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STOCK
CONTROL AND BUSINESS ORGANISATION
CHAPTER ONE
INTRODUCTION
1.0 HISTORICAL BACKGROUND OF THE STUDY
For
many years now a lot of manufacturing
company does not know the important of
stock methods and even when they know,
it is not consciously handle or put in the
care of professional. Infact, they belief that the stock control methods
is not the ultimate things the organization desire this means the contribution
on effective stock control can make to
the success of an organization still not very widely appreciated and hence it
is of great significant to reflect the
impact and effective and
efficient stock control would have on an organization as well as the profitability level of the
company.
The
fundamental point about stock control is that by the very nature of it’s
operation, every items of the store receives individual attention. The stock is
the key element of working capital which has the power to influence the future
of the company either positively or negatively and the effect is said to
prevail over the other when it is not highly controlled. Where an organization
materials are not systematically controlled, it can result to unnecessary
trying up capital in stock and losses through breakage, pilferage,
deterioration, theft, obsolesce etc. Beside, any organization which of stock
out control stock is always faced with the problem of stock out in which may
cause hold up in production service and sales, the staff become idle mean while
salaries still have to be paid. Effective and efficient stock control will go
along way in preventing loses and waste as such increase the point level of the
organization.
Infact a
slide percentages increase in efficiency a stock control will amplifies the profitability
level. Since stock is often regarded as a life wire or life given element of an
organization, the control of stock therefore is highly significant and should
start right from the time the need is
identified to purchase order expediting. Receipt and inspecting storage and
issue so that services will be rendered in the most effective manner and at the lower possible cost. The achievement
of the potential benefits that are there in an efficient stock control system
will only be possible if any one when store personal are well trained in their
profession make available necessary material handling equipment and above all
ensure an effective secure o the stock card, store house, store personnel as well as the keys to every entrance.
In
September, 1969 the federal military government decided to merge the (ECN)
Electricity Corporation of Nigeria and (NDA) Nigeria Dams Authority into a
single body to avoid duplication for resources in the two organizations.
A year
later, a Canadian firm of consultants (Shansimont Ltd) was appointed to look
into the technical detail of the merger. The report was submitted in
1974.consequently a decree merging the two organizations in the National
Electric power authority (NEPA) is to develop in efficient, coordinated and
economical system of electricity for all parts of the federation.
The national
grib connected the facilities resulting from the merger, the grib
interconnection includes generating at Kainji, Lagos (Ijora) Ughali (Delta)
Afarm and Oji River.
In addition
there were diesel generator installation
at Ibadan, Benin,Warri, Aba, Enugu, Zaria, Kaduna, Owerri, Abeokuta and Oshogbo
further, diesel generation supplied
system in population centers isolated from the grib include Gusau,
Sokoto, Bauchi, Yola, Maidugari, Potiskum and Mubi. The grib was fact two major
sub-system since the connection between the western system and Onitsa and was
yet to be effected, a 330Kva transmission was in operation in the western
system between Kainji and Lagos.
March 2005,
witnessed major milestone in the electricity
power sector reform process with the signing into
law of the (EPSR) act in March,
2005 and the mergence of Power Holding Company of Nigeria Plc in place of
National Electric Power Authority as well as the subsequent Electricity
Regulatory Commission (NERC) on
31st October, 2005. The visible
results of the ongoing transformation of the company include staff
re-orientation anchored on customer service delivery. The new focus in the unbundled units has resulted in
improved revenue collection and
customer services delivery with a
land mark collection of seven
billion Naira (N7,000,000,000) in October 2005.
In the
last three months we have consistently on a daily basis
achieved pack generation of over
3000- mw
to the national grid we are
optimistic that with this improvement in
generation availability and the federal government commitment to built it new
power station that will add 6000 Mw new capacity there quest to meet the 10,00 Mw target by 2010
was not reality. The National Electric
Power Authority central Kaduna was established in 1976 now Power Holding
Company of Nigeria (PHCN) made up of the following.
1. Administration
2. receipt and packaging
3. issue and
storage
4. Account
5. stock control
At
inception, there were about twenty (20) staff but since then, there has been an
increased manpower section namely inspection and audit section the principal
objective of establishing a central issue to fifteen (15) states at the
Northern state.
Since
national electric power authority has three central store which the country
made up of central store Oshodi, Issuing material to western states of the
country and central store port-Harcourt for eastern states of the country.
Organizational
structure
1.1 STATEMENT OF GENERAL PROBLEM
Every
organization is it big or small keeps stock to order to provide necessary basic
raw materials for daily operation and also to provide a reservoir for absorbing
the effect of variation in delivering and consumption also to maintain ready
availability of supplies within the organization which may be required at short
notice. But most organization does not consider the necessity of some basis
consideration for keeping such items.
When good
are held in stock there is great deal of administrative work involved i.e.
control of receipt issues and the general custody of all the stock items in
order to prevent theft and pilferage and sometimes equipment for loading and
off loading such materials have to be bought all these costs must be taken into
consideration. Otherwise the organization may end up tiring down it’s working
capital when could be invested elsewhere and generate more profits for the
organization concern.
In PHCN
control store Kaduna the store is responsible for providing the standard
material such as transformers, underground cable copper wires, fuses etc to the
sixteen Northern states PHCN districts.
