Inventory Planning and Control in an Industry
CHAPTER ONE
OBJECTIVE OF THE STUDY
The objective of this study are as follows:
- To determine whether there is any relationship between the of level of inventory and the level of production and customers services.
- To determine whether there is any relationship between the level of inventory and the level of profitability of the Nigerian Bottling Plc, Owerri plant.
- To identify the weakness if any involved in implementing inventory management and control system in an industry with special references to the Bottling Company Plc Owerri plant.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
Relative to the stationary-demand inventory literature, there is much less work for uncertainty demand. We characterize this work by how the uncertainty demand is specified and whether the work focuses on optimization versus performance evaluation. Morton and Pentico (1995) and Bollapragada and Morton (1999) focus on setting inventory policies for a single stage facing a general uncertainty demand process with proportional holding and backorder costs. When the order cost is zero, a time-varying base-stock policy is optimal; for a nonzero order cost, a time-varying policy is optimal. This research develops computationally efficient upper and lower bounds on these optimal policies. For short life cycle products, the challenge of accurately forecasting demand can be as important as determining inventory policies. Kurawarwala and Matsuo (1996) develop an integrated framework for forecasting and inventory management of short lifecycle products. Their approach estimates the parameters for a seasonal trend growth model and uses this as an input to a finite-horizon stochastic inventory model with timedependent demands. Uncertainty demand has also been modeled as a Markovmodulated Poisson demand process. One example is Chen and Song (2001), who show the optimality of echelon basestock policies with state dependent order-up-to levels for serial networks.
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
Introduction
It is important to ascertain that the objective of this study was to ascertain inventory planning and control in an industry. 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 inventory planning and control in an industry
Summary
This study was on inventory planning and control in an industry. Three objectives were raised which included: To determine whether there is any relationship between the of level of inventory and the level of production and customers services, to determine whether there is any relationship between the level of inventory and the level of profitability of the Nigerian Bottling Plc, Owerri plant and to identify the weakness if any involved in implementing inventory management and control system in an industry with special references to the Bottling Company Plc Owerri plant. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from Bottling Company Plc Owerri plant. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
In this study, it has been reviewed a model of placement safety stock in a supply chain (inventory) with conditional distributions. We can change the distribution of costs given that Demand is less than, equal to, or greater than Supply and then we observe these.
Recommendation
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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