This project was undertaken to establish analytically the need and importance of sound scientific approach to stock control and cost control, in the face of our deteriorating economy and ever increasing cost of material. A case study of Beta Glass Plc. Ughelli was conducted.
The review of literature was comprehensive in chapter two. The significance of efficient materials budgeting and planning, Value Analysis (VA) and Value Engineering (VE) in cost-control was delineated. A typical is purchasing procedures and principles, although particularly suitable for a manufacturing organisation was also highlighted in the literature review.
The storage of supplies and stores control which is an integral aspect of stock cost control was considered in section 2.5 of the literature review. A detailed discussion of stock control methods dealing with quantitative models for materials planning and control was carried out under section 2.5.02 and section 2.5.03 various stock valuation methods were extensively discussion under accounting for stock in section 2.6.
The procedures and method of the study adopted in this research work, was highlighted under the research methodology in chapter three. Primary data were generated through the use of questionnaires and personal oral interview. Secondary data were obtain from journals, monographs of the international federation of purchasing and materials management (IFPMM), the institute of purchasing and supplies (IPS), the institute of Chartered Accountant of Nigeria (ICAN) and textbooks relevant to the need of the
The analysis of the data collected was carried out in four. The various sectors involved in stock control and cost control was empirically evaluated with particular regard to their functions, effectiveness and short comings.
In the light of the general findings and lapses, some recommendation were suggested to enhance the efficiency and effectiveness of stock control and cost control.
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