Sometimes
one has to consider the genial problems associated with unreliable deliveries
of stock by supplier it is impossible to
rely8 total on supplies to deliver every order on schedules this is obvious for the fact that supplier may be held
up by weather transport delay etc.
Stock in the
store represent solid cash and as such, it must be carefully protected and
checked to similar ways as cash. Must be protected against fraud, theft and
also high storage costs because stock
have to be stored in certain conditions
depending on the items involved e.g. warm, dry and cool these must be taken
into account in order to prevent trust
or evaporation deterioration which can lead to reduction in value of the materials concerned. While there
is no standard system. In stock control which can be universally recommend
every stock control system must be designed to meet the particular needs of the
organization concerned.
In Nigeria
and indeed in many of the developing countries of the world, co-operative have
not been accorded a complete management function. Clerk have carried out stock
control as on element of this noble profession in a routine manager and
business are facing a continuity of
sequence of profits, it is on this note that topic for this project work,
has been chosen to critically examine stock control to PHCN Kaduna
central store.
Many people
have the believe even among the elite that store managers or controlled only
stay in the store, without any contribution to the overall company’s objective
the function of stock control include receiving, inspection and proper storage
of equipment, issue material to user department at the right time and place
notifying the procurement department of stock mentioned function are properly
co-ordinated and carried out the cost involved in operating the store will be
surpassed. Stock control or management made use of techniques. Modern methods
and equipment to increase the efficiency and reduce most of the cost associated
with material storage cost involved in running a store numerous some of them
are; operation expenses of store house,
wages, depreciation, rates, repairs, insurance stock checking, recording and interest in value of stores in stock etc the need to
reduce these cost bearest minimum to achieve store objective by contributing to company profit
makes it worthwhile for the reach work to be embarked upon.
1.2 RESEARCH QUESTION
Those
question opposed by the researcher are made to help the organization in other
to find solution to the problems.
- Are stock control importance to the
profitability of organization?
- To what extent can stock control reduce
cost in an organization?
- Who control the stock?
OBJECTIVES
OF THE STUDY
1. A good and effective store keeping
to minimize wastages deterioration, obsolescence and guard against
pilferage.
2. proper authorization and recording
of stock issue for cost centre
absorption
3. Constant checking by its store
keeper of all documents and ensure correct completion and authorization before
issuing, receiving or up dating stores.
4. Carryout periodic and annual taking
to check all physical quantities of materials for control proposes.
5. Carryout continuous/perpetual
inventory system more regularly on daily, weekly or monthly to correct the
discrepancies of periodic stock taking.
6. Material in store should be
correctly positioned with the appropriates store card properly maintained.
1.5 RATIONALE FOR THE STUDY
The
rationale behind the research work includes first fulfilling one of the
requirement for the work of National Diploma in Department of cooperative,
economic and management, the study will make the researcher to have an insight
into the practice aspect of stock control or management in a public utility
agency such as PHCN central Kaduna research is usually made to identify
problems and come up with solution to problem on the area of study or prove
upon what has been in essence. This project therefore, is to carryout
assessment on stock control system with it’s application and the necessary
solution to such problems.
The
researcher also can provide valuable suggestion and advice on problems facing
the store department. This will help the organization to obtain the benefit of
adoption of recommend stock control method and technique to improve service and
profit level of the organization.
1.4 DEFINITION OF TERMS
1. Stock: materials or good kept in the
store
2. Control:
Checking to see that accurate quantity and quality is maintained.
3. Stock control: this is means by which
materials of the right quality and quantity is made available as at when
required with due regards to economy in stooge and ordering cost purchases
price and working capital.
4. Stock taking: This is a complete process
of verifying the quantity balance of the entire range of items held in stock.
5. Stock checking: is any others checking on physical quantity balance
of the entire range of items held in stock.
6. Storage: It is a means of holding and
protecting commodities for future use and the system by which such commodity
are held and controlled for efficient retrieval.
7. Store: Is the place where all goods
produced or brought by the organization
are kept and issued out needed in some organization the store house is
collected where.
8. Stock levels: are the level employed that stock are not
allowed to raise or fall between the level e.g. maximum and researcher levels.
9. Maximum Stock Level: is the amount
expressed in unit of issues above which other stock should not be allow to raises.
10. Redundant: when the quantity of an item in
stocks more than necessary to provide an adequate service to production or
operational activities the excess over the normal holding is said to be
redundant.
11. Obsolescent: An items is said to be
obsolescent when it is going out and use but not just completely un-usable.
12. Obsolete: an item is regarded as being
obsolete when it is no longer usable by the organization concern because of
a charge in operation practice or method
of production.
13. Discrepancy: Is the different between stock records and
physical quantity offer stock taking.
14. Storage: It is a means of holding and
protecting commodities for future use, and system by which such commodities are
handled and controlled for efficient retrieval.
15. Material: Are components, spare parts, raw
materials, that are kept in store house.
16. Minimum stock level: Is the amount
expressed in units of issue below when of any given commodity should not be
allow to fail.
17. Buffer stock: A situation where stock is
held to meet unexpected demand.
18. Stock out: A situation where the store
house is temporarily of stock.
19. Salvaging: this is a process of saving
materials for advantageous use or disposal of a company’s property which is no
longer economically useful to it’s owner in it present condition.
20. Lend time: is a period of time between
ordering and replenishment when the goods are available for use.
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