Home » Mathematics & Statistics » INVENTORY CONTROL SYSTEM ON THREE PRODUCTS OF THREE SUPERMARKETS IN OWERRI
INVENTORY CONTROL SYSTEM ON THREE PRODUCTS OF THREE SUPERMARKETS IN OWERRI
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 56 pages | 1-5 chapters | Amount: ₦5,000 | Marked useful: 5,724 times
INSTANT PROJECT MATERIAL DOWNLOADINVENTORY CONTROL SYSTEM ON THREE PRODUCTS OF THREE SUPERMARKETS IN OWERRI, IMO STATE.
ABSTRACT
This research work entails the process involved in inventory control of three supermarkets on three products they sell. The supermarkets include Noble supermarket, Pick ‘n’ smile supermarket and Maris supermarket as a case study. We take their inventory on Candid Red Wine, So Klin Detergent (900g sachet) and Peak Milk Powder. In this research work, data for the observation were collected and analyzed using statistical inventory control models. The inventory models used here were Single item static model (with shortages not allowed) and single item static model (with shortages Allowed). These models are used to dictate shortcomings of the management and control of inventory in the supermarkets on these three goods.
TABLE OF CONTENTS
Title Page
Approval Page i
Dedication ii
Certification iii
Acknowledgement iv
Abstract v
Table of Content vi-vii
CHAPTER ONE
1.1 Introduction 1-5
1.2 State of Problem 5-6
1.3 Aims and Objective 6
1.4 Significance of Study 6-7
1.5 Scope of Study 7
1.6 Definition of Terms 8-10
CHAPTER TWO
Literature Review 11-16
CHAPTER THREE
3.0 Methodology 17
3.1 Data Collection and Methodology 17
3.2 Limitations 17
3.3 Method of Analysis 18
vi
3.4 Data Presentation 18-21
CHAPTER FOUR
4.1 Data Analysis 22-28
4.2 Interpretation of Result 28-29
CHAPTER FIVE
5.1 Summary of Result 30-31
5.2 Recommendation 31-32
5.3 References. 33-34
Appendix 35-50.
vii
CHAPTER ONE
1.1 INTRODUCTION
Inventory control involves provision for a flow of goods in and out of a business organization. Inventory control improves the marketing system by checking discrepancies and enabling effective planning. It is also applied to all production activities. Therefore, inventory control is quite useful in a marketing organization. It is very important to marketing process. Considerable attention has been given in recent years to viewing manufacturing facilities as production/inventory system. The framework reorganizes the importance of inventory.
However, it sometimes happens that the organization will find itself with more items in inventory than that maximum that is to say with an excessive inventory. The management of inventory systems typically involves keeping track of thousands of stock keeping units. Since competitive and economic advantages exist from efficient control of inventories, inventory control models have been developed to assist inventory management.
Inventory control system is based on recorded or theoretical (not actual) stock levels to determine a set of parameters that optimize inventory control. These parameters affect both operational and financial decisions. A recorded stock level, is considered accurate when the recorded level agrees with the actual stock level, otherwise there is an error. Inaccurate inventory records may result in out-of-stock condition that lower the service level and lead to loss of goodwill production time or sales.
The main objective of inventory control is to maintain a system which will minimize total cost and determine the optimum quantity of commodity to order for and when best to make the order. The two major systems are the “Re-order level system” and the periodic review system.
Re-order level system: This is the most commonly used to set quantity of stock for each item. This system which is more responsive to fluctuations in demand compared with periodic review system sets the value of three important level of stock as either check or trigger for management. The three important level of stock are as follows:
i. Re-order level = Maximum usage (per period) x maximum lead time.
ii. Minimum Level (Lmin) = Re-order level - normal usage average lead time.
iii. Maximum level (Lmax) = Re-order level + Economic order quantity (EOQ) – (Minimum usage x minimum lead time) where EOQ is associated with cost of ordering inventory.
Periodic Review system: This system sets a review period for each stock item at the end of which the stock level of the item is brought up to a predetermine value. The cost would be saved and profit is increased, when many items are ordered at the same time or in the same sequence. There is little or no chance of stock becoming obsolete since it is reviewed periodically.
INVENTORY GRAPH
Inventory control can be represented graphically relatively to the information obtained during inventory control system.
B
A
O
q1
Q1
Fig. 1.1
C
t2
T
Inventory graph here, represents the control of the stock from the stores at a steady rate of q1 per T. Here, the graph can be called a periodic review graph.
Then Average inventory level from the graph
T + T + T
= Area A + Area B + Area C
This material content is developed to serve as a GUIDE for students to conduct academic research
DOWNLOAD THIS PROJECT MATERIAL NOW!
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
PROCESS SCHEDULING IN LONGEST JOB FIRST(LJF) ALGORITHM: A PROPOSED FRAMEWORK FOR STARVATION PROBLEM
ABSTRACT Process as an individualistic program in execution forms the bases of everything in the computer system functionality, Central Processing Uni...More »
Item Type: Project Material | 50 pages | 7,458 engagements |
- 2.
MATRIX AND IT’S APPLICATION IN SCIENCE
MATRIX AND ITS APPLICATIONS The introduction and development of the notion of a matrix and the subject of linear algebra followed the development of d...More »
Item Type: Project Material | 50 pages | 12,431 engagements |
- 3.
AN EVALUATION STUDY ON THE IMPACT OF COLOUR REPRESENTATION IN MAGAZINE ADVERTISING
ABSTRACT Every passing generation has its remarkable achievements, which it leaves from the succeeding generation. The succeeding generation them u...More »
Item Type: Project Material | 65 pages | 8,409 engagements |
- 4.
MEASURING THE ICT MATURITY LEVEL OF THE NIGERIAN PRIMARY HEALTH SECTOR
ABSTRACT Information and Communication Technology (ICT) is a term which refers to the collecting, storing, editing and passing...More »
Item Type: Project Material | 65 pages | 8,612 engagements |
- 5.
STATISTICAL ANALYSIS OF INFANT AND CHILD MORTALITY RATE
ABSTRACT The research work “analysis on infant and child mortality in federal medical centre (f.m.c) Keffi” was carried out to: test for the di...More »
Item Type: Project Material | 65 pages | 21,484 engagements |
- 6.
THE STUDY ON NUMBER OF CHILDREN BEING IMMUNIZED AGAINST MEASLES
Abstract This study was conducted to know the years that have the highest and least number of children immunization against measles in Kogi State...More »
Item Type: Project Material | 65 pages | 9,599 engagements |