ABSTRACT
This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.
TABLE OF CONTENTS
COVER PAGE- i
TITLE PAGE- ii
DEDICATION– iv
ACKNOWLEDGEMENT- v
ABSTRACT- vi
1.0 Introduction – – – – – – – -1
1.1 Background of the study – – – – – -1
1.2 Statement of the problem – – – – -5
1.3 Objective of the study – – – – – -6
1.4 Test of hypotheses – – – – – – -6
1.5 Research questions – – – – – – -7
1.6 Significance of the study – – – – – -8
1.7 Scope of the study – – – – – – -8
1.8 Limitation of the study – – – – – – -9
1.9 Definition of terms – – – – – -9
CHAPTER TWO
2.1 Introduction – – – – – – – -11
2.2 Concept of inventory- – – – – – -11
2.2.1 Types of inventory- – – – – – – -13
2.3 Classification of inventories – – – – – -15
2.4 Inventory policy- – – – – – – -16
2.4.1 Reasons for inventory – – – – – – -17
2.5 Inventory control – – – – – – – -19
2.5.1 Purposes of inventory control – – – – – -21
2.6 Cost associated with inventory – – – – -21
2.7 Inventory model – – – – – – – -25
2.8 Economic order quantity – – – – – -26
2.8.1 Replenishment model- – – – – – -28
2.9 Inventory level – – – – – – – -28
2.10 Inventory valuation method – – – – – -30
2.11 Inventory Accounting System – – – – – -33
2.12 Stock taking methods- – – – – – -34
References – – – – – – – – -35 CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction – – – – – – – -36
3.1 Research design – – – – – – – -36
3.2 Area of the study – – – – – – – -36
3.3 Population of the study- – – – – – -37
3.4 Determination of the sample size and technique- – -37
3.5 Sources of data – – – – – – – -40
3.6 Method of data analysis – – – – – – -40
3.7 Validity of the test – – – – – – -41
3.8 Reliability of the test – – – – – – -41
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS – – – –
4.0 Introduction – – – – – – – -43
4.1 Presentation of data- – – – – – -43
4.2 Analysis of data – – – – – – – -44
4.3 Test of hypothesis – – – – – – -54 CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings- – – – – – -58
5.2 Conclusion- – – – – – – – -61
5.3 Recommendation – – – – – – – -62
Bibliography – – – – – – – -65
Appendix- – – – – – – – -68
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Inventory is one of the resources that are managed by business organizations and it was first recorded in 1601. The need for inventory control cannot be overemphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company.
Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances.
The process of control and management of inventory is a very
important factor in the success or failure of any business for example, little stock will result in stock out which will disrupt the production distribution cycle that is crucial to the survival of all manufacturing companies while too much stock will tie down the resources of a company. Poor or inadequate inventory management can present a serious challenge to the productive capacity of a manufacturing organization. In addition to raw materials and finished goods, many companies also maintain items of assets, property, inventories of work in progress, office supplies, business firms and general operation supplies.
Inventories often constitutes the most significant part of current assets of large companies. In the public limited companies, inventories are approximately 60% of current assets on the average. The US Burean of the census stated that inventory and accounts receivable ate the two largest accounts of equal magnitude and together they comprise almost 80% of current assets and over 30% of total assets for all manufacturing companies in 1982.
Considering the large sum of money that are committed to the stocks of raw materials, work in progress and finished goods, it is therefore of paramount necessity that these stocks be managed efficiently and effectively in order to avoid the jeopardizing of the profit position of the firm.
In inventory, there is an optimum level therefore inadequate inventory causes loss of sale and disrupts the production process while excessive stock level leads to unnecessary carrying cost and obsolescence or spoilage risks. According to Charles T. Horngren (2007), the optimum inventory. Level lies between the inadequate inventories and the excessive inventories. Inventory management aims at maintaining an optimum inventory level that will be
carried at the least cost.
A BRIEF HISTORY OF AMA GREENFIELD BREWERY IN ENUGU STATE, NIGERIA
Ama Greenfield Brewery is the jewell in the crown of Nigeria Breweries Plc and is reputed as one of the most modern Breweries. Precisely on Friday October 24, 2003, the much talked about Nigeria Breweries Plc’s ultra modern Ama Greenfield Brewery located in Enugu state was officially commissioned. It is Nigeria breweries Plc company’s sixth Brewery and the second to be located in Enugu state. The multi-billion naira Ama Brewery boasts of the best cutting edge technology and world class standard processes. It is located in Umuezeani village in the Amaeke Ngwo community of Udi Local Government Area of Enugu state. Mr. Lassy Agose who was the public relations adviser to the Nigeria Breweries Plc at that time said that Ama Greenfield Brewery has an installed capacity of 3 million hectoliters per annum or 1 million carton units per week adding that it was also equipped with an ultra modern waste water treatment plant in l ine with safe manufacturing practices world-wide. Ama Brewery whose foundation was laid on April 9,2001 by the then Enugu state Governor, Dr Chimaroke Nnamani took 14 months to be completed after the actual construction work commenced on January 23, 2002. The first brew was made on March 22nd,
2003 while the first bottle of star larger rolled off the bottling line on April 24, 2003.
