EFFECT OF INVENTORY MANAGEMENT AS A KEY TO ORGANISATIONAL EFFECTIVENESS
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EFFECT OF INVENTORY MANAGEMENT AS A KEY TO ORGANISATIONAL EFFECTIVENESS
PROJECT TOPICS AND MATERIALS ON EFFECT OF INVENTORY MANAGEMENT AS A KEY TO ORGANISATIONAL EFFECTIVENESS
ABSTRACT
The study of the effect of inventory management as a key
to organizational effectiveness in selected Grand Oak Ltd as a case
study to assess the impact of proper inventory management on
organizational performances.
Research method especially case study were employed in
carrying out the study. The population of the study is 100. Data were
generated using questionnaire, interview, observation book, journal and
the internet. Data are generated using percentage. The finding indicates
that there is significant relationship between good inventory
management and organizational effectiveness. The study concluded that
inventory management is very vital to the success and growth of
organization the entire profitability of an organization is tied to the
volume of product sold which has a direct relationship with the quality
of the product.
CHAPTER ONE
1.0 INTRODUCTION
Inventories are vital to the successful functioning of
manufacturing and service organization. They may consist of raw
materials, work-in-progress, spare parts/consumables, and finished
goods. It is not necessary that an organization has all these inventory
classes. But, whatever way be the inventory items, they need efficient
management as generally, a substantial share of its fund is invented in
them. Different departments within the same organization adopt different
attitudes towards inventory. This is mainly because the particular
functions performed by a department influence the department’s
motivation. For example, the sales department might desire large stock
in reserve to meet virtually every demand that comes. The production
department similarly would ask for stock of materials so that the
production system runs uninterrupted. One the other hand, the finance
department would always agree for a minimum investment in stock so that
the funds could be used elsewhere for other better purposes.
According to Temeng et al (2010:195), historically,
however organizations have ignored the potential savings from proper
inventory management, treating inventory as a necessary evil and not as
an asset requiring management. As a result, many inventory systems are
based on arbitrary rules. Unfortunately, it is not unusual for some
organizations to have more funds invested in inventory than necessary
and still not be able to meet customers’ demands because of poor
distribution of investment among inventory items. Based on the above
analogy, therefore, this paper evaluates the inventory management and
organizational effectiveness in manufacturing Organizations
1.1 STATEMENT OF PROBLEM
Problems of inventory management and control have been around for a very
long time. The need to collect goods when it readily available and then
store it for times of shortage is perhaps the fundamental stock holding
problem, which was tackled long ago by man.
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Inventories are vital to the successful functioning of manufacturing and service organization. They may consist of raw materials, work-in-progress, spare parts/consumables, and finished goods. It is not necessary that an organization has all these inventory classes. But, whatever way be the inventory items, they need efficient management as generally, a substantial share of its fund is invented in them. Different departments within the same organization adopt different attitudes towards inventory. This is mainly because the particular functions performed by a department influence the department’s motivation. For example, the sales department might desire large stock in reserve to meet virtually every demand that comes. The production department similarly would ask for stock of materials so that the production system runs uninterrupted. One the other hand, the finance department would always agree for a minimum investment in stock so that the funds could be used elsewhere for other better purposes... purchasing and supply project topics
EFFECT OF INVENTORY MANAGEMENT AS A KEY TO ORGANISATIONAL EFFECTIVENESS