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• Train your staff in stock control and make sure they know in what order to use foods. It is essential that proper control should be exercised on the level of the inventory to be maintained. The C group typically consists of a large number of item accounting for small rupee investment. Maintaining a balance involves planning and forecasting, which may include preparing for unforeseen events such as failure of suppliers to meet the company’s deadlines. 2.       Control:  Checking to see that accurate quantity and quality is maintained. When a company continuously fails to meet customer demand due to stock outs, customers may choose a competitor with a better delivery record.

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.

} Inventories are also viewed as a source of near all cash. The imperativeness of stock control is apparent for any business owner or administration manager.

border-radius: 50%; 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.       Â.

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. (iii) Generally hundreds of items fall in category ‘C’ as a result a lot of time is spent on managing inventory.

This situation could have some of the following consequences: The question therefore arises: how much stock should a firm hold? Her ghostwriting work has covered a variety of topics but mainly focuses on health and home improvement articles. In this article we will discuss about:- 1.

This helps to avoid .

Also, the excess materials must be stored somewhere, which may require additional warehousing costs. These discounts in turn reduce the cost of goods and increase the profits. These records also help in deciding about timely replenishment of stocks. .fd-min757 :nth-child(3) { IMPORTANCE OF STOCK CONTROL TO BUSINESS ORGANIZATIONS. } As a result of this the average level of inventory will remain at Q/2 units, the simple average of the two end points Q and Zero. ��&�"��}�4��0�F�7e"���%�y�k�%pD�� �y�6��O��i�0n9j��Y! Inventory Management and control are highly beneficial in today’s business world as it makes a vital part in any business success/failure having intense competition within its industry. Monitoring orders on a constant basis also allows owners and managers to order items at certain periods of the year to prepare for holiday or seasonal demand.

The entire production operation can be halted if any of these are missing.

These costs will vary with the number of orders placed. } One solution to avoid stock outs is maintaining a high level of inventory, but this can cause problems for a company as well. Carryout continuous/perpetual inventory system more regularly on daily, weekly or monthly to correct the discrepancies of periodic stock taking. Having money tied up in stock is not just the cost of tying up liquidity, but also the opportunity cost of money that could be deployed elsewhere, such as investing in more capacity. border: 0; This percentage can be higher for perishable items or items requiring specialised facilities or a higher level of protection.

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.

• Follow the ‘first in, first out’ system of stock rotation, so that older stock is used first.

position: absolute; 5.       Stock checking: is any   others checking on physical quantity balance of the entire range of items held in stock.

It is interpreted as accounting control and operating control. on-hand stock level, demand information with regards to the forecasted quantity, lead time and lead time variation, inventory holding costs, ordering cost and shortage cost.

However, the lift kits that are on the market for RV don't lift the bed as high as, .fd-min757 { } background: #F63D3A; An inventory management system also analyzes a business’s inventory needs … Share Your Word File

Your first focus should be checking on whether the delivered stock is exactly what you ordered from your supplier. 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. (v) Achieving Efficient Production Scheduling: The manufacturing process can occur in suffi­ciently long production runs and with preplanned schedules to achieve efficiencies and economies. If your staff know that you manage an accurate inventory system, then theft will be massively discouraged.

Our mission is to provide an online platform to help students to discuss anything and everything about Economics. It is an effective method of controlling activities of the business unit since it provides standards against which actual performance is measured. opacity: 0; The importance of stocktaking is clear. By reducing the cost of raw materials and procuring high prices for its goods the firm maximises profit.
Organizational structure. By maintaining reasonable level of inventory production scheduling becomes easier for the management. 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. Stock control allows the company to determine the amount needed to meet customer demand with as little delay in delivery as possible. H�&:��#�D��D/�X�:�/�Dd�+��BD�`mû�&

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. If you manage accurate stock levels, then you can identify theft quickly. } By ensuring timely availability of adequate supply of goods, inventory control helps the firm as well as consumers. 0%, This system integrates and ties together all activities of the enterprise right from the planning to controlling.

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Sales and marketing provide information such as sales forecasts to predict the amount of materials the company needs to meet demand.

While it is possible to measure the components of holding cost, it is common to estimate them as at least one-third the value of the stored goods per year. It helps to minimise administrative workload, manpower requirement and even labour cost. z-index: 9999;

.fd-min757 :last-child { 4.       Stock taking: This is a complete process of verifying the quantity balance of the entire range of items held in stock.

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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. Stock Control The Importance of Managing Stocks AS & A2 Business Studies PowerPoint Presentations 2005 tutor2u™ Constant checking by its store keeper of all documents and ensure correct completion and authorization before issuing, receiving or up dating stores. Inventory Management and control implies the controlling of business stock or controlling the movement of products and services following their demand.

The scientific inventory control results in the reduction of stocks on the one hand and substantial decline in critical shortages on the other. background: #193B48 1.4     DEFINITION OF TERMS

While there can be significant costs involved in holding high stock levels, there are also significant risks and associated costs, of holding low levels of stock, which may result in a stock-out situation. It aides enhance production, productivity over your business, and quality control for your items. }

The following are the most impor­tant systems used for inventory control: A firm using ABC system segregates its inventory in to three groups-A, B and C. The ‘A’ items are those in which it has the largest rupee investment. @keyframes spin { Holding stock is one thing, doing it efficiently is another. The impor­tant decision in inventory management is to balance the cost of holding inventories with the cost of placing inventory replenishment orders. With the help of adequate records the firm can protect itself against thefts, wastes and leakages of inventories.

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