Ama Greenfield Brewery encapsulates the essential ingredients of the world class vision of the Nigeria Breweries plc and represents another milestone in the company’s journey towards the realization of that vision. Beyond these, Ama Brewery holds enormous socio-economic benefits to the community, state and country at large.
In addition to opening up the communities to commerce and
modernization, the state stands to benefit from increased revenue and the building of international confidence for investment. This multibillion naira investment is also expected to translate into enhanced employment, as well as open the flood gates of business activities and opportunities in the economy, Mr. Agose stated during a pre-commissioning press briefing in Lagos. Constructed at a cost of N40 billion, it is an essential fulfillment of the pledge made by Heineken NV to invest N70 billion in Nigeria within five years building an ultra-modern civic centre, a borehole and market stalls for the area.
1.2 STATEMENT OF THE PROBLEM
The problems seen in the course of this study are as follows:-
i. Ineffective management of inventory in the manufacturing company specifically Ama Greenfield Breweries.
ii. Loss of sales or business of the company as a result of insufficient inventories of finished goods.
iii. Low productivity in the manufacturing company as a result of poor inventories model used by the company iv.Poor management and control of inventories in the manufacturing company.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is to determine of the effectiveness of inventory management in a manufacturing company. The specific
objectives of this study are as follows:-
i. To determine to what extent the ineffective management of inventory in Ama Breweries plc has caused low productivity in the company.
ii. To examine the extent to which insufficient inventory of finished goods cause loss of sales to the company.
iii. To identify the degree to which poor inventory modern used by the company has resulted to low productivity in the company.
iv. To ascertain whether the company has suffered from poor
management and control of inventories.
1.4 TEST OF HYPOTHESES
Based on the problems and objectives of this study, the following hypotheses are formulated for this research.
Ho: There is no significant relationship between low productivity and poor inventories management.
H1: There is a significant relationship between low productivity and poor inventories management.
Ho: There is no significant relationship between proper inventory policies and productivity in a manufacturing company.
H2: There is a significant relationship between proper inventory policies and productivity in a manufacturing company.
1.5 RESEARCH QUESTIONS
For the purpose of this research study, the following research questions were formulated:
1. Does effective inventory control ensure continuous production of goods in Ama Breweries?
2. What is the state of inventory management in the Nigerian manufacturing company especially Ama Breweries plc?
3. Has effective inventory control made a significant impact on the manufacturing company?
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study lies on the fact that with improved inventory control and management in manufacturing companies, the following persons may benefit from it:
It will be significant to manufacturing companies, firms and businesses as it will enable them keep an adequate inventory control and ensure that they do not run out of stock or have excess stock which can endanger their liquidity position. It will also help to meet consumer’s demands or quest. It is also important to the government as it will help to reduce waste of investment inventory. It will also help lecturers to really know the importance of inventory control so that they will be able to impact it on their students. This study will also reveal the relevant methods to be used in preventing mismanagement; it will also improve stock control which has led to the mismanagement and unproductively of materials.
1.7 SCOPE OF THE STUDY
This research work on the effectiveness of inventory management in a manufacturing company is focused on Ama Greenfield Breweries plc in
Enugu state.
1.8 LIMITATIONS OF THE STUDY
Some limitations and factors in this research study are as follows:-
i. The time required for the research and the submission of this work is very short and the researcher was unable to go through all manufacturing companies.
ii. Financial constraints:-Finance which is the most important
resource for this work was not readily available.
iii. Limited exeat:-Due to the fact that exeat is very difficult to get in school, proper research was not carried out and this affected the integrity of the results achieved.
iv. Unco-operative attitudes of some of my respondents:- The management of Ama Breweries prohibited its employees from giving out information about the company to outsiders without adequate permission from the management and even when this permission was obtained at the long run, many vital information were not revealed because they were regarded as the privacy of the company.
1.9 DEFINITION OF TERMS
INVENTORY:This is a record of a business’ current assets. It can also be described as the merchandise or supplies held or in transit at a particular point in time.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: EFFECTIVENESS OF INVENTORY MANAGEMENT IN MANUFACTURING COMPANY (A CASE STUDY OF AMA GREENFIELD BREWERIES PLC, ENUGU)., NIGERIA)
ABSTRACT
This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.
