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Inventory Control and Profit Maximization in a Manufacturing Company

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– Inventory Control and Profit Maximization in a Manufacturing Company –

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Abstract

It has been generally accepted that for any organization to produce and satisfy its stakeholders, such organization must have good management team that manages the resources of the organization using some laid down rules. In manufacturing concerns, inventories constitute a greater proportion of assets.

The management of inventories usually involves a lot of problems which range from the right time to place order to maximization of profits for the stakeholders.

The objective of the study was to determine whether profit is maximized and cost minimized due to the application of the efficient inventory management.

To determine also whether manufacturing concerns in our country manage inventories effectively by using inventory management techniques e.g. Economic Lot Size, Just-in-Time etc.

Data were collected using questionnaire method, and were analyzed using chi-square (X2 ) Pearson product moment, correlation co-efficient (r) and regression analysis. The result shows that orders were placed at the right time and right quantity overcoming the setbacks of lead time.

The companies also minimize costs of holding inventories and maximize their profits. The findings also showed that manufacturing concerns in Nigeria meet the target requirement of their customers, stakeholders, and the society where they operate.

The research recommends that all staff of the manufacturing concerns should be made to have thorough knowledge of inventory management as this will enable them to work towards their stock protection and cost minimization.

The manufacturing concerns should also get the recent developed software on inventory management and use it to update their knowledge of inventory management on regular bases.

Introduction

1.1 Background of the Study

Every organization has its own purpose of operation and pre-determined goals and objectives to be accomplished in relation to the organization’s mission and vision statement. The level at which goals or objectives can be actualized depends on the efficiency and effectiveness of operation and internal control Mgbonyebi and Umead (2008).

But for the goals of any organization to be achieved, such entity must observe some stipulated or laid down principles for its performance. When these rules are followed simultaneously, then the usefulness of such principle or concept will be achieved.

In general term, management has been recognized as the process of planning , organizing, direct and controlling business operation to ensure that states predetermined goals and objectives are accomplished Carter (2012).

Agagu (2009) defines management as a process which enables organizations to set and achieve their objectives by planning, organizing, and control their resources including giving the commitment of their employees (motivation).

According to Ama (2001) inventory is described as stock of goods a firm is producing for sales and the components that make up the goods.

Hilton (2004) defines inventory as an itemized list of goods (raw materials, finished goods and work in progress) which forms certain proportion of organizations’ investment. In recent years, Inventory Management has attracted a great deal of attention from people both in academia and industries.

A lot of resources have been devoted into research in the inventory management practices of organizations. It represents one of the most important assets that most businesses possess, because the turnover of inventory represents one of the primary sources of revenue generation and subsequent earnings for the company.

In the manufacturing companies, nearly 60% to 70% of the total funds employed are tied up in current 2 assets, of which inventory is the most significant component Carter (2002). Thus, it should be managed in order to avail the inventories at right time in right quantity.

Inventory can be also viewed as an idle resource which has an economic value. So, better management of the inventories would release capital productively.

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