THE EFFECTS OF INVENTORY MANAGEMENT IN MANUFACTURING COMPANY
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- NGN 3000
ABSTRACT
The technique of inventory control is indispensable going by their impact in contributing, promoting and ensuring efficiency and effectiveness in any organization. In actual practice the vast majority of manufacturing companies suffer excessive inventories than are necessary. Therefore, inventory control process is much more complex than the uninitiated understand. In fact, inventory control is perceived as little more than a clerical function. This has resulted into lots of material shortages, high costs and loss of profit. This study provides a basis for implementing inventory control policies by service companies, professional managers, especially manufacturers.
The aim of these research works is to critically assess the impact inventory control has on the profits of manufacturing companies. Relevant literature on inventory management and control by various authors were reviewed.
Both primary and secondary sources of data were used in the course of study. Primary source of data used was questionnaire while the secondary sources used are, text books and journals. The chi-square formulae, person product moment correlation co-efficient, test of significance were employed for effective analysis of data collected. Data was collected through the distribution of 50 questionnaires to the staffs of Tower Aluminum Nigerian Plc.
The two hypothesis formulated were subject to thorough tests and all two hypothesis tested were accepted. The respondents agreed that inventory control is a contributory factor to the profitability of manufacturing companies and as such proper control of inventory of manufacturing companies and as such proper control of inventory reduces the overall cost. Conclusion and recommendation were also made as to the acceptance of the alternative hypothesis such as putting in place all necessary features that inventory control needs to effectively achieve its purpose in a manufacturing organization.
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