TABLE OF CONTENTS
COVER PAGE- i
TITLE PAGE- ii
DEDICATION– iv
ACKNOWLEDGEMENT- v
ABSTRACT- vi
1.0 Introduction – – – – – – – -1
1.1 Background of the study – – – – – -1
1.2 Statement of the problem – – – – -5
1.3 Objective of the study – – – – – -6
1.4 Test of hypotheses – – – – – – -6
1.5 Research questions – – – – – – -7
1.6 Significance of the study – – – – – -8
1.7 Scope of the study – – – – – – -8
1.8 Limitation of the study – – – – – – -9
1.9 Definition of terms – – – – – -9
CHAPTER TWO
2.1 Introduction – – – – – – – -11
2.2 Concept of inventory- – – – – – -11
2.2.1 Types of inventory- – – – – – – -13
2.3 Classification of inventories – – – – – -15
2.4 Inventory policy- – – – – – – -16
2.4.1 Reasons for inventory – – – – – – -17
2.5 Inventory control – – – – – – – -19
2.5.1 Purposes of inventory control – – – – – -21
2.6 Cost associated with inventory – – – – -21
2.7 Inventory model – – – – – – – -25
2.8 Economic order quantity – – – – – -26
2.8.1 Replenishment model- – – – – – -28
2.9 Inventory level – – – – – – – -28
2.10 Inventory valuation method – – – – – -30
2.11 Inventory Accounting System – – – – – -33
2.12 Stock taking methods- – – – – – -34
References – – – – – – – – -35 CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction – – – – – – – -36
3.1 Research design – – – – – – – -36
3.2 Area of the study – – – – – – – -36
3.3 Population of the study- – – – – – -37
3.4 Determination of the sample size and technique- – -37
3.5 Sources of data – – – – – – – -40
3.6 Method of data analysis – – – – – – -40
3.7 Validity of the test – – – – – – -41
3.8 Reliability of the test – – – – – – -41
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS – – – –
4.0 Introduction – – – – – – – -43
4.1 Presentation of data- – – – – – -43
4.2 Analysis of data – – – – – – – -44
4.3 Test of hypothesis – – – – – – -54 CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings- – – – – – -58
5.2 Conclusion- – – – – – – – -61
5.3 Recommendation – – – – – – – -62
Bibliography – – – – – – – -65
Appendix- – – – – – – – -68
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Inventory is one of the resources that are managed by business organizations and it was first recorded in 1601. The need for inventory control cannot be overemphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company.
Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances.
The process of control and management of inventory is a very
important factor in the success or failure of any business for example, little stock will result in stock out which will disrupt the production distribution cycle that is crucial to the survival of all manufacturing companies while too much stock will tie down the resources of a company. Poor or inadequate inventory management can present a serious challenge to the productive capacity of a manufacturing organization. In addition to raw materials and finished goods, many companies also maintain items of assets, property, inventories of work in progress, office supplies, business firms and general operation supplies.
Inventories often constitutes the most significant part of current assets of large companies. In the public limited companies, inventories are approximately 60% of current assets on the average. The US Burean of the census stated that inventory and accounts receivable ate the two largest accounts of equal magnitude and together they comprise almost 80% of current assets and over 30% of total assets for all manufacturing companies in 1982.
Considering the large sum of money that are committed to the stocks of raw materials, work in progress and finished goods, it is therefore of paramount necessity that these stocks be managed efficiently and effectively in order to avoid the jeopardizing of the profit position of the firm.
In inventory, there is an optimum level therefore inadequate inventory causes loss of sale and disrupts the production process while excessive stock level leads to unnecessary carrying cost and obsolescence or spoilage risks. According to Charles T. Horngren (2007), the optimum inventory. Level lies between the inadequate inventories and the excessive inventories. Inventory management aims at maintaining an optimum inventory level that will be
carried at the least cost.
A BRIEF HISTORY OF AMA GREENFIELD BREWERY IN ENUGU STATE, NIGERIA
Ama Greenfield Brewery is the jewell in the crown of Nigeria Breweries Plc and is reputed as one of the most modern Breweries. Precisely on Friday October 24, 2003, the much talked about Nigeria Breweries Plc’s ultra modern Ama Greenfield Brewery located in Enugu state was officially commissioned. It is Nigeria breweries Plc company’s sixth Brewery and the second to be located in Enugu state. The multi-billion naira Ama Brewery boasts of the best cutting edge technology and world class standard processes. It is located in Umuezeani village in the Amaeke Ngwo community of Udi Local Government Area of Enugu state. Mr. Lassy Agose who was the public relations adviser to the Nigeria Breweries Plc at that time said that Ama Greenfield Brewery has an installed capacity of 3 million hectoliters per annum or 1 million carton units per week adding that it was also equipped with an ultra modern waste water treatment plant in l ine with safe manufacturing practices world-wide. Ama Brewery whose foundation was laid on April 9,2001 by the then Enugu state Governor, Dr Chimaroke Nnamani took 14 months to be completed after the actual construction work commenced on January 23, 2002. The first brew was made on March 22nd,
2003 while the first bottle of star larger rolled off the bottling line on April 24, 2003.
