AN EXAMINATION ON THE ORGANIZATION OF INVENTORY PLANNING AND CONTROL ON PRODUCTS AVAILABILITY
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- Mean and Standard Deviation
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Background of the Study
In the field of materials management, it is a well-known truth that the continuation of production or the delivery of services is contingent on a steady flow of necessary inventories. However, the challenge that faces those in charge of materials management is determining how much should be ordered in situations in which the quality that is available is lower than what is required to satisfy production demand or the quantity is lower than the order point, as well as determining the most effective way to plan and control the amount of inventory that is required at a specific point in time (Aremu , 2022).
The goal of the materials manager should be to bring the two extremes of the spectrum down to a more manageable level, which are sufficient stock and excessive (surplus) stock (stockout). The level of stock or inventory that an organization decides to purchase or carry will depend on a number of factors, including the level of consumption, the bulk purchase, the discount, the reliability of the supplier, the delivery dates, the difficulty in matching supply with demand, speculation (whether there is availability or scarcity), and the company's policy. It is this prevailing dynamic circumstance that gives rise to the need for inventory planning in order to ensure product availability (Arnold , 2022). Planning an inventory, on the other hand, is a massive undertaking that calls for an adept blend of data about what is already occurring with demand and that regarding what we anticipate will occur (forecasting).
A deeper examination at the yearly balance sheet of the firm reveals that assets account for between 60 and 70 percent of the materials kept in stock; nevertheless, sufficient attention is barely paid to this element of managerial processes, and it is left to the mercy of the personnel who are not competent (Bower , 2021).
The determination of the quantity and quality required of a material, components, points, and services ordering, control receiving, inspection, and storage of the right material and the efficient utilization of these materials to achieve an organization's objective has been described as inventory planning. Inventory planning is itself described as the determination of the quantity and quality required of a material (Burt, 2022). In the course of this research, a comprehensive comprehension of inventory planning will be investigated, along with issues concerning inventory control and the significance it holds for the organization, stock maintenance, material handling quality control, product availability, and a variety of other related topics.
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