PRODUCTION PLANNING AND INVENTORY CONTROL IN MANUFACTURING COMPANY


PRODUCTION PLANNING AND INVENTORY CONTROL IN MANUFACTURING COMPANY (A CASE STUDY OF TUYIL PHARMACEUTICAL INDUSTRY LIMITED ILORIN  

ABSTRACT

The purpose of writing this project is for the partial fulfillment of the requirement for the award of higher National Diploma in Business Administration and management. This research project is aimed to exaime production planning and inventory control in manufacturing company using TUYIL pharmaceutical industry limited, Ilorin as a case study. This study is divided into five chapter controls which the first chapter focused on the introductory aspect discussing relevant sections such as statement of research problem, important of the study, the objective and limitation of the study. Chapter two focuses on the review of relevant literature on the topic i.e. it considers views od different authors on production planning inventory control. In chapter three, the research methodology used for the project work fully discussed. Questionnaires were used to gather more information also brief history of the organization understudy as well as its organization structure is x-rayed. The questionnaire administrated chapter three is also critically analyzed and present in chapter four. While necessary recommendation and made and conclusion drawn in chapter five.

TABLE OF CONTENTS

Title page

Certification

Dedication

Acknowledgement

Abstract

Table of contents

CHAPTER ONE: INTRODUCTION

1.0 Background of the study

1.1 Statement of the problem

1.2 Objectives of the study

1.3 Significance of the study

1.4 Research questions

1.5 Statement of hypothesis

1.6 Scope of the study

1.7 Limitation of the study

1.8 Definition of terms

CHAPTER THREE: RESEARCH METHODOLOGY

3.0 Research methodology

3.1 Historical background of the case study

3.2 Population of the study

3.3 Research design

3.4 Sources of data

3.5 Method of data analysis

CHAPTER FOUR: PRESENTATION, INTERPRETATION AND ANALYSIS OF DATA

4.0 Introduction

4.1 Data analysis

4.2 Interpretation of results

4.3 Testing of hypothesis

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.0 Summary, conclusion and recommendation

5.1 Summary

5.2 Conclusion

5.3 Recommendation

Reference

Appendix

CHAPTER ONE

1.0 INTRODUCTION

BACKGROUND TO THE STUDY

Production is any unique process or procedure designed to transform a set of input elements into a specific set of out put elements. Input elements include land, labour capital and entrepreneurial ability while output elements are goods and services that satisfy human wants. Good and services are viable only if they provide satisfaction to the customers and the simple interior is the only general condition existence manufacture and distribution of goods. It can also be defined as the science and at concerned with the slow of materials in industry and commerce.

As a business function, production is primarily concerned with the transformation or conversion of input resources (raw materials) into finished goods. It can be said to be the relationship between factors of production (i.e. land, labour and capital) and a given output.

Planning is defined as the first and perhaps the most important function at management. The essence of planning events. Planning goes beyond attempting to attain dstated organization objective. It involves the development of strategy and procedure required for effective realization of the entire plan. The most basic function of the management functiosn is planning and it involves selection form among alternatives future causes of action for the enterprises as a whole. If production is well planned. Thus adding to the attainment of the whole organizational objectives, planning have finished the standard of control.

Inventory on the other hand is an important factor in the achievement of an organization overall objective. Inventory refers to any stock on items within the productin system or in the operation of the business. In operation management, inventory refers to resources that remain idlge in anticipation of satisfying a future demand for it. The state of processing one is likely to see in a factory but all the human resources maintained but not currently used by an organization in order to meet anticipated dimand for its product or services. According to Monk (1977) inventories are one of the major assets of most firms ranging from perhaps 25% to 75% of their current assets. This depends on firms or types of industry actually next of plants, buildings and equipment, inventories often from bulk of assets value of an organization, which requires large amount of investment and capital cost of maintenance.

Control is a process that guide activities towards some predetermined goals. Control is the managerial ability that helps to ensure acquisition and use of the enterprise resources and achievement of its objectives. It involves a comparison against some previously established standard and then taking corrective action when an unacceptable deviation occurs.

Production planning is the function of management concerned with deciding what production facilities are required, how these production facilities should be laid out in the space available for production and how they should be used to produce products. It will be seen that the function has two main parts. First, it is concern with routing or planning the sequence of work tasks that have to be carried out to complete products. And second, it is concerned with layout or planning the spatical relationship between the places were work is done.

Production planning inventory control functions in general include the planning itself, taking strategic decision areas relation to and setting up device(s) to check and direct any deviation that may want to occur during the process, large amount of investment and capital cost maintenance of the productive system, quality control, product objective and setting in motion of applicable corrective works as expected. All these will have to be put in place through careful production planning and inventory control.

1.1 STATEMENT OF THE PROBLEM 

It has been observed that majority of the manufacturing companies in nigeria do not carryout production planning and control more complex and this has made it difficult to achieve the expected result. These failures, which may be due to unavailability of fraud labour, shortage of raw materials, lack of managerial ability etc. will be research into.

Problems such as stock high capital tied on inventory damages and breakages, pilterage, stock out and buffer stock can be easily avoided when one effective and efficient inventory control system is in place.

No matter how prosperous a company may be inventory control and planning requires a professional expertise.

1.2 OBJECTIVE OF THE STUDY 

This study is being carried out to achieve the following objectives.

i. To examine the problems that production department

ii. To analyze how effectively and efficiently the company utilizes the resources at its disposal.

iii. To analyze how inventory should be controlled in order to guide against stock out so as to meet production level.

Therefore all these will be examined so as to formulated the best model for the operation of manufacturing company in Nigeria with particular reference to TUYIL PHARMACEUTICAL INDUSTRY LIMITED, ILORIN

1.3 SIGNIFICANCE OF THE STUDY

Upon the completion of the study, the benefits listed below are expected to be derived.

⦁ The study will add to the research previously down these probe areas.

⦁ To identify the challenges faced by production personnel in the course of manufacturing the desire output

⦁ To achieve a smooth and economical operation of the production distribution system.

⦁ The study will finally educate organization and the general public on the importance of production planning and inventory control.

1.4 SCOPE OF THE STUDY

The research study will specifically focused on the production process ways in which the company manages its inventory system to enhanced continuity and all other activities involve in the conversion process till where finished products are stores in readiness for dispatch to customer.

1.5 DEFINITION OF TERMS

This study is divided into five chapter control which the first chapter focused on the introductory aspect discussing relevant section such as statement of research problem, importance of the study, the objective and limitation of the study.

Chapter two focused on the review of relevant literature on the topic i.e it consider views  of diffeent authors on production planning and inventory control, role of inventory control, production system and its types and also reasons for carrying out inventory was looked into.

Inventory control method of cost of inventory is also elaborated. Also, different method of material sprcing are also discussed.

.


TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.COM

Researchwap.com is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.com guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.com is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.com" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.