Ama Greenfield Brewery encapsulates the essential ingredients of the world class vision of the Nigeria Breweries plc and represents another milestone in the company’s journey towards the realization of that vision. Beyond these, Ama Brewery holds enormous socio-economic benefits to the community, state and country at large.
In addition to opening up the communities to commerce and
modernization, the state stands to benefit from increased revenue and the building of international confidence for investment. This multibillion naira investment is also expected to translate into enhanced employment, as well as open the flood gates of business activities and opportunities in the economy, Mr. Agose stated during a pre-commissioning press briefing in Lagos. Constructed at a cost of N40 billion, it is an essential fulfillment of the pledge made by Heineken NV to invest N70 billion in Nigeria within five years building an ultra-modern civic centre, a borehole and market stalls for the area.
1.2 STATEMENT OF THE PROBLEM
The problems seen in the course of this study are as follows:-
i. Ineffective management of inventory in the manufacturing company specifically Ama Greenfield Breweries.
ii. Loss of sales or business of the company as a result of insufficient inventories of finished goods.
iii. Low productivity in the manufacturing company as a result of poor inventories model used by the company iv.Poor management and control of inventories in the manufacturing company.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is to determine of the effectiveness of inventory management in a manufacturing company. The specific
objectives of this study are as follows:-
i. To determine to what extent the ineffective management of inventory in Ama Breweries plc has caused low productivity in the company.
ii. To examine the extent to which insufficient inventory of finished goods cause loss of sales to the company.
iii. To identify the degree to which poor inventory modern used by the company has resulted to low productivity in the company.
iv. To ascertain whether the company has suffered from poor
management and control of inventories.
1.4 TEST OF HYPOTHESES
Based on the problems and objectives of this study, the following hypotheses are formulated for this research.
Ho: There is no significant relationship between low productivity and poor inventories management.
H1: There is a significant relationship between low productivity and poor inventories management.
Ho: There is no significant relationship between proper inventory policies and productivity in a manufacturing company.
H2: There is a significant relationship between proper inventory policies and productivity in a manufacturing company.
1.5 RESEARCH QUESTIONS
For the purpose of this research study, the following research questions were formulated:
1. Does effective inventory control ensure continuous production of goods in Ama Breweries?
2. What is the state of inventory management in the Nigerian manufacturing company especially Ama Breweries plc?
3. Has effective inventory control made a significant impact on the manufacturing company?
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study lies on the fact that with improved inventory control and management in manufacturing companies, the following persons may benefit from it:
It will be significant to manufacturing companies, firms and businesses as it will enable them keep an adequate inventory control and ensure that they do not run out of stock or have excess stock which can endanger their liquidity position. It will also help to meet consumer’s demands or quest. It is also important to the government as it will help to reduce waste of investment inventory. It will also help lecturers to really know the importance of inventory control so that they will be able to impact it on their students. This study will also reveal the relevant methods to be used in preventing mismanagement; it will also improve stock control which has led to the mismanagement and unproductively of materials.
1.7 SCOPE OF THE STUDY
This research work on the effectiveness of inventory management in a manufacturing company is focused on Ama Greenfield Breweries plc in
Enugu state.
1.8 LIMITATIONS OF THE STUDY
Some limitations and factors in this research study are as follows:-
i. The time required for the research and the submission of this work is very short and the researcher was unable to go through all manufacturing companies.
ii. Financial constraints:-Finance which is the most important
resource for this work was not readily available.
iii. Limited exeat:-Due to the fact that exeat is very difficult to get in school, proper research was not carried out and this affected the integrity of the results achieved.
iv. Unco-operative attitudes of some of my respondents:- The management of Ama Breweries prohibited its employees from giving out information about the company to outsiders without adequate permission from the management and even when this permission was obtained at the long run, many vital information were not revealed because they were regarded as the privacy of the company.
1.9 DEFINITION OF TERMS
INVENTORY:This is a record of a business’ current assets. It can also be described as the merchandise or supplies held or in transit at a particular point in time.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: EFFECTIVENESS OF INVENTORY MANAGEMENT IN MANUFACTURING COMPANY (A CASE STUDY OF AMA GREENFIELD BREWERIES PLC, ENUGU)., NIGERIA)
ABSTRACT
This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.
