The statement of the problem of inventory control on the production process, sales and development of the company cannot be under estimated die to the reason of finished product must have undergone some process before it appears as finished goods.  It is therefore, inventory control system that helps the establishment, or the organization to control and co-ordinate the available materials effectively and efficiently.

There is no doubt that without a positive effective of inventory control system in the organization will find it very difficult to control the available raw materials that are in the store.

1.3            Purpose of the study

The purpose of the study is to:

1)                To meet the demand from indentors or users.

2)                Sufficient inventory should be maintained neither excessive or inadequate.

3)                There is need for the firm to determine the optimum level of inventory control.

4)                To ensures proper execution of polices covering procurement and use of materials.

5)                To work as a check on the over accumulation of inventories and minimum investment consistent with production requirement.

6)                To eliminates delays in production caused by non – availability of required materials.

1.4            Research Question

The research question will reflect in the following ways.

1)                What is the contribution of your store personnel to the storage condition of the organization?

2)                Does your organization benefit in the innovation of the sophisticated method of stock taking?

3)                Do you arrange your stores according to their sizes to enhance easy counting?

4)                Is there any relationship between your store department and others?

1.5             Objective of the study

The following are the objectives of the study:

1)                To bring out the importance of inventory management to the survival of an organization to the individual and to every department.

2)                To identify problems of Nigerian Bottling company plc on inventory management and to offer suitable suggestions.

3)                To enable the firm to give more recognition on inventory control.

4)                To review the problems of inventory control in Nigeria bottling company plc Ibadan with critical examinational and appraised.

1.6            Significance of he study

One of the most crucial objective of any organization is to conduct a systematic collection, classification and analysis of data basis for better stock taking decision.

At the end of the project the researcher will be able to suggest solutions to the problems encountered in the stock taking decision and its effectiveness on inventory control in an organization.

Indeed, the significance of this project will enable the researcher to offer positive alternative solution to the problems of financial instability.

1.7            Scope of the study

All the research work as for as this project is concerned will be limited to Nigeria Bottling company plc Ibadan.  The scope of the study will only cover an overview of inventory control in an organization.  The project will elaborated on world inventory control in general.

1.8            Limitation of the study

In carrying out this research project, there were constraints, which are numerous, if they were not encountered, the beauty of this project could have been more than this, some of the limitations are:

The period in which the project is being carried out was short.  This was carried out at a high time towards the end of the academic session when the examination was fast approaching which create some impediments at the place of the research and more useful information to complement the project could not be obtained.

1.9            Definition of terms

Some key words used in common in this project research topic are:

1)                Stocks: These are quantities of physical items of materials that are kept in the store.

2)                Inventory: This is the list of every item or materials that are kept in the store.

3)                The Ordering Stock Level: This is the amount expressed in units of issue at which or ordering action is indicated on time for the materials to be delivered before stock fall below the minimum.

4)                Stock Taking: This is the process of physical verification of the quantities and condition of goods.

5)                Receipt: Receipt is the process for accepting form all sources, all materials, equipment and part used in the organization.

6)                Raw Materials: These are basic materials, which undergo changes through manufacturing process in the course of being incorporated into the finished products.

7)                Work in Progress: These material comprises of incomplete item in the course of manufacturer which do not fall within.

8)                General Store: These are component manufactured from raw materials to make assembles or sub assemble by the manufacturer of the finish product.

9)                Price Parts: These are all good, which do not fall within any other category

10)           Bin Cards: These are simple cards giving a description of item including its vocabulary number.  The unit of it is issue, the quantities, received and issued and balance remaining in the bin.

Coco – coal is acclaimed the world leading soft drinks in more than one hundred and fifty countries (150 countries).  An estimated total of 250 million bottles are been consumed everyday in all parts of the source.

The company first came to Nigeria in 1953 and the first set up in Nigeria Bottling company was Apapa in Lagos State.  This was the beginning of existing growth and development for the past fifteen years, the company is number one bottle of soft drinks, selling more than 6 million daily which is still growing and continuing existing in various part of the federation.  The product was first produced by a pharmacist, by Doctor (Dr) Pemberton; 1886 18th May.  The company also produces other product, such as fanta organe, Gin gale , fanta champion, Schwepps bitter lemon, Eva water and the current 50cl coke.  The manufacturing, process of cocoa cola is p[assed in carefully measured combination of water, sugar, and concentrate.  The same standard is maintained in all the resource that make the produce to be unique and generally acceptable.

CHAPTER TWO

LITERATURE REVIEW

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