RELEVANCE OF STOCK CONTROL IN AN ORGANIZATION

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RELEVANCE OF STOCK CONTROL IN AN ORGANIZATION

ABSTRACT

This is a research study in the relevant of stock control in an organization. This research project is written mainly to harness critically the strategies involved in the stock control and comment on the need and important at control stock as a basis for organizations standard and profitability. It is also intended to make useful suggestion and recommendation that might help an organization to grow.
However, this research project has been carefully and specifically prepared into five chapters. It includes materials which have been collected personally by full observation and study. The language used is simple enough to be understood by the readers. Chapter one of the research work is focused on the introduction, problems, objectives, statement, scopes, relevance and information of the study.
Chapter two, the research reviewed the related literature, chapter tree is based on the research methodology design and methodology, chapter four is on the presentation and analysis of data while chapter five is about the summary, conclusion and recommendation.

CHAPTER ONE

1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Production operations will highly be hampered if the references of stock control are not properly and effectively carried out. The basic stock function is that of holding stock, thus the need for proper stock control becomes imperative.
In the other of contrary, the basic relevance /functions of stock control is that of making sure that activities designed towards the effective management and control of all inventory items held in stock are properly taken care of. Nevertheless, in an industry as well as the public sector organization the stores has remained one of the production department and storage whether of raw materials, partly processed work or finished products, is part of the sequence of operations, both clerical and physical which starts as soon as the customer’s order or the management decision to manufacture, the principle and procedures are exactly the same.

1.1 GENERAL OVERVIEW OF THE STUDY
The study of purchasing and supply management cannot be complete without proper valuement of control of stock and its relevancies.
In treating the relevancies of stock control as an operation or topic is to acknowledge the managers the most similar object to bear in mind which is to ensure that every piece of material whether raw or worked coming into any store shall stay there for as short a time as possible before moving either out into the factory to be processed or in the case of such things as spares, tools or building materials involves into use. The essential qualifying condition here is that stocks must be maintained first high enough for a constant supply of material component to be available when required.

1.2 OBJECTIVE OF THE STUDY
The objective of the study (Relevance of stock control in an organization) is to ensure that the following is achieved in every organization
• To find out whether materials needed for manufacturing or operation purposes are available in the right quantity and quality at the required time and place.
• To find out whether the level of stock is kept as low as possible, in order to keep capital invested into a practical minimum and to avoid occupying excessive factory space with consequent high overhead.

 

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RELEVANCE OF STOCK CONTROL IN AN ORGANIZATION

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