1.1 BACKGROUND OF THE STUDY
delivery and supplier notes for incoming goods purchase orders, receipts and credit notes returns notes requisitions and issue notes for outgoing goods
Stock can tie up a large slice of your business capital, so accurate information about stock levels and values is essential for your company’s accounting. Figures should be checked systematically, either through a regular audit of stock -stocktaking – or an ongoing program of checking stock – rolling inventory. If the figures don’t add up, you need to investigate as there could be stock security problems or a failure in the system. Health and safety Health and safety aspects of stock control are related to the nature of the stock itself. Issues such as where and how items are stored, how they are moved and who moves them might be significant – depending on what they are. You might have hazardous materials on your premises, goods that deteriorate with time or items that are very heavy or awkward to move. The research seek to provide an assessment of the impact of stock management on the performance of an organization with a case study of the Nigerian bottling company plc.
1.2 STATEMENT OF THE PROBLEM
Stock management which is the function of understanding the stock mix of a company and the different demands on that stock is a very crucial for the survival and growth of the organization in view of the fact that huge amount is invested in inventory. stock demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level.Stock control, otherwise known as inventory control, is used to show how much stock you have at any one time, and how you keep track of it.It applies to every item you use to produce a product or service, from raw materials to finished goods. It covers stock at every stage of the production process, from purchase and delivery to using and re-ordering the stock.Efficient stock control allows you to have the right amount of stock in the right place at the right time. It ensures that capital is not tied up unnecessarily, and protects production if problems arise with the supply chain. However evidence shows that many organization do not maintain efficient stock management process typified in understanding the following Types of stocks, How much stock to keep?Stock control methods Stock control systems – keeping track manually Stock control systems – keeping track using computer software Using RFID for inventory control, stock security and quality management Stock security ,Control the quality of your stock, Stock control administration Therefore the problem confronting this research is to provide an assessment of the impact of stock management on the performance of an organization.with a case study of the Nigerian bottling company plc.
1.3 RESEARCH QUESTIONS
1. What is the nature of stock management2. What are the principles and methods for effective stock management3. What is the impact of stock management on the performance of an organization4. What is the impact of stock management on the performance of Nigerian bottling company plc.
1.4 OBJECTIVE OF THE RESEARCH
1. To determine the nature of stock management2. To determine the principles and method for effective stock management3. To determine the impact of stock management on the performance of an organization4. To determine the impact of stock management on the performance of Nigerian bottling plc
1.5 SIGNIFICANCE OF THE RESEARCH
The research shall profer a detail appraisal on the principles and methods of effective Stock management. It shall serve as a source of information for managers and other professionals.
1.6 STATEMENT OF HYPOTHESIS
1 Ho investment in stocks in NBC IS Low
Hi investment in stocks in NBC is High
2 Ho Stock management in NBC is not given significant attention
Hi Stock management in NBC is given significant attention
3 Ho The impact of stock management on NBC Performance is low
Hi The impact of stock management on NBC Performance is high.
1.7 SCOPE OF THE STUDY
The study focuses on the assessment of the impact of stock management on the performance of the organization.with a case study of Nigerian bottling company.
1.8 DEFINITION OF TERMS
STOCK MANAGEMENT: Stock management is the function of understanding the stock mix of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable or prescribed level.Theadministrativerole of assessing the inventory of a business and making sure it is sufficient to meet consumer demand. The demands that a stock management process seeks to satisfy are affected by external and internal factors, and can be expressed usingpurchase order requests to help maintain appropriate inventory levels Minimum stock level – you identify a minimum stock level, and re-order when stock reaches that level. This is known as the Re-order Level. Stock review – you have regular reviews of stock. At every review you place an order to return stocks to a predetermined level Just In Time (JIT) – this aims to reduce costs by cutting stock to a minimum. Items are delivered when they are needed and used immediately. There is a risk of running out of stock, so you need to be confident that your suppliers can deliver on demand. Re-order lead time – allows for the time between placing an order and receiving it.Economic Order Quantity (EOQ): a standard formula used to arrive at a balance between holding too much or too little stock. It’s quite a complex calculation, so you may find it easier to use stock control software. Batch control – managing the production of goods in batches. You need to make sure that you have the right number of components to cover your needs until the next batch.
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