TABLE OF CONTENT
Title page i
Certificate ii
Dedication iii
Acknowledgement iv-v
Table of content vi-vii
CHAPTER ONE
1.0 Introduction
1.1 Background of
the study
1.2 Statement of the
problem
1.3 Objective of the
study
1.4 Research
methodology
1.5 Research
hypothesis
1.6 Scope of the
study
1.7 Plan of the
study
CHAPTER TWO: Literature review
2.1 Stock control,
procedure and classification
2.2 Stock turnover requisition and store imprest
2.3 Basic for materials costing
2.4 Stock taking, reconciliation procedure and principle
2.5 Duties and responsibilities of store keepers
CHAPTER THREE Research
Methodology
3.1 Research design
3.2 Area of the study
3.3 Population and sample frame
3.4 Instrument for the data collection
3.5 Method of data analysis
3.6 Limitation of study
CHAPTER FOUR: Data
presentation and analysis
4.1 Presentation data
4.2 Analysis of data
4.3 Findings
CHAPTER FIVE: Summary, Conclusion and recommendation
5.1 Summary
5.2 Conclusion
5.3 Recommendation
References
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
A company is expected to maintain adequate stock
of materials for a continuousness supply of raw materials to the factory for an
interrupted production. It is not possible for accompany to procedures raw
materials wherever it is needed and more so, finished goods manufactured by the
company be sold at the same time. A time log exists between demand for
materials and it supply.
The procurement of materials may be delayed because
of some factor such as strike, transport, description and short supply e.t.c.
Therefore, there is a need for a firm to maintain sufficient stock of raw
materials at a given time to stream-line production. To maintain the concept
and conservation of accounts the continuity of existence to adequate raw materials
supply and materiality conservation in raw materials for economic purpose.
In managing inventory the firm objective should be
constant with wealth maximum principle. To obtain or achieve this, the firm
should be determining it optimum level of inventory. Sufficient inventory
should be maintained neither excessive or in adequate.
The control of inventory and management of stock
house in common with the other major branches of commercials and industrial
work become specialist activities.
The store should be considered as a temporary
location for materials needed for operation purpose and should be planed,
organized and operate in such a way that the period of residence of each stock
items is as short as possible, consist once with economic operational the only
good. Reason for caring materials simply money sitting on a shelf, requiring
pure money to be sent on its custody.
In general, if demand is steady or highly
predictable we should store for very shorts period if at all when demand is
highly unpredictable them storage for longer periods may be necessitated. There
is no standard system of store keeping which can be universally recommended or
applied but in the course of time, certain principle and practice of move less
general application have been involve large sum of money of involved and it is
essential to organized the stock management function so that the investment is
kept to the maximum. From the stores points of view the most important thing is
to keep quantities of economy goods in the appropriate and respective position
and necessary record and transportation follows immediately shortage must be
avoided or else production line will have to stop. At the same time too much
must not be delivered or it will close up the warehouse and perhaps also the
production areas, apart from the fact excess delivers will tie up move capital.
It is well known that most materials will
deteriorate in store in the course of time and the fact that a building is
provided for storage is in itself and acknowledge that some degree or
production is required.
Stock are general term describing goods, which are
held in storehouse and stockyards. The bulk of those goods is usually needed
for these in connection with production or operating activity but the
expression “Stock” also course finished product awaiting dispash to customers,
scraps and package held sending to suppliers. The store an important role in
advisory on the quality of items to be stocked, provisioning and disposal of
obsolete materials.
The store objectives of store function are:-
(a) To make available a balance flow of raw materials, component
tools equipment and any other commodities necessary to meet operation
requirements.
(b)To
provide maintenance materials, spares and general storage of commodities in
existence.
(c) To receive and issue work-in progress and finished product.
Production is not completed until it reach final consumers.
(d)
To accept and store scrap
and other discarded materials as it arises.
For the efficient operation of the store system
and for the achievement of the stated objectives. It is necessary for
organization to have story stock control procedures. A great attention should
be focused on the operation of the stores because of the general scarcity of
materials, the higher cost of materials and equipments.