TABLE OF CONTENTS
COVER PAGE- i
TITLE PAGE- ii
DEDICATION– iv
ACKNOWLEDGEMENT- v
ABSTRACT- vi
1.0 Introduction – – – – – – – -1
1.1 Background of the study – – – – – -1
1.2 Statement of the problem – – – – -5
1.3 Objective of the study – – – – – -6
1.4 Test of hypotheses – – – – – – -6
1.5 Research questions – – – – – – -7
1.6 Significance of the study – – – – – -8
1.7 Scope of the study – – – – – – -8
1.8 Limitation of the study – – – – – – -9
1.9 Definition of terms – – – – – -9
CHAPTER TWO
2.1 Introduction – – – – – – – -11
2.2 Concept of inventory- – – – – – -11
2.2.1 Types of inventory- – – – – – – -13
2.3 Classification of inventories – – – – – -15
2.4 Inventory policy- – – – – – – -16
2.4.1 Reasons for inventory – – – – – – -17
2.5 Inventory control – – – – – – – -19
2.5.1 Purposes of inventory control – – – – – -21
2.6 Cost associated with inventory – – – – -21
2.7 Inventory model – – – – – – – -25
2.8 Economic order quantity – – – – – -26
2.8.1 Replenishment model- – – – – – -28
2.9 Inventory level – – – – – – – -28
2.10 Inventory valuation method – – – – – -30
2.11 Inventory Accounting System – – – – – -33
2.12 Stock taking methods- – – – – – -34
References – – – – – – – – -35 CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction – – – – – – – -36
3.1 Research design – – – – – – – -36
3.2 Area of the study – – – – – – – -36
3.3 Population of the study- – – – – – -37
3.4 Determination of the sample size and technique- – -37
3.5 Sources of data – – – – – – – -40
3.6 Method of data analysis – – – – – – -40
3.7 Validity of the test – – – – – – -41
3.8 Reliability of the test – – – – – – -41
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS – – – –
4.0 Introduction – – – – – – – -43
4.1 Presentation of data- – – – – – -43
4.2 Analysis of data – – – – – – – -44
4.3 Test of hypothesis – – – – – – -54 CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings- – – – – – -58
5.2 Conclusion- – – – – – – – -61
5.3 Recommendation – – – – – – – -62
Bibliography – – – – – – – -65
Appendix- – – – – – – – -68
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Inventory is one of the resources that are managed by business organizations and it was first recorded in 1601. The need for inventory control cannot be overemphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company.
Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances.
The process of control and management of inventory is a very
important factor in the success or failure of any business for example, little stock will result in stock out which will disrupt the production distribution cycle that is crucial to the survival of all manufacturing companies while too much stock will tie down the resources of a company. Poor or inadequate inventory management can present a serious challenge to the productive capacity of a manufacturing organization. In addition to raw materials and finished goods, many companies also maintain items of assets, property, inventories of work in progress, office supplies, business firms and general operation supplies.
Inventories often constitutes the most significant part of current assets of large companies. In the public limited companies, inventories are approximately 60% of current assets on the average. The US Burean of the census stated that inventory and accounts receivable ate the two largest accounts of equal magnitude and together they comprise almost 80% of current assets and over 30% of total assets for all manufacturing companies in 1982.
Considering the large sum of money that are committed to the stocks of raw materials, work in progress and finished goods, it is therefore of paramount necessity that these stocks be managed efficiently and effectively in order to avoid the jeopardizing of the profit position of the firm.
In inventory, there is an optimum level therefore inadequate inventory causes loss of sale and disrupts the production process while excessive stock level leads to unnecessary carrying cost and obsolescence or spoilage risks. According to Charles T. Horngren (2007), the optimum inventory. Level lies between the inadequate inventories and the excessive inventories. Inventory management aims at maintaining an optimum inventory level that will be
carried at the least cost.
A BRIEF HISTORY OF AMA GREENFIELD BREWERY IN ENUGU STATE, NIGERIA
Ama Greenfield Brewery is the jewell in the crown of Nigeria Breweries Plc and is reputed as one of the most modern Breweries. Precisely on Friday October 24, 2003, the much talked about Nigeria Breweries Plc’s ultra modern Ama Greenfield Brewery located in Enugu state was officially commissioned. It is Nigeria breweries Plc company’s sixth Brewery and the second to be located in Enugu state. The multi-billion naira Ama Brewery boasts of the best cutting edge technology and world class standard processes. It is located in Umuezeani village in the Amaeke Ngwo community of Udi Local Government Area of Enugu state. Mr. Lassy Agose who was the public relations adviser to the Nigeria Breweries Plc at that time said that Ama Greenfield Brewery has an installed capacity of 3 million hectoliters per annum or 1 million carton units per week adding that it was also equipped with an ultra modern waste water treatment plant in l ine with safe manufacturing practices world-wide. Ama Brewery whose foundation was laid on April 9,2001 by the then Enugu state Governor, Dr Chimaroke Nnamani took 14 months to be completed after the actual construction work commenced on January 23, 2002. The first brew was made on March 22nd,
2003 while the first bottle of star larger rolled off the bottling line on April 24, 2003.
