INVENTORY MANAGEMENT AND CONTROL SYSTEM
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Inventory management and control system is a tool used in the store department to manage its inventory by the store officers together with other detailed list. Information is stored for maintenance purpose in order to effect administration and decision making in the store department. This project shows the type of goods available, how they are purchased, and the method of ordering, how they are maintained in the central store of loremm suite and fitness center Nassarawa. The study used descriptive survey. Out of 37 questionnaires distributed, 34 were filled and successfully returned for analysis. This represented 92 percent response rate, which was considered sufficient for making generalization of all the hotels in Nassarawa. To analyze the data Descriptive statistics and regression analysis were used. FIFO was the most inventory management practice used in Loremm hotela, while marginal analysis, ERP, EOQ model, just in time and VMI were used to a large extent and ABC Analysis and stochastic model were moderately used and RFIS was used to a very small extent. The regression results observed that Stochastic model, FIFO, EOQ Model, ABC Analysis, RFIS, VMI, Just In Time and marginal analysis were statistically not significant since their probability values obtained from the regression model were above 0.05 and z critical value were below 1.96, their p-values are 0.710, 0 .905, 0 .702, 0.146, 0.696, 0.405 and 0.464 respectively. On the other hand ERP was statistically significant since the p-value was less than 5%, p=0.006. The regression model was found to be insignificant since the P value = 0.173 was greater than 5%. This implied that the predictor variables did not provide significant level of explanation of the relationship between inventory management practices and control system of Loremm hotel in Nasarawa state Nigeria. Further the study concludes that the major challenge faced by hotels in Nassarawa Nigeria in the implementation of inventory management practice was lack of proper training. Incompetent staffs, failure to invest in modern technologies, unreliable suppliers and poor record keeping were other challenges facing the hotels in Nassarawa Nigeria to a moderate extent. Lack of commitment by top management was a challenge to a very small extent.
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