The Impact of Inventory Control System on Organizational Growth
Abstract
There has been need to ascertain how inventory control system has effected organizational growth in the contemporary Nigerian Economy. This study investigated the effect of inventory control system on organizational growth. The objective of this study is to critically examine the impact of inventory control system on the growth of an organization. Four research questions and hypotheses were formulated, both designed around the problems and research objectives. The study adopted the descriptive research design. Primary data was collected, using structured questionnaire, from three key departments of the organization and in line with the organization levels of staff. Data were collected, tabulated and translated to percentages in line with the responses received. The research hypotheses were tested with Chi-square statistical tool. The major finding of the research were: (1) that the company keeps optimum inventory level at all times; (2)the company is conscious of wastages, damages and pilferage and put in place measures to guard against them; (3) the company’s inventory control mechanism is synonymous with their existing inventory control system. The study concludes that organizations should embrace a good inventory control and regular training of staff. The researcher recommended that inventory items should be properly designated, the staff should be trained regularly and the company should face record keeping more seriously.References
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Akindele, R. I. & Nassar, M. L. (1997). Research methodology. Lagos: Angelic Printers.
Arrow, J. (1998). Studies in mathematical theory of Inventory and production. California: Standard University Press.
Bebster, S. N. (1998). New international dictionary. Chicago: Encyclopedia Britannica
Boateng, S. (2008). Principles and techniques of managing inventory (Training Manual).
Bicheno, N. (1996). International Journal of Business, Humanities and Technology: Vol. 3 No 5; May 2013.
Brian, T. & Loughrin, F. (2008). Coping with cost accounting. London : Punmar Publishing.
Brigham, T. & Gapenski, D. A. (1993). Storage and control of stock (2nd Edition). London Pitman Publishing Ltd.
Brownell, J. (2005). Wheldons Cost Accounting (15th Edition). London: MacDonald and Evans Ltd.
Buffa R. & Tambert, J. (1992). Coping with cost accounting. London: Punmar Publishing.
Bultaon J.A. (1973). Effective warehousing. London: Madonald and Evans Ltd.
Compton H. K. (1985). Supplies and material management (3rd Edition). Plymount: MacDonald and Evans.
Davis, M. and Owen, R. (2000). Studies in the mathematical theory of inventory and production. Califonia: Standard University Press.
Drury, C. (1998). Cost Accounting: A new emphasis. New Jersey: Evans Publishers.
Drury, C. (2004). Cost Accounting: A new emphasis. New Jersey: Evans Publishers.
Egbuonu, P. I. (1998). Cost Accounting practice. Onitsha: Varsity Industry Prsess Ltd.
EdgoWorth, G. (1997). Economic (11th Edition). London: MC Graw-Hill international Book Company.
Egungwu, I. (2004). Financial management. Onitsha: Green Land Press Ltd.
Hamper, W. M. & Lim, H. C. (1992). Operational Research (2ND Edition). London: MacDonald and Evans
Homer, A. & Champion, J. E. (1982). Accounting in Business Decision (3rd Edition). New Jersey: Prentice Hall.
Johnson, B. & Wim, G. (1996). Stock in business (2nd Edition). London: Billing and sons Ltd.
Koumanakos, A. & Owen, T. (2008). Studies in the mathematical theory of inventory and production. Califonia: Standard University Press.
Lucey, T. (1998). Quantitative techniques. Hamphsire : D. P. Publication Ltd.
Miller, J. G. et al (1979). “Material Manager” who needs them Harvard business Review, PP. 152.
Okeke, N.B. (2000). Principles and techniques of cost accounting: the atomic approach. Enugu: Amazing Grace printing and publishing co.
Polimeni, H. C. (1994). Inventory Control: Theory and practice. New Jersey: Prentice Hall Inc.
Sprague, L.W.J. & Wacker, L. (1996). Wheldons Cost Accounting (15th Edition). London: MacDonaldand Evans Ltd.
Schlesinger, A. (1978). Studies in the mathematical theory of inventory and production. California: Standard University Press.
Stair, M. K. & Miller, A. (2000). Inventory Control: Theory and practice. New Jersey: Prentice
Womack, G. (1990). Studies in the mathematical: Theory of inventory and Production. California: Standard University Press.
Published
2014-12-01
How to Cite
OGBU, Ogechukwu P..
The Impact of Inventory Control System on Organizational Growth.
GOUNI Journal of Management and Social Sciences, [S.l.], v. 2, n. 1, p. 65-76, dec. 2014.
ISSN 2550-7265. Available at: <http://journal.gouni.edu.ng/index.php/fmss/article/view/49>. Date accessed: 06 may 2018.
Issue
Section
Articles
Keywords
Inventory Control System, Organizational Growth, Inventory
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