Ama Greenfield Brewery encapsulates the essential ingredients of the world class vision of the Nigeria Breweries plc and represents another milestone in the company’s journey towards the realization of that vision. Beyond these, Ama Brewery holds enormous socio-economic benefits to the community, state and country at large.
In addition to opening up the communities to commerce and
modernization, the state stands to benefit from increased revenue and the building of international confidence for investment. This multibillion naira investment is also expected to translate into enhanced employment, as well as open the flood gates of business activities and opportunities in the economy, Mr. Agose stated during a pre-commissioning press briefing in Lagos. Constructed at a cost of N40 billion, it is an essential fulfillment of the pledge made by Heineken NV to invest N70 billion in Nigeria within five years building an ultra-modern civic centre, a borehole and market stalls for the area.
1.2 STATEMENT OF THE PROBLEM
The problems seen in the course of this study are as follows:-
i. Ineffective management of inventory in the manufacturing company specifically Ama Greenfield Breweries.
ii. Loss of sales or business of the company as a result of insufficient inventories of finished goods.
iii. Low productivity in the manufacturing company as a result of poor inventories model used by the company iv.Poor management and control of inventories in the manufacturing company.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is to determine of the effectiveness of inventory management in a manufacturing company. The specific
objectives of this study are as follows:-
i. To determine to what extent the ineffective management of inventory in Ama Breweries plc has caused low productivity in the company.
ii. To examine the extent to which insufficient inventory of finished goods cause loss of sales to the company.
iii. To identify the degree to which poor inventory modern used by the company has resulted to low productivity in the company.
iv. To ascertain whether the company has suffered from poor
management and control of inventories.
1.4 TEST OF HYPOTHESES
Based on the problems and objectives of this study, the following hypotheses are formulated for this research.
Ho: There is no significant relationship between low productivity and poor inventories management.
H1: There is a significant relationship between low productivity and poor inventories management.
Ho: There is no significant relationship between proper inventory policies and productivity in a manufacturing company.
H2: There is a significant relationship between proper inventory policies and productivity in a manufacturing company.
1.5 RESEARCH QUESTIONS
For the purpose of this research study, the following research questions were formulated:
1. Does effective inventory control ensure continuous production of goods in Ama Breweries?
2. What is the state of inventory management in the Nigerian manufacturing company especially Ama Breweries plc?
3. Has effective inventory control made a significant impact on the manufacturing company?
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study lies on the fact that with improved inventory control and management in manufacturing companies, the following persons may benefit from it:
It will be significant to manufacturing companies, firms and businesses as it will enable them keep an adequate inventory control and ensure that they do not run out of stock or have excess stock which can endanger their liquidity position. It will also help to meet consumer’s demands or quest. It is also important to the government as it will help to reduce waste of investment inventory. It will also help lecturers to really know the importance of inventory control so that they will be able to impact it on their students. This study will also reveal the relevant methods to be used in preventing mismanagement; it will also improve stock control which has led to the mismanagement and unproductively of materials.
1.7 SCOPE OF THE STUDY
This research work on the effectiveness of inventory management in a manufacturing company is focused on Ama Greenfield Breweries plc in
Enugu state.
1.8 LIMITATIONS OF THE STUDY
Some limitations and factors in this research study are as follows:-
i. The time required for the research and the submission of this work is very short and the researcher was unable to go through all manufacturing companies.
ii. Financial constraints:-Finance which is the most important
resource for this work was not readily available.
iii. Limited exeat:-Due to the fact that exeat is very difficult to get in school, proper research was not carried out and this affected the integrity of the results achieved.
iv. Unco-operative attitudes of some of my respondents:- The management of Ama Breweries prohibited its employees from giving out information about the company to outsiders without adequate permission from the management and even when this permission was obtained at the long run, many vital information were not revealed because they were regarded as the privacy of the company.
1.9 DEFINITION OF TERMS
INVENTORY:This is a record of a business’ current assets. It can also be described as the merchandise or supplies held or in transit at a particular point in time.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: EFFECTIVENESS OF INVENTORY MANAGEMENT IN MANUFACTURING COMPANY (A CASE STUDY OF AMA GREENFIELD BREWERIES PLC, ENUGU)., NIGERIA)
ABSTRACT
This study examines the essence of effective inventories control and management to manufacturing companies with particular emphasis on Ama Greenfield Breweries plc. The aim of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the manufacturing company can explore the services of inventory management to effect its objectives. In carrying out this study, various research instruments such as questionnaires and oral interview were used to collect data from respondents and a research design was adopted with a sample size of 52. The statistical tool used for this work is Chi-square. Based on the analysis, it was discovered that inventory management plays a vital role in the manufacturing company. A well functional inventory management following the recommendations can bring about proper management thereby enhancing proper and effective production and it will equally ensure the effective, efficient and adequate use of materials and resources in the manufacturing company.
