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The Need for Efficient Inventory Management in a Manufacturing Company

The Need for Efficient Inventory Management in a Manufacturing Company

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DEDICATION

This research material, titled “The Need for Efficient Inventory Management in a Manufacturing Company” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on The Need for Efficient Inventory Management in a Manufacturing Company provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    ABSTRACT

    As the topic state that is “The Need for Efficient Inventory Management in a Manufacturing Company”.

    One major component of this cost in many manufacturing organization that desires the attention of management is the investment in inventories otherwise know as stock. One will then say that really manufacturies companies face inventory management problem of what the researcher tried to analyse and bring possible solution to that effect.

    The problem associated with inventory management are unavailability of raw material. The determination of optimal level of stock as well as the discrepancy between policy and practice in stock management.

    In carrying out the research work, some research questions were asked such as:

    1. Does inventory planning involve the determination of such factors as market demand and plant capacity?
    2. Does the company make policy decision about stock management?
    3. What benefit are derived from maintaining inventory at their level?

    The simple random sampling techniques were used and the methods of data collection used were oral interview company.

    Journal textbook and questionnaire which were mostly structured the deportment act as source of data for planning and controlling of more our from the analysis of data gathered was revealed that the company make decision about stock management and also that stock can be allowed to leave the store without requisition being made for it in order to meet up with emergency.

    Based on the above analysis carried out, it was also gathered that inadequate information flows rapid inflationary pressure as well as organized storage system are factors that militating against efficient inventory management in the company.

    Economic order quantity stock budget minimum stock level are used as means of controlling stock.

    The research writer recommends that thee company should set up information flow above inventory management and organize a perfect storage system for the stock.

    In order to guide against inflation, market price of valuing inventory is recommended there should be optimum stock level to avoid or over stocking


    The Need for Efficient Inventory Management in a Manufacturing Company

    CHAPTER ONE

    Introduction

    The objective of most business include survived and growth fulfillment of social responsibility and realization of satisfactory profit.

    This level of return enables company to have advantage of business opportunities undertake research and innovation which further make for growth and survival in the long run discharge its social responsibilities and its obligations to the owners.

    In order to maintain this status quo, it becomes imperative that positive attempt must be made to minimize the operational cost of the business increase production and boost the face of these products.

    However, one of the efficient ways of achieving the most desired efficiency in business operation is through education of operational cost to a tolerance level. One major component of this cost in many manufacturing organization that desires the attention of management is the investment in “inventories” otherwise known as stock. In the most organization, the inventory or stock figures is the largest simple item in the current assets group.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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    In preparation for defending a project or seminar on The Need for Efficient Inventory Management in a Manufacturing Company, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

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    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

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