Inventory and its management are related both to materials management and physical distribution management.
Introduction Managing stock effectively is important for any business, because without enough stock, production and sales will grind to a halt.
Stock control involves careful planning to ensure that the business has sufficient stock of the right quality available at the right time. Stock control, otherwise known as inventory control, is used to show how much stock available at any one time, and how to keep track of it.
It applies to every item used to produce a product or service, from raw materials to finished goods. It covers stock at every stage of the production process, from purchase and delivery to using and re-ordering the stock. Efficient stock control helps to have the right amount of stock in the right place at the right time.
It ensures that capital is not tied up unnecessarily, and protects production if problems arise with the supply chain. Statement of Problem Generally poor inventory management practices are overstocking, under stocking bad issuing system and absence of stock taking are the main causes.
Over stocking is storing materials over the needed quantity. And it may result in damage of materials because of limited place to keep it. Under stocking on the contrary is maintaining small number of material below the demand of the company, it has negative impact on the over work of the company to achieve its production goals.
Purpose of the study I propose to review the Stock control system applied by the company and how effective it is on the production section of the company. In this review I will achieve the following goals: Data collection method Stock taking involves making an inventory, or list, of stock, and noting its location and value.
It's often an annual exercise - a kind of audit to work out the value of the stock as part of the accounting process.
Stock data collection can be done by keeping track manually, which include Stock cards are used for more complex systems.
Each type of stock has an associated card, with information such as: Also Stock data collection can also be done by keeping track using computer software.
A computerised system is a good option for businesses dealing with many different types of stock. Relevant research questions The research will assess the overall stock control activity of Megasea Paint Company and also the research will answer.
What is the strength of the existing stock control system? What is the weakness of the company stock control system? What type of stock control system the company used? What factors affect effective stock management in the company?
What are methods and techniques of stock control data collection system? What inventory costing method are used by the company?
What type of stock taking system the company uses?
Conclusion Megasea Paintbeing one of the leading paint companies in Nigeria, with this research it will be able to know if the stock management sector of the company is making progress and if not, he will be able to adopt other ways of stock control which can improve the production of the company and also save the cost of stock keeping and also space of keeping stocks.Inventory Proposal Inventory Proposal Learning Team C was tasked with preparing a project proposal that would analyze and present data on an inventory management problem that Amazon Incorporated (Amazon) could face.
on Supply Chain and Logistics Management will likely improve the marketability of our students Procurement, and Inventory Management, focused on supply chain and logistics applications. The program is expected, to advance the research mission of the School, and to fund.
A Proposal to Research the Stock control management policy in Megasea paint company. Introduction Managing stock effectively is important for any business, because without enough stock, production and sales will grind to a halt. Oct 20, · management accounting research proposal term papers available at feelthefish.com, the largest free term paper community.
A Review of Inventory Management Research in Major Logistics Journals Article (PDF Available) in The International Journal of Logistics Management 19(2) · August with 22, Reads. Research proposal: Inventory management Inventory management is primarily about specifying the size and holding of stocked raw, work in progress and finished goods.
It may be executed at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods.