DESIGN AND IMPLEMENTATION OF AN INVENTORY MANAGEMENT SYSTEM
- Project Research
- 1-5 Chapters
- Qualitative
- Library / Doctrinal
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the Study
For the production process, the market, and the distribution network to function, inventories are crucial. They act as lubricants and spring for an organization's production and distribution processes. By separating different parts of the overall operation, inventories allow manufacturing firms to operate smoothly and efficiently. portion purchases Inventory enables staff in the purchasing and supply departments to plan, manage, and wrap up activities in certain ways independently of shop-product operations. Inventory is crucial to an organization for production activities, maintenance of equipment and machinery as well as other operational requirements. These inventories enable suppliers more flexibility in planning, producing, and fulfilling an order for a certain product's portion. This causes money or capital that could have been used more productively to be held in reserve. When inventory stockpiles are high, the management of a company becomes quite anxious. Inventory is part of the company's assets and is always reflected in the company's balance sheet. This, therefore, calls for its scrutiny by management, any inventory item shortages that affect the production process are highly scrutinized by management. Any increase in machinery or operational redundancy brought on by inventory shortages may result in production loss and the costs that go along with it. For these two factors, ongoing inventory control is necessary. In addition to considering the physical balance of the items, inventory control and management also considers ways to reduce the cost of the inventory. The seamless running of other processes, including manufacturing, purchasing, sales, marketing, and financial management, is greatly aided by effective inventory management. The fundamental problem, however, is figuring out the inventory level that works best with the operating system or systems already in the business.
1.2. Statement of Problem
Many small businesses rely on manually counting stock to track what’s in store. But stock counts are disruptive and time-consuming it also takes time away from making and selling products.
Related Project Materials
THE IMPACT OF PUBLIC SECTOR REFORMS ON GOVERNMENTAL ACCOUNTING PRACTICES
THE IMPACT OF PUBLIC SECTOR REFORMS ON GOVERNMENTAL ACCOUNTING PRACTICES
Abstract
This study investigates the effects of public...
An evaluation of digital privacy concerns on consumer engagement: Evidence from a tech startup in Kaduna.
Background of the study
Digital privacy concerns have become a central issue affecting consumer engagement in toda...
An examination of the role of home-based cardiac nursing interventions in improving patient outcomes in Katsina State
Background of the Study
Home-based care has become an essential component of healthcare delivery, particularly for patients with chronic...
The Financial Impact of Public Sector Pension Schemes in Nigeria: A Study of Nigerian Railway Corporation
Background of the Study
Public sector pension schemes in Nigeria are critical for providing post-retirement security to...
CULTURE AND DISCRIMINATION AGAINST WOMEN IN BUCHI EMECHETA’S THE JOYS OF MOTHERHOOD AND CHIMAMANDA ADICHIE’S PURPLE HIBISCUS.
ABSTRACT
Over the years, the major challenge facing the female folk is discrimination and unfair treatment in the society. This work disc...
An Investigation of the Role of Nurses in Pre-Hospital Emergency Care in Rural Communities of Kebbi State
Background of the Study
Pre-hospital emergency care is essential for saving lives in the critical period before patients are transported...
ANALYSIS OF FACTORS RESPONSIBLE FOR LOW PRODUCTIVITY IN THE CIVIL SERVICE
ABSTRACT
This study was carried out on the factors responsible for low productivity in the civil service using Enugu Sta...
The Impact of Photography on Promoting Local Beadwork in Rijau Local Government Area, Niger State
Chapter One: Introduction
1.1 Background of the Study
Local beadwork represents a rich cultural heritage and a source of econom...
APPRAISAL OF COLLECTIVE BARGAINING PROCESS AS A MEANS OF SETTLEMENT OF LABOUR DISPUTES IN NIGERIA: CHALLENGES AND PROSPECTS
ABSTRACT
This study is entitled Appraisal of Collective Bargaining Process as a Mode of Settlement of Labour Disputes in Nigeria: Challen...
UTILIZATION OF INSTRUCTIONAL MATERIALS FOR EFFECTIVE TEACHING AND LEARNING OF BUSINESS EDUCATION IN JUNIOR SECONDARY SCHOOLS
ABSTRACT
In this work we analysed the use of instructional materials for effective teaching and learnin...
