Stock Control Implementation And Procedure In Manufacturing Industry

When supply of goods out weight is demand resulting in a disequilibrium situation over a short period of time this could result unnecessary builds up of capital. Thus raw-materials processed and finished good are stocked to avoid the problem of inadequate stock. However no matter the circumstance in which these occur they could result increase of cost of production or service tried down of capital storage cost, insurance, recording, inspection and wastage cost store constitute a significant part of current asset majority of organization. Therefore, because of the large size of stock maintained by most organizations, it is absolutely imperative to manager stock effectively and efficiently in order to avoid unnecessary investment.

TABLE OF CONTENT

Title page

Certification

Dedication

Acknowledgement

Table of content

CHAPTER ONE

1.1        Introduction

1.2        Historical background of

associated match industry, Ibadan

1.3        Statement of the problem

1.4        Objective of the study

1.5        Significant of the study

1.6        Scope of the study

1.7        Limitation of the study

1.8        Definition of terms

CHAPTER TWO

2.1Literature review

2.1.1Stock control

2.1.2 Assessment of the item to be held in stock

2.1.3 Extent of stock holding

2.1.4   Cost of storage

2.2 Methods of stock control

2.3 Reasons for holding stock

2.4 Economic order quantity chapter three

3.1Research methodology

3.2Instrument used for data collection

3.3Sampling procedure

3.4Statistical data

3.5Source of techniques used in

presenting and analyzing data

3.6 Direct observation

CHAPTER FOUR

4.1 Presentation of data

CHAPTER FIVE

5.1 Summary and discussion of the findings

5.2 Recommendation

5.3 Conclusion

5.4 Reference

Appendix

CHAPTER ONE

1.1      INTRODUCTON

Stock control in an organization is of paramount importance for an effective performance in a company operation. Every organization needs something in stock.

Stock can be a nuisance a necessity, or a convenience, wholesalers and retailer see stock as central feature of their business they sell from their stock rather than from future deliveries.

Manufacturing organization place at a central position, because it is an important element in operation effectiveness. Stock often appears on balance sheet as the biggest of current asset stock unutilized is seen as capital lied down.

In fact, it has been estimated that in a manufacturing industry, an average of sixty percent 60% of total sales revenue is spent on materials. The control of which can make a significant contributing to profit margin, hence the need for effective control of stock.

The term stock means a system in which the level of stock regulates issue of buying and producing order.

The objective of stock control should be to determined and maintain the optimum level of stock to be held.

This is to provide a realizing production service plan consistency with sale forecast and manufacturing capacity or volume of services, to ensure that inputs or material and brought out pant and obtained economically at the appropriate time.

Stock control is the system by which material of the correct quantity and quality made available as and when required with due regard to economy in storage, ordering cost, purchase price and working capital.

• STOCK CONTROL INVOLVE THE FOLLOWING PROGRESS

1. Receiving all goods and materials, checking indentifying and recording them.
2. Keeping stock in such a way that they can easily locate when required and are kept in good condition.

iii.Making issue from store as and when required

iv.Keeping stock record of receipt and issues in the stored warehouse.

1. Alert purchasing on ordering of materials whenever necessary after accessing to stock level.

vi.Making request for ordering when stock is below minimum level.

vii.Assessing what items are to be held in store.

viii.Deciding the extent of stock holding of items.

1. Regulating the insurance of stock from the store house.
2. Regulating the inputs of stock into the store house.

Store control basically an essential means of eradicating fraud management level and pilferage with in staff. It is also a means of avoiding spoilage wastage and deterioration.

• 1.2 HISTORICAL BACKGROUND OF ASSOCIATED MATCH INDUSTRIES LTD. IBADAN

Associated match industries (Nigeria Limited). Ibadan was the first match company established in Nigeria in 1962, and engaged the production of matches. The share capital is 60% Nigeria and 40% foreign owned. The official opening ceremony was performed by the late premier of former northern region sir Ahmadu Bello (the late Sadauna of Sokoto) in the same year production started in 1963.

The company suffered a lot wastage and liability to meet up with demand. In view of this predicament the company decided to exchange raw material relating to boxes into cardboard which however, come into full force in 1977.

Today the company can boast of being the first the largest matches making industry in the country

• 1.3 STATEMENT OF THE PROBLEM

Some inevitable problem do rise when carrying out stock control activities in public service and when in some other organization as well. The problem as follow.

1. The problem of overstocking; this is a situation where by there are more stock of an item in the store mere than the expected requirement for operation during the period of time.
2. Under stocking is also another problem being faced by the store department?

This is also a situation whereby store is carrying less quantity of an item required by the users (users department) in organization).

c.Problem of obsolete, inadequate storage space and facilities are also common.

d.Inefficient method of controlling stock is faced by some department.

e.However, the researcher will actually look into.

The company was owned by the Arabs’ in the Middle East but because of the indigenization decree, Nigeria decided to have shared but at present Nigeria has 100% ownership. The company has other branches namely star lags Nigeria matches port-Harcourt and Niger matches Ibadan factory sit cover an area of approximately 21.234 acres and it lies south west of Ibadan when they factory went into production in 1963, they were only two brands of matches e.g. crow and squired match and all the raw materials were imported from oversea in 1967 more brands were introduced such as three dice, three stars, three ring, cock, palm tree, basket of flower, Lion John holt S.NG flight, total etc.

Most to these lands were produced to order based for companies like NTC John Holt.

It was also in 1967 that the company started to have specialist from Sweden to improve the quality of the matches in 1967 a research was conducted on that will be suitable for the production of splint and boxes. Among the timber triplontion on ban box to mention just few.

However, that the end of research, Obeche (Which is triplonition scheloxycon) was finally approved for the production of splints and skillets from Sweden and Italy, this was due to the fact that they were a lot of waste from the locally produced splints being used. With this, the company saved over five hundred thousand (N500, 000. 00) spend on foreign exchange annually with the use of local material especially the part of inner and outer boxes.

The problem that the store department of kwara state water cooperation Ilorin is faced

1.4     

• OBJECTIVE OF THE STUDY

1. This research work will help manufacturing company to know how to control good in stock in order to eradicate obsolete
2. The work also satisfy one of the requirement for the award of national diploma (ND) awarded by the department of business studies institute of business and vocational studies. Kwara state polytechnic, Ilorin.
3. This research will also help most especially management student to be better manager
4. It will help stock keeper to know the best methodology of controlling it stock.

1.5   SIGNIFICANCE OF THE STUDY

The significance of stock control any organization cannot be over emphasized. Stock control is of great significance to establishment as it helps in the proper implementation and procedure relating to stock control.

The project will extensively guide many organizations in ensuring adequate effective and efficient stock control system and therefore, enhance the profitability of the organization.

The organization i.e associated mathch industry Ibadan will definitely find this research work very valuable in the area of stock control.

1.6 SCOPE OF THE STUDY

As earlier mentioned, the focus of this study is on receiving inspection and keeping martial in good condition as well as issuing stock in a manufacturing company using associated match industry Ibadan as a case study.

The research examines and studies the important method benefits and related problem and prospect of stock control procedure in a manufacturing organization. The study also identified various document as well equipment used in carrying out stock controls

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