1.0 Introduction
1.1 Background of the Study
We can define or describe stock control as a process by which materials or items of correct quantity and quality are made available as and when required with due regards for economy in storage and working capital. Stock control also can be described as the function of planning and maintain the right quantity of items for a given production of sales program with the minimum of investment.
The stock control has the following objectives.
- To reduce the number of items which need to be carried.
- To eliminate production or sales delay by supplying the material or items in the manner and the quantity needed at the specified time, etc.
In order to achieve those objectives, the stock control involves two methods, which can be controlled by quantity and by value. It is desirable to control in bound to give the correct overall result it every time is kept at the proper level.
1.2 Statement of the Problem
“The role of stock control in an organization is being carried out on the employees (staff) and customer's of the actually identity. The problem there would not have been any need for this study. The problems this study intends to jettison are:
- Lack of proper application of inventory control, which indicates the physical balance of items in an organization.
- Non-sufficient utilization of space, which increase high space cost to the organization and consequently reduces sales volumes and profit achieved.
- Lack of proper application of stock level and do documentation of items in an organization which indicates when replenishment of items in an organization which indicated when replenishment.
1.3 Objective of the Study
Stock control has long time been in vogue without fall realization in individuals. Subsequent research work has been carried out based on the effective application of the stock control principles, techniques and practices in various organizations if any scope, this research work therefore has the objective stock in an organization.
The following objectives are:
- To determine through the analysis, the degree of the application of effective stock control in an organization.
- That the space utilization is achieved.
- To determine the degree of interference by the employer.
1.4 Characteristics of Stock Control
This study will be conducted to highlight the role of stock control in an organization. It will help organizations that are still in doubt us to the contributions of prepare stock control to effective, efficient and timely managing of material in the stores.
Lastly, it will go a long way to help student in their quest for knowledge along this line as well as purchasing and other professionals in realizing how important prepared stock control is in every organization.
It is a requirement for the award of National Diploma in Purchasing and Supply; without his work, the researcher will not be awarded with the certificate.
1.5 Scope of the Study
This study is designed to give an insight into ways of solving a national problem. The problem of improper applicant of the control in an organization abound in Nigeria and for the researcher to study all of them will be impossibility within the time given. The researcher intends to find out the system of operation in an organization also by more observational standard so as to defect correlation and recommend correction measure accordingly.
1.6 Limitation of the Study
The research was constrained some factors which initiate the researcher's zeal to achieving and appreciable initially. These include the following:
- Time
- Finance
- Distance
Time:
Knowing fully well that the researcher is skill a student, with much academic workload to contend with and as this project work has not been given any specific period in the researcher class time table, the researcher have constrained to limit his area of coverage so as to fall within the little time allowed and available.
Finance:
Taking cognizance of the unhealthy economic situation of the country Nigeria and would not expect the researcher who is skill tied to the aprons strings of his parents to successfully carry out this research which involves huge financial outlay.
This lack of funds also affected the researcher's movement to and from the research area, as the distance was not traceable.
Distance:
The area of the research is fair away from the school and this creates on obstacle to the researcher's efforts.
1.7 Definition of the Terms
This study would want to give definition of the following: quality, quantity, inventory control, storage, documentation, find planning.
Quality:
It is defined as people believed that high quality is something desirable in itself.
Quantity:
It refers to the value or amount of amount of materials that can be most economically purchased at a particular time.
Inventory Control:
It can be defined as the controlling of a physical quantities of actual thing found in storage point.
Storage:
It can be defined as an organized method of holding and protecting.
Documentation:
It is important in any commercial transaction of consequence. It is important both in exporting and importing of goods and services.
Planning:
It is the process of deciding what objectives to pursue during a future time and what to do to achieve those objectives.
