TABLE OF CONTENTS
CHAPTER ONE
1.0 Introduction
CHAPTER TWO
REVIEW OF LITERATURE
CHAPTER THREE
3.0 Research methodology
CHAPTER FOUR
4.0 DATA PRESENTATION AND RESULTS
CHAPTER FIVE
DISCUSSION, IMPLICATION AND RECOMMENDATION
References
Appendices
LIST OF TABLES
Table 1 4.1 Benefits derived maintaining stock at their optimal
level
Table 2 4.2 Optimum stock level has been a problem in
determination of stock management
Table 3 4.3 Factors that influences the level of inventory of raw
materials
Table 4 4.4 The level of influence in inventory of raw materials
has impaired the practice of inventory management
Table 5 4.5 The means used controlling of stock in the company.
Table 6 4.6 Controlling of stock has impaired in so many
manufacturing industries
Table 7 4.7 The departments that act as a source of data for
planning and controlling of stocks
Table 8 4.8 Lack of planning and controlling by various
department has paid to poor inventory management
Table 9 4.9 the method used by the company to calculate its
Inventory record
Table 10 4.10 Inventory calculations has seriously impaired many
Hospitality industries
As the topic states “The impact of effective inventory management in a hospitality industry” one will then assay that impromptu, manufacturing / hospitality industries, face a lot of inventory management problems. This is the around head of what the researcher tried to bring to force, to examine and analyze the possible causes to this problem.
The writer also defined the concept “Inventory management” and traced its origin and usage of methods applicable to its effective management. A step was also taken to suggest solutions by making constructive recommendations aimed at addressing the raised.
Some of the problems associated with inventory management are unavailability of raw materials; determination of optimum level of stock, as well as discrepancy between policy and practice in stock management.
In-depth research was conducted and the study retracted the need for management of inventory and its attendant benefits in chapter five.
CHAPTER ONE
INTRODUCTION
The organization goal of most business enterprise includes survival and growth, fulfillments of social responsibility and realization or maximization of profits. This level returns enable the company to take advantage of business opportunities, undertake research programmes and innovations which will further increase investment portfolio in the long-run; prompt discharge of her social responsibilities and its economic obligation to the members of the company. In order to maintain this formidable position, it becomes imperative that positive attempts must be made to minimize operational capacity of the business, increase production capacity and efficient marketing of their products to the consumers. However, one of the problem ways of achieving the most desired efficiency in business management is through reducing operational cost to a bearable level.
One major component of this cost reduction concept in many manufacturing organization that deserves the attention of management is through reducing operational cost to a bearable level.
One major component of this cost – reduction concept in many manufacturing organization that deserve the attention of management is the investment in “INVENTORIES” otherwise known as stock in most business enterprise, inventory or stock budgeting is the largest single item in the current asset of an industry. Improper management of stock level often contributes to most business failures. Inventories are mostly inputs used in the manufacture of a product and the components of stock are raw materials, work in progress (WIP) and finished goods. Raw materials are those stored for further production. Work-in-progress (WIP) is send – manufactured products. They present products that need further processing before they become and work – in – progress facilitates production while stock of finished goods are required for smooth marketing operations. Considering the large sum of money work – in- progress and finished goods, it there the becomes imperative that these “stocks should be managed efficiently in order to avoid blutant waste of resources that would have been channeled to other capital budgeting and investment. Any non challant attitude towards the management of a company’s inventory will be tantamount to putting the progress of the firm in jeopardy.
The only way by which this risk can be effectively managed in a company is for the enterprise to install an efficient management information system (MIS) and sound inventory valuation system based on cost principle, No matter which method is adopted for prudent inventory management, my major concern is at a point where cost will be marched to maximum revenue and the ideal choice is the method at which marginal costs adds to the gross or periodic income. Given the level of inventories needed for the most successful merchandizing operation, the objectives of operational management is to advice on the lowest possible total cost of maintaining these inventories. This means employment of skilled labour and plant efficiency in the overall handling of inventories into and out of storage; planning and controlling of stocks by various departments.
There is an optimum level of investment for any capital whether it be cash, physical plant or inventories for example, the liquidity had by someone mighty be too large or small. The reasons for having excess liquidity or cash balance will be a function of financial sacrifice made by the members of the company. On the other hand, the reason for the meager resources of the company might be due to the poor credit rating of the firm. Therefore, a break – even point should be adopted for the efficient management of the firm’s assets. An optimum level of investment budgeting that will not create room for unnecessary wastes and as well guarantee satisfactory profits as long run investment profit. Consequently, inadequate inventory management usually disrupts production and remotely facilitates loss of revenue.
Moreover, excess stock level is contagious because it introduces risk of carriage and obsolesces.
However, the prime facise of this study is to establish the fact that poor inventory management is existent, device always of computation and valuation of stock; significance and recommend maintenance of this level which will eventually maximization of profits. Thus, the primary focus of this studious engagement is to discover and profound techniques that will effectively see to the adequate planning and controlling of inventories as it is practiced in NBL Enugu; the emphasis being placed on cost management. In taking this problem, a well organized method will be sold.
The problem of this study includes:
1.3 THE PURPOSE OF THE STUDY
The cardinal objective of this research study are
1.4 THE SCOPE OF DELIMITATION OF THE STUDY
The study is to analyze the need for efficient stock management in hospitality industries in general but with particular reference to the Nigerian Bottling Company NBC Plc Enugu (NBL) PLC.
To guide this study five research questions were formulated as follows:
After careful study and consideration of the subject – matter of the project, four hypotheses were formed.
HO1: There will be no significant difference (P < .05) at the HO1,
Probability level of 0.5) between the mean perception of accounts and stores department on the benefits derived from maintaining stock at there optimum level in inventory management.
HO2: There will be no significant difference (P < 0.05) at the probability
Level of 0.05) between the mean perception of accounts and stores department on the level of influence in inventory of raw materials to inventory management.
HO3: There will be no significant difference (P < 0.05) (at the probability
level of 0.05) between the mean perception accounts and stores department on how to control of stock contributes to the sto
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