TABLE OF CONTENTS
COVER PAGE- i
TITLE PAGE- ii
DEDICATION– iv
ACKNOWLEDGEMENT- v
ABSTRACT- vi
1.0 Introduction – – – – – – – -1
1.1 Background of the study – – – – – -1
1.2 Statement of the problem – – – – -5
1.3 Objective of the study – – – – – -6
1.4 Test of hypotheses – – – – – – -6
1.5 Research questions – – – – – – -7
1.6 Significance of the study – – – – – -8
1.7 Scope of the study – – – – – – -8
1.8 Limitation of the study – – – – – – -9
1.9 Definition of terms – – – – – -9
CHAPTER TWO
2.1 Introduction – – – – – – – -11
2.2 Concept of inventory- – – – – – -11
2.2.1 Types of inventory- – – – – – – -13
2.3 Classification of inventories – – – – – -15
2.4 Inventory policy- – – – – – – -16
2.4.1 Reasons for inventory – – – – – – -17
2.5 Inventory control – – – – – – – -19
2.5.1 Purposes of inventory control – – – – – -21
2.6 Cost associated with inventory – – – – -21
2.7 Inventory model – – – – – – – -25
2.8 Economic order quantity – – – – – -26
2.8.1 Replenishment model- – – – – – -28
2.9 Inventory level – – – – – – – -28
2.10 Inventory valuation method – – – – – -30
2.11 Inventory Accounting System – – – – – -33
2.12 Stock taking methods- – – – – – -34
References – – – – – – – – -35 CHAPTER THREE
RESEARCH METHODOLOGY
3.0 Introduction – – – – – – – -36
3.1 Research design – – – – – – – -36
3.2 Area of the study – – – – – – – -36
3.3 Population of the study- – – – – – -37
3.4 Determination of the sample size and technique- – -37
3.5 Sources of data – – – – – – – -40
3.6 Method of data analysis – – – – – – -40
3.7 Validity of the test – – – – – – -41
3.8 Reliability of the test – – – – – – -41
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS – – – –
4.0 Introduction – – – – – – – -43
4.1 Presentation of data- – – – – – -43
4.2 Analysis of data – – – – – – – -44
4.3 Test of hypothesis – – – – – – -54 CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of findings- – – – – – -58
5.2 Conclusion- – – – – – – – -61
5.3 Recommendation – – – – – – – -62
Bibliography – – – – – – – -65
Appendix- – – – – – – – -68
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Inventory is one of the resources that are managed by business organizations and it was first recorded in 1601. The need for inventory control cannot be overemphasized as it is a means for improving the performance of manufacturing industries. Inventory can be defined as a record of a business current assets including property owned, merchandise on hand and the value of work in progress and work complete but not sold and it is classified as a current asset because it can be turned into liquid cash within a short period of time. Inventory has created a great impact on the profitability of the manufacturing firm which resulted to the deep research of this topic. Effectiveness of inventory management in a manufacturing company.
Inventory plays a major role in the operation of many businesses and manufacturing companies. In manufacturing, inventories of raw materials allow companies to operate independently of their sources of supplies. Day to day operation are not dependent on deliveries from supplies since stock of the necessary mateials are maintained and used s needed. Without inventory control, millions of naira could be lost year because of non accountability of stocks and inaccurate checks and balances.
The process of control and management of inventory is a very
important factor in the success or failure of any business for example, little stock will result in stock out which will disrupt the production distribution cycle that is crucial to the survival of all manufacturing companies while too much stock will tie down the resources of a company. Poor or inadequate inventory management can present a serious challenge to the productive capacity of a manufacturing organization. In addition to raw materials and finished goods, many companies also maintain items of assets, property, inventories of work in progress, office supplies, business firms and general operation supplies.
Inventories often constitutes the most significant part of current assets of large companies. In the public limited companies, inventories are approximately 60% of current assets on the average. The US Burean of the census stated that inventory and accounts receivable ate the two largest accounts of equal magnitude and together they comprise almost 80% of current assets and over 30% of total assets for all manufacturing companies in 1982.
Considering the large sum of money that are committed to the stocks of raw materials, work in progress and finished goods, it is therefore of paramount necessity that these stocks be managed efficiently and effectively in order to avoid the jeopardizing of the profit position of the firm.
In inventory, there is an optimum level therefore inadequate inventory causes loss of sale and disrupts the production process while excessive stock level leads to unnecessary carrying cost and obsolescence or spoilage risks. According to Charles T. Horngren (2007), the optimum inventory. Level lies between the inadequate inventories and the excessive inventories. Inventory management aims at maintaining an optimum inventory level that will be
carried at the least cost.
