1.1INTRODUCTION
BACKGROUND OF THE STUDY
It is difficult to exaggerate the contribution of production to the society wellbeing. Why this is so, is suggested by Alexander Solzcheritzyn in his novel captioned August, 1914. One of the Chief character in that work Suyatosalar lakinfovich Obodovsy a former anarchist, who maintained the following position. As for industry, anyone who has created something with his own hands know that production is neither capitalist nor socialist but one thing only. It is what creates national wealth, the common material basis without which no country can exist. When enough has been built and made. Then even if distribution is less than perfect, no one will be left without this share. With reference you goods, production could be defined as the fabrication of a physical objects, solid or liquid, through the use of labour, material and equipment, adequate and proper utilization of labour materials and equipment will have to be made in order to enhance greater efficiency, since production is very important to any economy whatsoever.
The viability of an organisation can be enhanced through effective and efficient management of material resources. Inventory management control system exists to ensure that proper and adequate utilization of materials are made and that the optimum level of material investment are determined and maintained. This is a notable measure managing material resources. Management of resources covers action taken from the procurement of the resources to their disposal firms the certain measures towards preventing their stock from being in shortage. Pilferage and waste of some of the resources are very effective while others are not.
Bindey, I.M. in his book: "Management defined management as an art and science of achieving the set objective of a business in the most efficient way. Management can be defined as the process of reading organisational goals by working and through people and other organisational resources.
TABLE OF CONTENT
Title PageII
Approval PageIII
DedicationIV
AcknowledgementV
Table of ContentsVI
CHAPTER ONE
1.1Introduction/Background of the Study1
1.2Statement of problems3
1.3Objective of the study5
1.4Significant of the study5
1.5Scope, Limitation and delimitation of the study7
1.6Definition of basic terms and concepts9
CHAPTER TWO
2.0Literature Review13
2.1Nature of Inventory15
2.2Inventory Control and Management15
2.3Objectives of Inventory Control18
2.4Importance of Inventory Management19
2.5Objectives of Inventory Management20
2.6Critical Evaluation of Inventory Problems22
CHAPTER THREE
3.1Summary of Findings26
3.2Recommendation33
3.3Conclusion37
3.4Bibliography39