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MANAGEMENT AND CONTROL OF INVENTORY IN SELECTED MANUFACTURING FIRMS IN ONDO STATE, NIGERIA

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(Business Administration and Management Project Topics & Materials)

ABSTRACT

This study assessed the management and control of inventory in selected manufacturing firms in Ikeja, Lagos state. To achieve this, the main objectives of the study were to assess the inventory management method currently in use by the firms and recommend modern and effective methods that will mitigate the inventory-related challenges confronting the firms. The population of the study comprised of 185 staffs of the three selected manufacturing firms and the calculated sample size was 116. During the research process the researcher collected data via two sources- primary and secondary. Primary data were gathered from administered questionnaires while secondary data were gathered from textbook, journals, publication and manuals. In determining sample size, the researcher used Yaro Yamane formulae. Descriptive statistic was used to analyze and provide answers to the research questions and the inferential statistical tool used to test the hypotheses was Pearson Chi-square. Two hypotheses were generated for the study, the two tested hypotheses gave an output with a p-value of 0.000 and 0.000 respectively which was lesser than the significance level of 0.05. The researcher therefore concluded that the computerized modern method of inventory management and control will mitigate the inventory challenges faced by manufacturing firms within the study area and the Just-in-time (JIT) modern method of inventory management and control will mitigate the inventory challenges faced by manufacturing firms in the study area.

The researcher recommended amongst others that manufacturing firms within the study area should adopt the computerized modern method of inventory management and control or the Just-in-time modern method of inventory management and control as both methods are compatible with the inventory structure of the surveyed manufacturing firms.


TABLE OF CONTENTS

CHAPTER ONE 

1.0       INTRODUCTION

1.1 Background to the Study                                                      1

1.2 Statement of the Problem                                                    3

1.3 Research Questions                                                              4

1.4 Aim and Objectives of the Study                                         4

1.5 Research Hypotheses                                                           5

1.6 Significance of the Study                                                     5

1.7 Scope of the Study                                                                6

1.8 Limitations of the Study                                                       6

1.9 Operational Definition of Terms                                   7                                

CHAPTER TWO

      LITERATURE REVIEW

      Conceptual Framework 8

      2.1.1   The Nature and Scope of Inventory                       8

            2.1.2   Types of Inventory                                              9

            2.1.3   Motives for Holding Inventory                         11

            2.1.4   Inventory Management                                    13

            2.1.5   Importance of Inventory Management          14

            2.1.6   Objectives of Inventory Management            15

            2.1.7   Factors Involved In Inventory Management    15

            2.1.8   Inventory Control                                                17

                       2.1.8.1   Importance of Inventory Control        18

            2.1.9   Difference between Inventory Management and Inventory Control                                                                         18

            2.1.10  Physical Counting                                              19

            2.1.11  Modern Inventory Management and Control Methods                                                                                          21

               2.1.11.1   Computerized Inventory Management      21

                                2.1.11.1.1   Advantages                              22

                                2.1.11.2   Just-In-Time (JIT)                       22

                               2.1.11.2.1   Advantages of JIT Method     24

2.2      Theoretical Framework                                                25

           2.2.1   Economic Order Quantity (EOQ) Model         25

                      2.2.1.1   Assumptions of the EOQ Model       26

  Methods of determining Economic Order Quantity         27

            2.2.2   Stochastic Inventory Model                           29

           2.2.2.1   Assumptions of the Stochastic Inventory Model                         30

2.3      Empirical Review of Literature                                  31             

CHAPTER THREE

RESEARCH METHODOLOGY

Research design                                                                                                34

Study Area                              34

Population of the Study            35

3.4 Sample size and Sampling Technique                                                                    36                                    

3.5 Method of Data Collection                                                                                     39

            3.5.1     Primary Data                                                                                            39

            3.5.2     Secondary Data                                                                                        39

3.6 Method of Data Analysis                        39

CHAPTER FOUR

4.0      PRESENTATION OF RESULTS AND DISCUSSION

4.1 Introduction 41

4.2 Distribution of Questionnaires            41

4.3 Socio-demographic Information of the Respondents            42

4.4        Hypotheses Testing                                                                                                    60



CHAPTER FIVE 

5.0 SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of findings                                                                                                  63

5.2 Conclusion                                                                                                                  64

5.3 Recommendations                                                                                                      64

REFERENCES                                                                                                                       66

APPENDICES                                                                                                                        71

Questionnaire                                                                                                                          71
















LIST OF FIGURES


Figure 2.1       Economic Order Quantity Model                                                                      29

Figure 3.1:      Directional Guide to Federal University of Technology, Akure.                          34

Figure 3.2:      Directional Guide to Nigerite Nig. PLC.                                                            35

Figure 3.3:      Directional Guide to Dunlop Nig. PLC.                                                            35




































LIST OF TABLES


Table 3.1       Number of staffs and their department in each selected firm                                36

Table 3.2       A tabular representation of the calculated sample size for the study                      38

Table 4.1       Distribution and Return of questionnaires                                                              42

Table 4.2      Gender distribution of the Respondents                                                              43

Table 4.3      Age group distribution of the Respondents                                                          44

Table 4.4       Educational qualification of the respondents                                                       45

Table 4.5      Department of respondents                                                                                 46

Table 4.6       Length of service in the organization                                                                      47


Table 4.7      Response to Question 11                                                                                    48


Table 4.9      Response to Question 12                                                                                    49


Table 4.10    Response to Question 13                                                                                    50


Table 4.11     Response to Question 14                                                                                   51

Table 4.12     Response to Question 15                                                                                   52   

Table 4.13     Response to Question 16                                                                                   53

Table 4.14     Response to Question 17                                                                                   54

Table 4.15     Response to Question 18                                                                                   55

Table 4.16     Response to Question 19                                                                                   56

Table 4.17     Response to Question 20                                                                                   57

Table 4.18     Response to Question 21                                                                                   58

Table 4.19     Response to Question 22                                                                                   59

Table 4.20      Response to Question 23                                                                                        60

Table 4.21      Hypotheses 1 Result                                                                                               62

Table 4.22     Hypotheses 2 Result                                                                                               63

MANAGEMENT AND CONTROL OF INVENTORY IN SELECTED MANUFACTURING FIRMS IN ONDO STATE, NIGERIA

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Details

Type Project
Department Business Administration and Management
Project ID BAM2401
Price ₦3,000 ($9)
No of Pages 80 Pages
Format Microsoft Word

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    Details

    Type Project
    Department Business Administration and Management
    Project ID BAM2401
    Price ₦3,000 ($9)
    No of Pages 80 Pages
    Format Microsoft Word

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