Download complete project material on An Assessment Of Stock Control As A Tool For Effective Materials Management from chapter one to five
ABSTRACT
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Stocks are the life wire of any organization. Consequently, they need to be controlled effectively since they can be converted into cash. In both private and public sectors between 60%-80% of their total expenditure is on materials since there is no way business operation can be effectively carried out without stocks.
Therefore, the effective management of stocks is vital to organization efficiency and its profit may to a large extent be determined by how effectively the organization manages its stock. The project work start with the introduction of the subject matter, statement of problems, background of subject matter, the significance of the study as well as definition of terms, background of the study were also highlighted. The last chapter concludes the study by summarizing the findings and useful recommendations provided.     Â
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TABLE OF CONTENTS
Title Page
Declaration
Approval page
Dedication
Acknowledgement
Abstract
Table of contents                                                                   Â
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CHAPTER ONE: INTRODUCTION
1.1Â Â Statement of the problem
1.2Â Â Statement of the Problem
1.3Â Â Objective of the study
1.4Â Â Statement of Hypothesis
1.5Â Â Significance of the study
1.6Â Â Scope of the study
1.7Â Â Limitations of the Study
1.8Â Â Brief History of Seven-Up Bottling Company Plc Kaduna Regional
1.9Â Â Definition of terms
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CHAPTER TWO: LITERATURE REVIEW
Overview of the concept of stock control
Techniques of stock control
Stock control and materials management
Stock taking and store management structure
Control of stock by quantity and value
The relevance of materials management in an organization
Handling of materials in a manufacturing organization
Obsolescence, obsolete and redundant
Problem associated with materials management and possible solution
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CHAPTER THREE: RESEARCH METHODOLOGY
3.1Â Â Â Â Research methods and approaches used
3.2Â Â Â Â Research Population
3.3Â Â Â Â Sample Size and Sampling Techniques
3.4Â Â Â Â Method of Gathering Data
3.5Â Â Â Â Justification for Method used
3.6Â Â Â Â Method of Data Analysis
3.7Â Â Â Â Justification for the Instrument used
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1Â Â Â Â Data Presentation
4.2Â Â Â Â Data Analysis
4.3Â Â Â Â Test of Hypothesis
CHAPTER FIVE: SUMMARY OF MAJOR FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1Â Â Â Â Summary of findings
5.2Â Â Â Â Conclusion
5.3Â Â Â Â Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1Â Â Background of the Study
Stocks are the livelihood of any organization, no organization concern can operate without stock.
It is important to note that, this research work is aimed at examining the role of stock control as an effective tool for materials management in an organization and other techniques of controlling stocks as regard to 7up-Bottling Company Plc Kaduna Region.
According to Silas (2010), stock control can be defined as the process of making sure that the correct level of stock is maintain.
At the awake of the 20 century, many organizations both private and public began to recognize the importance of stock control in their organization in the day to day running of the various activities being carried out in the organization in order to control stock, thereby leading to effective materials management. (Robert (2010).
However, stock control is the system that monitors the items in stock.
This  research  work   is  undertaking  to  broaden  the knowledge of 7up bottling company on benefits accruable to the organization through effective stock control.  Stock control as an effective tool for materials management will greatly contribute to their profitability and efficiency. When properly controlled, there will be no production stoppage and materials will not be overstocked and  under stocked in the organization.
1.2Â Â Statement of the Problem
Organization, be it a manufacturing or servicing are usually faced with the problem of controlling stock effectively beginning from the point of procurement to stores, issuance to user departments and finally the finished products.
Problems may rear their heads in form of poor management, decline in sales, lack of finance, lack of customer relations, large labour turn-over, non-availability of the right materials of the right quality in the right quantity, delivered at the right time to the right place e.t.c.
Stock control is a vital tool in the life of any functioning organization, be it service or profit oriented. But it is also observed that its importance and role which it can make to profitability has not yet been appreciated in most organizations today.
An Analysis Of Some Vital Statistics As Recorded By National Population Commission (Npc)
The Significance Of Stores Management In a Manufacturing Organisation
In most government parastatals and some private organizations in Nigeria today, stock control is left in the hands o f non-professionals.
The  selection and placement of these  mediocre  in  such  strategic functions account for the poor performance of these organizations and establishments. This problem (stock control) is perhaps the most serious in manufacturing organizations.
The problem of poor store location and store layout system may also exist. When such a problem exists; materials are roughly handled, misplaced, muddled and mixed up under such a situation.
Materials handling if not properly done due to lack of handling equipment will definitely lead to breakages, obsolescence, damages, deterioration in stock held, resulting in loss of capital. The problems that are confronting one organization may be quite different from others.
1.3 Â Â Objectives of the Study
In view of the above mentioned problems, the researcher aim at looking carefully at stock control as an effective tool for materials management in an organization in running its day to day activities, which will also enable the organization in assessing its efficiency and effectiveness when stock are control.
Therefore, the objectives of this study are: –
1. To assess the impact of stock control as a tool for effective materials management
2. To examine the role of stock control in an organization
3. To assess the impact of stock control in achieving organizational performance.
Statement Of Hypothesis
The following hypotheses are formulated to guide this research work.
Ho:Â Â Stock control is not an effective tool for material
management.
H1: Â Â Stock control is an effective tool for materials management.
