AN EXAMINATION ON THE ORGANIZATION OF INVENTORY PLANNING AND CONTROL ON PRODUCTS AVAILABILITY
- Project Research
- 1-5 Chapters
- Quantitative
- Mean and Standard Deviation
- Abstract : Available
- Table of Content: Available
- 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.
Related Project Materials
THE ROLE OF FINANCIAL MANAGEMENT IN THE SUCCESS OF STARTUPS
Abstract: THE ROLE OF FINANCIAL MANAGEMENT IN THE SUCCESS OF STARTUPS
This study examines the role of financial management in the success...
AN ASSESSMENT OF STAFF AND STUDENTS’ UTILIZATION OF ROUTINE MEDICAL CHECKUP IN AHMADU BELLO UNIVERSITY ZARIA, MEDICAL CENTRE, KADUNA STATE, NIGERIA
ABSTRACT
The study was the Assessment of Staff and Student’s Utilization of Routine Medical Checkup in Ahmadu Bello University Zari...
FOREIGN AID AND ECONOMIC DEVELOPMENT IN SUB SAHARAN AFRICA: THE ROLE OF INSTITUTIONS (1996-2010)
ABSTRACT This study examined the relationship between foreign aid and economic development in sub Saharan Africa. The study seeks to examine the ro...
THE IMPACT OF FINANCIAL PLANNING ON THE PROFITABILITY AND EFFICIENCY OF SMALL SCALE FIRMS
ABSTRACT
Small and Medium-sized Entities (SMEs) are very important to the economic gro...
PROBLEMS OF POLICY IMPLEMENTATION IN NIGERIA (A CASE STUDY OF EGBEMA)
Background Of The Study
In every society, there must exist some problems. These problems could be in th...
IMPACT OF EARLY CHILDHOOD EDUCATION IN NIGERIA
BACKGROUND OF THE STUDY
The development of the fetus begins immediately upon conception. The usual peri...
AN APPRAISAL OF LEGAL AND INSTITUTIONAL FRAMEWORK FOR BROADCASTING INDUSTRY IN NIGERIA: A CASE STUDY OF NATIONAL BROADCASTING COMMISSION (NBC)
ABSTRACT
Broadcasting Organisations are not perceived as watch-dogs of the society promoting transparency, accountability and good govern...
CHALLENGES FACING TRANSPORT SECTOR IN PROVIDING QUALITY SERVICE TO THE SOCIETY
Background To The Study
Especially in densely populated urban sectors, the most efficient method for transferring people...
THE CHALLENGES ASSOCIATED WITH THE TAXATION OF RESEARCH AND DEVELOPMENT (R&D) ACTIVITIES
Abstract: THE CHALLENGES ASSOCIATED WITH THE TAXATION OF RESEARCH AND DEVELOPMENT (R&D) ACTIVITIES
This research investigates the cha...
Potential Health Implications of Liquid Herbal Medicine in Jimeta-Yola Region, Northeastern Nigeria
ABSTRACT
No studies have been conducted, to examine the negative impacts of liquid forms of local herbal medicine sold in Yola and Jimeta...
