Effectiveness Of Inventory Management in a Manufacturing Company

ABSTRACT

This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Inventory is one of the resources that are managed by business organizations and it was first recorded in 1601. The need for inventory control cannot be over emphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company. Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances.

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APA

Resources, A. (2023). Effectiveness Of Inventory Management in a Manufacturing Company. Afribary. Retrieved from https://afribary.com/works/effectiveness-of-inventory-management-in-a-manufacturing-company-3351

MLA 8th

Resources, Africana "Effectiveness Of Inventory Management in a Manufacturing Company" Afribary. Afribary, 05 Jun. 2023, https://afribary.com/works/effectiveness-of-inventory-management-in-a-manufacturing-company-3351. Accessed 02 Nov. 2024.

MLA7

Resources, Africana . "Effectiveness Of Inventory Management in a Manufacturing Company". Afribary, Afribary, 05 Jun. 2023. Web. 02 Nov. 2024. < https://afribary.com/works/effectiveness-of-inventory-management-in-a-manufacturing-company-3351 >.

Chicago

Resources, Africana . "Effectiveness Of Inventory Management in a Manufacturing Company" Afribary (2023). Accessed November 02, 2024. https://afribary.com/works/effectiveness-of-inventory-management-in-a-manufacturing-company-3351

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