1.1 Introduction
Cooperative Society Thrift Management Systems enable new kinds of applications and services. Corresponding visions stretch across virtually any domain of embedded systems and it is obvious that there lies a huge potential for economic, ecologic and societal improvements and success. However, to unlock this potential we first need to overcome diverse engineering challenges. Most importantly, we need to be able to ensure safety of such systems. Unfortunately, established safety assurance methods and standards do not live up to this task as they have been designed with closed deterministic systems in mind. This paper structures safety assurance challenges of cooperative automated systems and provides an overview and discussion on corresponding solution approaches.
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
A cooperative system is any machine, which can accept data and information presented to it in a prescribed from, carryout some operations on the input an supply the required results in a specified format as information. Cooperative society is the coming together of group of people for the purpose of improving their financial position or standings by pulling their resources together which would have been difficult or almost to achieve individual.
Thrift and Credit Cooperative Societies (TCCS) are member-based organizations that help members to address economic problems. The ultimate goal is to encourage thrift among the member and to meet credit needs of people who might otherwise fall prey to loan sharks and other predatory lenders (Adekunle et al., 2007).
Cooperative Societies are widely spread organization in developing countries, they are known for strong commitment as well as participation in the decision making of their members (Haan et al, 2003). These societies mobilize local savings and administer credit to members, thereby encouraging thrift and entrepreneurial activity (Adekunle et al., 2007).
Thrift and Credit Cooperative Societies (TCCS) assure any group of individuals an effective means to combine resources, however small they further started. It can exist among traders, farmers, craftsmen, artisan, academicians, and so on, who pull their resources together to meet their common needs by means of regular savings passbooks in which his savings are recorded for keeps. It permits a larger savings mobilization than within the capacity of most individuals. Financial intermediation through TCCS may be a catalyst of most entrepreneurial growth. The society retains capital and the surplus from outside transactions in the society with which it operates and is used for further entrepreneurial development. According to Adekunle et al (2007), cooperatives are a form of participatory, democratic economic and work organization in which members are simultaneously the owners, managers and workers. Credit is important element in any progressive and dynamic economy. As economic activities increases, economic becomes more diversified, credits become unavoidable.
The unsurpassed solution is formation of TCCS among close associates. TCCS also in (Adekunle et al, 2007), has characteristics which include discretionary power of members, open communication, management suggestions rather than instructs, risk and uncertainty are shared and there is motivational potential.
The advent of computers has brought about invaluable achievement to means of life. Computers were able to achieve a lot in a very short period of time. The situation of computer being scarcely available in some years ago has now improved drastically as the cost of acquiring computer system has drastically reduced and has allowed thousands of personal computers. Computer technologies have contributed to business all over the world. Companies, banks, institutions and others now rely on computers to assist in virtually every aspect of commence. They are essential for efficiency and prompt responsiveness, so there is need for automation. Web Based Cooperative Society operations will make the expected benefits to be realized.
The development of a web-based and thrift management system has become necessary to keeping records and adequate management of the credit system as this will allow for efficiency, credibility, reliability, availability and accessibility of necessary funds to members. A web-based management system will allow for easy fund management and boost accessibility irrespective of where the members are as the world is globally connected via the web services of the internet.
1.3 Statement of Problems
Investigation reveals the problems of the Web Based Cooperative Society Thrift Management System existing system which are stated as follows:
- Inadequate provision of security on records of the union.
- Insufficient attempt of misplacement of data.
- Poor data validation process of the existing system
- Inaccurate computation of withdraw of money.
However, even blocking the whole communication is a huge problem, since for wireless communication systems, jamming the communication channels does not require (direct) physical access and might reduce performance or prevent cooperation.
1.4 Aim and Objectives of Study
The main aim of the study is Design and Implementation of a Web Based Cooperative Society Thrift Management System which focus the various ways by which the use of computer can be of great benefit to the cooperative societies. In achieving this aim, the following specific objectives were laid out as follows to design and develop an application software that will:
- Provide adequate security on records of the union.
- Reduce any attempt of misplacement of data.
- Ease the problems of loan acquisition.
- Make data validation easier and faster
- Computerize the system that will ensure prompt and accurate withdraw of money.
1.5 Significance of Study
The following are the relevance of the research work which is stated as follows:
- Prompt and effective cooperative societies information management
- Reduction of stress involved in cross checking financial.
- Maintenance of a high level accuracy in the financial dealings of cooperative societies.
- Fast and reliable processing of in formations.
- Effective and prompt accessibility to members information without delay.
1.7 Scope of Study
The study focuses on the Design and Implementation of a Web Based Cooperative Society Thrift Management System using Ayedire Local Government Staff Cooperative Investment and Credit Union Society as a case study. It is presently located in the premises of the Ayedire Local Government. The scope of the study will cover the process of computerizing all the transaction made by the above named union.
1.8 Limitations of the Study
The limitations of the proposed system are:
- The proposed system will not cater for the payment of salaries of the staffs
- involved in the operation because we were not give any information pertaining to that.
- The proposed system will not determine that maximum period of loan repayment due to time constraint.
- The proposed system will not accept a divorce into the union because the personnel were not specific if there is divorce or not, it will only process for only married and single.
1.8 Definition of Terms
Credit: Way of delayed payment of goods and service which allows for regular payment over a period of time.
Loan: A sun of money issued to a person on credit with an accompanying duration of time for repayments to be done.
Dividend: A share profits paid to member who own share in an organization.
Thrift: It refers to a prudent economy that is, the habit o saving money and spending it carefully.