1.5 Â Â Significance of the Study
The study is to help organizations to appreciate the need for stock control and the necessary measures to take for effective materials management, thereby reducing wastages in the organization.
The study is to improve stock control in the organization concerned and also to the entire manufacturing organizations in the larger environment.
i. Efficiency will  be  attained  in  materials  management  in organizations, which can reduced wastages.
ii. General performance  of the  organization  will  be enhanced properly with reference to profitability.
iii. This research work will also be of benefit the researcher in terms of knowing how to effectively manage material.
iv. To other future researchers, this research work will teach them how to manage their materials effectively.
1.6Â Â Â Â Scope of the Study
The scope of the study, is to discuss the relevance of as assessment of stock control as a tool for effective materials management, in a manufacturing organizations.
1.7Â Â Â Â Limitations of the Study
The following are some of the constraints that the researcher encountered in the process of gathering materials for this research work.
1. Finance: there was no finance for this research work.
2. Time constrain: The researcher did not find it easy to combine lecture, assignment and class activities with the project work.
3. Material: This is also another problem that the researcher faced in the process of writing this project. The organization used as the case study did not make information available to be researcher.
1.8Â Â Brief History of Seven-Up Bottling Company PLC Kaduna Regional Office
Seven-up Bottling Company Plc, one of Nigeria’s leading carbonated soft drink (CSD) manufacturers was founded by Mi”. Mohammed El-Khalil, a Lebanese, in the year 1959. The Company commenced operation on October I I960, which coincided with Nigerian’s Independence day, with just one plant in Ijora-Lagos (now the administrative head office).
Records showed that on that same day, a total of 14 cases of seven-up Flavour were produced.
The company- was quoted in the Nigerian Stock Exchange and went public in 1984. Through hard work and determination, the company has been able to expand its plants and distribution networks to all parts of the country.
Its greatest period of growth actually started in the early 5O’s with the opening of lbadan plant (1980), Ikeia plant in 1981, Kano plant in 1985 and Aba plant in 1989. The acquisition of John Holt soft drinks brought Kaduna plant to limelight in late 19S9. The company later opened Benin plant in 1996, Ilorin plant in 2000 and Enugu plant in 2002.
The company’s vision statement is “To be the most admired and innovative company in Nigeria by the year 2010”.
The Mission Statement is “To refresh and inspire a youthful lifestyle
The Company produces 7-up, Pepsi, Mirinda Orange, Mirinda Soda, Mirinda Lemon, Mirinda Fruity, Mirinda Tonic and Teem Lemonade.
The activities of the Kaduna Plant is headed by the General Manager and coordinated under five major sections namely:
1. Operations Department: – This can be seen as the largest unit in the organization. Headed by the Factory Manager,  it encompasses three departments:  Quality Control, Production and Engineering.
2. Administrative Department: – This department handles all administrative matters. It encompasses the following departments; Accounts, Human Resources, Computer (Management Information System or MIS).
3. Marketing Department:- The department is charged with the responsibilities of managing sales, distribution, merchandising ad product  warehousing. It  also  handles marketing issues  of both  the  plant  and  its  depots. It encompasses the following departments:   Marketing, Sales, and Depots.
4. leet Department: This handles the repairs of plant, sales, distribution and Merchandising Vehicles.  It is headed by the Transport   Engineer   and   also   handles    the   Transport
5. Inventory Department:- This department handles the aspect of plant material inventory.   It encompasses the stores and warehouse  departments  and  is  headed  by  the  inventory
1.9Â Â Â Â Definition of Terms
To cope with the enormous variety of materials held in store of all kinds, a range of storage equipment have been developed. They are as follows:-
Bin: Â They are stock equipments used for storing items such as Rolls, Nuts, Washers etc, which arc small items.
Pallets: Pallet is a piece of equipment specially designed lo facilitate mechanical handling by Forklift trucks and may be used for both storage and transportation purposes.
Trays: Metal trays are very convenient for storing some items, particularly loose components. ..They are made in various sizes, with handles and label holders and filled into shelves specially designed for that purpose.
Racks: A rack is the general name given to any kind of storage fixture which cannot be classified as shelling or binning, used for the accommodation of palletized stores, Tubes, Bar, Plate, 1 year e.t.c.
Stock Control:– Is the means by which materials of the Correct quantity and quality is made available as and when required, -with regard  to  economy  in   storage  and ordering  cost,  purchase  prices  and working capital.
Maximum Stock Level: Is the maximum quantity of materials that may be held in store.
Minimum Stock Level: Is the point between the maximum and the minimum stock level at which time it is essential to initiate purchase requisition for fresh supplies of materials.
Re-Order Level: This is the point between the maximum and the minimum stock level at which time it is essential to initiate purchase requisition    for   fresh    supplies   of materials
Re-Order Quantity: This represent the’ quantity which Is normally ordered each time fresh supply is required.
 Materials Management-:-   is the name applied with the management function which coordinate and controls. those activities in an organization responsible for the purchasing of materials, their scheduling from suppliers and from internal sources, their .handling, storage, and movement through the organization and their delivery to customers.
Obsolescence:– A decrease in the value of an asset brought about by the development of a new and more economical methods, processes and/or machinery.
Stock:-These are all the tangible items of a Company other than the fixed assets.
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