Download complete project materials on The Impact Of Information Technology On Inventory Management In Oil And Gas Sector from chapter one to five
TABLE OF CONTENT
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CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Statement of Hypothesis
1.5 Significance of the Study
1.6 Scope of the study
1.7 Limitation of the Study
1.8 Historical Background of the Case Study
1.9 Definition of Terms
CHAPTER TWO
LITERATURE REVIEW
2.1The Conceptual Meaning of Inventory Control
2.2Classification of Inventory
2.3Motives of Holding Inventory
2.4What Is Information Technology
2.5Application of Information Technology in Oil and Gas Sectors
2.6 Materials Requirement Planning (MRP)
2.7 Reasons for Holding Inventories
2.8 Impact of Information Technology on Inventory Control
CHAPTER THREE
RESEARCH METHODOLOGY
l Research Design
3.2 Research Population
3.3 Sample size and Sample Techniques
3.4 Method of Data Collection
3.5 Justification of Method Used
3.6 Method of data analysis
3.7 Justification of Instrument Used
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Good inventory management is essential to the successful operation of most organization. There are number of reasons for this, the amount of money inventory represents, and another is the impact that inventories have on the daily operation of an organization. Some organizations have excellent inventory management, and many have satisfactory inventory management while too many have unsatisfactory management.
Therefore, using information technology to asses’ inventory management in the oil and gas sectors will help to minimize cost and maintain inventories at optimum level in order to minimize profits. This is because accurate inventory records are important, and it has a high potential for cutting cost through earful buying and close screening of safety stocks.
Edward and Daniel ( 2003), define inventory management “as the supply of raw materials partially finished goods called work in progress and finish good an organization maintain to meet its operational need which represent sizable investment and a potential source of the need to be carefully control”.
American institute of Accountant, (1972), defines inventory management as “the aggregate of those items of tangible property which are held on sale in the ordinary cause of business, are in process of production for such sale or are to be currently consumed in the production of goods or services to be available for sale”
Iornum (2007) defines inventory as “a means by which materials of the correct quantity and quality are made available as and when required with due regard to economy in storage, ordering costs, purchase prices and working capital”
Also Collins Cobulld Learners Dictionary define inventory as a “written list of all the objects in particular place”. Therefore, using information technology in assessing inventory will help in yielding the ever declining production rate and to state competitive in the market.
Because many companies have moved from the simplest way of doing things based on keeping a file card for each inventory item to the computerization of their record keeping function.
As inventory change occur, they can be enter into the computer file by placing a bar code on each item that indicates a code number associated with that item, companies can enter transaction data directly to eliminates the possibility of clerical errors during data entry and allow for immediate updating of inventory records.
1.2 Statement of the Problem
Using information technology in inventory is one of the most recent modern business methods. A lot of organization engaged diverse strategies to achieve accountability goal. A good inventory management is essentials to the successfully operations of any organization.
The revise will lead to nonperformance of operation. The difficulties faced by most production or operational industries is to know the amount of inventory to keep, and what not to keep and the method to employ in order to avoid stocks out. Does an information technology have impact in inventory management?
Therefore, the control problems of inventory management as it affect KRPC is the unavailability of modern technology and different approaches have not been developed to handle or reconcile stock because the manual method employed cannot, and resulted in the problem of maintaining and accurate inventory count and trying to keep track of a small percentage of those items which can be an over-whelming task.
Whenever an item is purchased and helps operational manager decides when and how much inventory to keep and when to place new order. Finally the information regarding the carry cost of the inventory space use will be easily calculated by the system.
1.3 Objectives of the Study
This study seek to achieve the following objectives
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