The rationable behind stock or inventory
management or store function involved:-
(i)
What to keep in store
(ii)
When to order those things
(iii)
What quality of them to
order
Inmost factories store some very expensive items
as well as some very cheap one, and use some perhaps once in a year. (In
deciding what to store) while order may be required at a rate of nudged in a
day. In deciding what to store, unit cost, rate of usage, lead-time
deterioration obsolesce, stock facilities and capital must be taken the nature
and needs of the organization it’s intended to save.
1.2 STATEMENT OF THE STUDY
The study is aimed at finding out the following problem 3m
facing manufacturing industries with particular reference to stock taking.
(i)
Have industry effectively
verify the accuracy of store record.
(ii)
Have the industry compare
the balance sheet record with physical verification.
(iii)
Have the industry median
attempt to disclose the possibility of fraud.
According to the cook and Campbell (1979)
statistical conclusion validity refer to about whether it is reasonable to
presume conversation given a specific alpha level and the obtained
variance.
(2) INTERNAL VALIDITY
Once it has been determined that the two variable
(A and B) are related, the next issue to be determined is of causality. Does a
cause B? if a study is lacking internal validity, one can not make cause and
effect statement based on the research.
(3) CONSTRUCT VALIDITY
A good construct validity means the we will be relatively
sure that construct A is related to construct B and that this is possible to
construct a casual relationship.
(4) EXTERNAL VALIDITY
External validity addresses the issue of being
able to generalized the result of your study to other times, place, and person.
For example if you conduct a study looking at heart disease in men, can the
result be generalized to women? Therefore, one need to ask and “yes” therefore
the external validity of the study is threatened.
1.3 objective of the study
The research like others is carried out in order
to achieve some objective such as:-
·
The identify problem
associated with caring out effective inventory management or store functions.
·
To ascertain the problem
of effective and efficiently handling of stock.
·
To forecast all the
possibility of fraud occasional by thief/loss (analysed the problem and prevent
loss).
·
To resolve the level of
stock to be added when inventory should be replenished.
·
Order quality problem i.e.
colour, brand, size etc.
1.4 RESEARCH METHODOLOGY
The research methodology is when a
described the how it can be gathered the information method of the processing
of collection of terms for research the data may be collected for either
theoretical or practical, and the research methodology is that of the
validity.
Validity
An a validity
is like when a individual ask is this valid? It is the questioning the latest
once aspect of the study. There are four types of validity that can be
discoursed in relation of research and statistics. Once must be specific as to
which type of validity is under discussion.
1.
Statistical conclusion
validity without a background of
basic statistics.
2.
Identify the effectiveness
and efficiency of the stock through the stock management skill or techniques.
1.5 SIGNIFICANCE OF THE STUDY
This study
will enable the management of an organization to the following.
1.
Identify and pay attention
to their role in ensuring smooth stick management so as to achieve the
corporation goal and objective of the company.
2.
Have they revealed any
weakness in the system for the custody and control of stock.
1.6 SCOPE OF THE STUDY
This study
will cover all aspect of stock taking as it’s affect manufacturing industries.
The survey is a case of global Soap and Detergent Industries Limited, Ilorin, Kwara
State. The study was
designed to operate within the frame work of its objective to examine the
impact and effectiveness of stock taking by the company.
1.7 PLAN OF THE STUDY
The research examines the impact of stock taking in
manufacturing company using a case study of Global and Detergent Industries
Ilorin.
Furthermore,
stock taking is said to have been in existence and vital part of activities of
any manufacturing company.
For clarity
of the research context, the research work was divided into (5) chapters. The
chapter one introduce the research topic and state the statement of the
research problem, objective of the study, research hypothesis, significant of
the study definition of the key and plan of the study.
Chapter two
contains the literature review while chapter three has the research
methodology.
Chapter four deal with data
presentation and analysis.
Finally,
chapter five based on summarized of the study with some policy recommendation.
In other to
achieve the above stated chapters 25 questionnaires were administered in all
and adequate research finding and conclusions was drawn to make the relevant
recommendation for the research.
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