Get the complete project »
- The Complete Research Material is averagely 52 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
Inventory control involves provision for a flow of goods in and out of a business organization. Inventory control improves the marketing system by checking discrepancies and enabling effective planning. It is also applied to all production activities. Therefore, inventory control is quite useful in a marketing organization. It is very important to marketing process. Considerable attention has been given in recent years to viewing manufacturing facilities as production/inventory system. The framework reorganizes the importance of inventory.
However, it sometimes happens that the organization will find itself with more items in inventory than that maximum that is to say with an excessive inventory. The management of inventory systems typically involves keeping track of thousands of stock keeping units. Since competitive and economic advantages exist from efficient control of inventories, inventory control models have been developed to assist inventory management.
Inventory control system is based on recorded or theoretical (not actual) stock levels to determine a set of parameters that optimize inventory control. These parameters affect both operational and financial decisions. A recorded stock level, is considered accurate when the recorded level agrees with the actual stock level, otherwise there is an error. Inaccurate inventory records may result in out-of-stock condition that lower the service level and lead to loss of goodwill production time or sales.
The main objective of inventory control is to maintain a system which will minimize total cost and determine the optimum quantity of commodity to order for and when best to make the order. The two major systems are the “Re-order level system” and the periodic review system.
Re-order level system: This is the most commonly used to set quantity of stock for each item. This system which is more responsive to fluctuations in demand compared with periodic review system sets the value of three important level of stock as either check or trigger for management. The three important level of stock are as follows:
i. Re-order level = Maximum usage (per period) x maximum lead time.
ii. Minimum Level (Lmin) = Re-order level - normal usage average lead time.
iii. Maximum level (Lmax) = Re-order level + Economic order quantity (EOQ) – (Minimum usage x minimum lead time) where EOQ is associated with cost of ordering inventory.
Periodic Review system: This system sets a review period for each stock item at the end of which the stock level of the item is brought up to a predetermine value. The cost would be saved and profit is increased, when many items are ordered at the same time or in the same sequence. There is little or no chance of stock becoming obsolete since it is reviewed periodically.
Inventory control can be represented graphically relatively to the information obtained during inventory control system.
Inventory graph here, represents the control of the stock from the stores at a steady rate of q1 per T. Here, the graph can be called a periodic review graph.
Then Average inventory level from the graph
T + T + T
= Area A + Area B + Area C
= Area A + Area B + Area C
Since the internal or lead time and the time of replenishment are equal over the time of stock control.
Inventory Model depends on the nature of the demand of that commodity. The demand may be deterministic (known with certainty) or probabilistic (described by probability density). Inventory model includes the following:
a. Single item static model (shortages not allowed)
b. Single item static model (Shortages allowed
c. Adapted model with gradual replenishment.
1.2 STATEMENT OF PROBLEM
The inventory control system has been undermined by supermarkets and other business organizations, which has created room for loss of goods or products and improper record keeping (stock keeping). As a result the following problems arise:
1. Lack of inventory control in the supermarkets and other business organizations.
2. Lack of optimum quantity of commodity to be ordered for and when best to make the order.
3. Improper management of stock in the supermarkets and other business organizations.
1.3 AIMS AND OBJECTIVE
The aims and objective of the study are:
i. To examine the nature of stock control measures applied by the three supermarkets.
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
» CHAPTER ONE INTRODUCTION 1.1 Background of the study Recession has remained a chronic problem for Nigerian economy for some time. Recession is not a n...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 Background to the Study The place and role of management in enhancing and managing productivity is crucial. It is through...Continue Reading »
» CHAPTER ONE 1.1 INTRODUCTION Lack of accountability and transparency by public servants has been identified as a cankerworm eating into the fabric of ...Continue Reading »
4. IMPACT OF FINANCIAL ACCOUNTING REPORTING ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATION (A CASE STUDY OF NIGERIAN BREWERIES PLC)» ABSTRACT The research work “The impact of Financial Accounting Reporting on the corporate performance of Business Organization”, basically...Continue Reading »
5. COST ACCOUNTING AND MANAGEMENT ACCOUNTING AS A TOOL FOR PERFORMANCE EVALUATION IN MANUFACTURING COMPANY» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Cost accounting (CA), which measures and reports financial and non financial information related ...Continue Reading »
» Abstract Nigeria is a multi ethnic nation with cultural differences between its component ethnic groups. From the north to the coast, the range in typ...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.0 BACKGROUND OF THE STUDY Taxes are compulsory payment imposed on the income of individuals, families, communities, trustee...Continue Reading »
8. EFFECT OF FIRM CHARACTERISTICS ON FINANCIAL REPORTING QUALITY OF LISTED FOOD AND BEVERAGES FIRMS IN NIGERIA» ABSTRACT Financial reporting is a hub of capital market as accounting information remain the most vital variable being used by the users of accounting...Continue Reading »
» `ABSTRACT The role of an internal auditor over the years has become increasingly important especially in the current economic situation as wealth crea...Continue Reading »
» ABSTRACTorganizational objectivesThis research work is conducted as part of the requirement for the award of a Higher National Diploma (HND) in financ...Continue Reading »