Impact of Efficient Inventory Control on Materials Management in an Organization
CHAPTER ONE
OBJECTIVE OF THE STUDY
The objectives of this study are
- To create serious awareness in the mind of firms and their employees on these serious need for efficient inventory control on materials management in an organization
- To create the necessary awareness on the important of improving those who are involved in inventory control on materials management in an organization.
To suggest other ways of improving efficient inventory control on materials management in a organization. - To see whether efficient inventory control on materials management can be improved through empowerment
- To make people appreciate the importance of effective inventory control on materials management in an organization.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
Literature review is usually done to understand the topic, identification of the problem and the suitable suggestions given by various researches in their paper. Various researches carried out in the material management and inventory management is studied to know the problems faced in the industry across the world. It helps to find out the different possible solution that we can obtain from literature study and understand its meaning from the below listed papers. Ujjavala Patel et.al May in this contemplate the author has discussed about the current material management practices as well as inventory techniques. In order to maintain the inventory at optimum level technique such as EOQ analysis were performed. It is thus concluded that by implementing the above mentioned techniques. P. Ezhilmathi et.al May in this paper the qualitative data in regards to deviation is designed and actual materials. In the second phase of the paper the problems of the stock out were overcome. The outcome of this study reveals that the total cost of the project is reduced by using EOQ analysis. Deepak M.D et.al July in this research the author has discussed about the material management principles and practices. Project expense difference occurs when there is no proper material management. Thus a procedure is constructed to arrange materials by EOQ investigation. Aditya A. Pande et.al May material management is condemnatory part of the construction industry. A properly execution of material management can successfully bring out the flow of materials which leads to improve planning , increase labour productivity ,and minimize project costs. In this paper materials constitute major part of the project that is around 52% of total cost so timely available of material results in completion of the project. Minal p chaudhari et.al February material management is procedure to give correct material at correct position at correct moment in correct number. To diminish amount of project. Company has troubles in procurement and holding of the raw materials not for completed products. In this paper analysis is done to improve management of inventory in the company, by adopting this analysis it would result in effective utilization of economic resources and helps to get better inventories.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
It is important to ascertain that the objective of this study was to ascertain impact of efficient inventory control on materials management in an organization
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of efficient inventory control on materials management in an organization
Summary
This study was on impact of efficient inventory control on materials management in an organization. three objectives were raised which included: To create serious awareness in the mind of firms and their employees on these serious need for efficient inventory control on materials management in an organization, to create the necessary awareness on the important of improving those who are involved in inventory control on materials management in an organization, to suggest other ways of improving efficient inventory control on materials management in a organization, to see whether efficient inventory control on materials management can be improved through empowerment and to make people appreciate the importance of effective inventory control on materials management in an organization. The study adopted a survey research design and conveniently enrolled 80 participants in the study. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from Dangote cement plc. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
In conclusion, knowing the demand of usage of materials, we can determine the reordering level by keeping some amount of safety stock such that there will be continuous supply of material and no delay of work.
Recommendation
That project management should be aware of the different perceptions stakeholders may have of the potential effects of the system in order to guide the behaviour of the stakeholders.
The company should try by all means to adhere to inventory polices made. A situation is a case whereby materials or items are allowed to leave the stores without proper requisition, this shows that the internal control is weak. In order to ensure that the company adheres to inventory policies, under no circumstance should items of inventory be allowed to leave stores without proper requisition.
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