The Importance of Inventory Management in a Public Company
The Importance of Inventory Management in a Public Company
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Abstract on The Importance of Inventory Management in a Public Company
The aim of this study is to highlight the inventory model adopted for the good management of inventory, also to investigate the effectiveness of inventory management control and to examine the method of stock valuation with a particular reference to Nigerian bottling company plc 9thmile Enugu. It has been observed that out of many economic factors depressing production of goods and services are lack of adequate inventory control. To this effect this report has gone to a long way to suggest and recommended to all productive firms on how to improve on this inventory control in order to present economic situation our country. The justification of this study arose from the observation of rampant winding up of their industries and contains time to time production in the firm, although many people have suggested many other factors such as the following:- lack of capital inflation, poor educational technics showing how frauds and less demand of goods produced as a result of poverty. In conjunction with all these factors, this research shows that poor control of inventory contributes to about 50% of production failure of our firm. Meanwhile, the researcher has view some controlling particulars, which gives the industries the maximum level of inventory and minimum level of inventory re-order level quality delivery period etc.
Chapter One of The Importance of Inventory Management in a Public Company
INTRODUCTION
BACKGROUND OF THE STUDY
Many authors has done great research on the area of inventory control management each of which contributed to a successful means of accounting for inventor in the management sector. Nevertheless, this study is designed to find solution to some of the gaps where problems are still existing in the study. Meanwhile the importance of the study includes the operation of enterprise.
The amount of fund invested in inventory management and control. Inventory refers to any stock of item within the production system or in the business. Inventory includes such items as basic raw-material, supplies of components and parts, works in progress and finished goods, inventory is the life wire of any enterprise set up with the purpose of making profit. Financially, Inventory control constitute an integral aspect of financial control which the following essential roles are played by a well controlled inventory.
Continuous production
Reduction of inventory cost
Balance of material wastage
Reduces typing up of capital
Use of quality material in production
Reduces our load cost by maintaining an authorized access to it etc.
From the above explanation, I can suggest any firm who enjoys the above conditions must take absolute care in controlling their inventories.
STATEMENT OF THE STUDY
A major problem facing the country is determination of an economic order quantity that will minimize total inventory cost. The plant is faced with the problem of delayed delivery and also supply of glass boundary and carbon dioxide the plant is also faced with the problem of stock taken and valuation, another problem of moving the raw materials from the ware house to the factory occurred. Although, such things are expected because the materials are not easy to move about, and are not attractive, also it cannot easily be sold since they are designed for a specific purpose. It is observed that this issues out a small scale problem because of the high value of the item. Inadequate inventories causes production hold-up and decrease in rate of profitability. Therefore, the quality of inventory is to be kept by a firm.
OBJECTIVE OF THE STUDY
The purpose of this study is to inventory models to be adopted in the better management of inventory. Additionally, the study aims at recommending lasting solutions to the problems of delayed delivery is required by local supplies. It is also intends to examine the method of stock valuation which particular reference to Nigerian bottling company 9th mile Enugu State.
RESEARCH QUESTIONS
In connection with the problem highlighted above the following research questions are posed. These questions from the founder are resolved by the entire study.
Is there any significant difference in the value of inventory when perpetual stock making is used in alternative to period or physical and impress system?
Are there significance in produced of adopting each of the system above?
Does minimum inventory level affect the continuation of production?
Has non maintenance of maximum level of inventories any effect on the working capital on organization?
Are there advantage in calculating an economic order quality (EOQ) during an order of over direct ordering of whatever? Can the capital purchase without employing (EOQ)?
Can maximum and minimum level inventories very because of least time?
SIGNIFICANCE OF THE STUDY
For the purpose of financial studies, inventory management and control is one of the indispensable aspect of the cause especially in the area of principle of management and cost accounting. An accountant should be able to know at all time on how best inventory can be controlled in an organization of our society today, improper inventory management and control. Has caused more harm than good. However, in adequate determination of levels of inventory has been practically caused a lot of problems such as production hold-up, improper accountability in the store administration in ability, to keep a proper account of the quality to be produced, lack of knowledge to examine when inventory reached re-order level etc.
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