CONTRIBUTION OF STOCK CONTROL IN THE ATTAINMENT OF ORGANIZATION OBJECTIVES GOALS
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
Stock control is an important area quantity which is of ten neglected and underrated in many organizations both public and private sectors. stock control can be defined as a means by which mathnds of the correct quantity and quantity are made available as and when required by taking due regard to the economy in storage and ordering cost purchasing prices and its working capital.
Stock control therefore involves the process of
1) Assessing the items to be held in stock
2) Deciding the extent the holding of such items either individual or collecting
3) Regulating the input of stock into the store houses and
4) Regulating the issues of stock from the store houses.
To enable the stock controller to assess the items to be held in the stock, it is necessary that he consider what items that are being used and produced by the particular company, and from this, he can decide which of those items he should stock.
Stock is principally held for the purpose of providing a reservoir of materials to absorb the effort of vanation in both delivery and consumption and also for the maintenance of availability of supplies with the organization concerned. Naturally, it is necessary to held stocks materials which are regularly used ad also those which may be required at short notice in the event of plant.
We can define or describe stock control as means by which materials or items of the correct quality and quantity are made available when required with due regards to economy in storage, and cost of ordering purchase price and working capital, stock control can also be describe as the function of planning and maintenance of the right quantity of items for a given production or sales programmed within the minimum of investment.
i) Stock control has the following objectives or items in manner and quantity needed aret the specified time.
ii) To reduce the number of items which need to be carried etc, in order to achieve those objectives, the stock control involves to many methods which can be controlled by quantity and by values. it is desirable to control in value. Stocks control in quantity is only bound to give accurate result of every item that is kept at the proper level.