A BRIEF HISTORY OF AMA GREENFIELD BREWERY IN ENUGU STATE, NIGERIA
Ama Greenfield Brewery is the jewell in the crown of Nigeria Breweries Plc and is reputed as one of the most modern Breweries. Precisely on Friday October 24, 2003, the much talked about Nigeria Breweries Plc’s ultra modern Ama Greenfield Brewery located in Enugu state was officially commissioned. It is Nigeria breweries Plc company’s sixth Brewery and the second to be located in Enugu state. The multi-billion naira Ama Brewery boasts of the best cutting edge technology and world class standard processes. It is located in Umuezeani village in the Amaeke Ngwo community of Udi Local Government Area of Enugu state. Mr. Lassy Agose who was the public relations adviser to the Nigeria Breweries Plc at that time said that Ama Greenfield Brewery has an installed capacity of 3 million hectoliters per annum or 1 million carton units per week adding that it was also equipped with an ultra modern waste water treatment plant in l ine with safe manufacturing practices world-wide. Ama Brewery whose foundation was laid on April 9,2001 by the then Enugu state Governor, Dr Chimaroke Nnamani took 14 months to be completed after the actual construction work commenced on January 23, 2002. The first brew was made on March 22nd,
2003 while the first bottle of star larger rolled off the bottling line on April 24, 2003.
Ama Greenfield Brewery encapsulates the essential ingredients of the world class vision of the Nigeria Breweries plc and represents another milestone in the company’s journey towards the realization of that vision. Beyond these, Ama Brewery holds enormous socio-economic benefits to the community, state and country at large.
In addition to opening up the communities to commerce and
modernization, the state stands to benefit from increased revenue and the building of international confidence for investment. This multibillion naira investment is also expected to translate into enhanced employment, as well as open the flood gates of business activities and opportunities in the economy, Mr. Agose stated during a pre-commissioning press briefing in Lagos. Constructed at a cost of N40 billion, it is an essential fulfillment of the pledge made by Heineken NV to invest N70 billion in Nigeria within five years building an ultra-modern civic centre, a borehole and market stalls for the area.
1.2 STATEMENT OF THE PROBLEM
The problems seen in the course of this study are as follows:-
i. Ineffective management of inventory in the manufacturing company specifically Ama Greenfield Breweries.
ii. Loss of sales or business of the company as a result of insufficient inventories of finished goods.
iii. Low productivity in the manufacturing company as a result of poor inventories model used by the company iv.Poor management and control of inventories in the manufacturing company.
1.3 OBJECTIVE OF THE STUDY
The major objective of this study is to determine of the effectiveness of inventory management in a manufacturing company. The specific
objectives of this study are as follows:-
i. To determine to what extent the ineffective management of inventory in Ama Breweries plc has caused low productivity in the company.
ii. To examine the extent to which insufficient inventory of finished goods cause loss of sales to the company.
iii. To identify the degree to which poor inventory modern used by the company has resulted to low productivity in the company.
iv. To ascertain whether the company has suffered from poor
management and control of inventories.
1.4 TEST OF HYPOTHESES
Based on the problems and objectives of this study, the following hypotheses are formulated for this research.
Ho: There is no significant relationship between low productivity and poor inventories management.
H1: There is a significant relationship between low productivity and poor inventories management.
Ho: There is no significant relationship between proper inventory policies and productivity in a manufacturing company.
H2: There is a significant relationship between proper inventory policies and productivity in a manufacturing company.
1.5 RESEARCH QUESTIONS
For the purpose of this research study, the following research questions were formulated:
1. Does effective inventory control ensure continuous production of goods in Ama Breweries?
2. What is the state of inventory management in the Nigerian manufacturing company especially Ama Breweries plc?
3. Has effective inventory control made a significant impact on the manufacturing company?
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study lies on the fact that with improved inventory control and management in manufacturing companies, the following persons may benefit from it:
It will be significant to manufacturing companies, firms and businesses as it will enable them keep an adequate inventory control and ensure that they do not run out of stock or have excess stock which can endanger their liquidity position. It will also help to meet consumer’s demands or quest. It is also important to the government as it will help to reduce waste of investment inventory. It will also help lecturers to really know the importance of inventory control so that they will be able to impact it on their students. This study will also reveal the relevant methods to be used in preventing mismanagement; it will also improve stock control which has led to the mismanagement and unproductively of materials.
1.7 SCOPE OF THE STUDY
This research work on the effectiveness of inventory management in a manufacturing company is focused on Ama Greenfield Breweries plc in
Enugu state.
1.8 LIMITATIONS OF THE STUDY
Some limitations and factors in this research study are as follows:-
i. The time required for the research and the submission of this work is very short and the researcher was unable to go through all manufacturing companies.
ii. Financial constraints:-Finance which is the most important
resource for this work was not readily available.
iii. Limited exeat:-Due to the fact that exeat is very difficult to get in school, proper research was not carried out and this affected the integrity of the results achieved.
iv. Unco-operative attitudes of some of my respondents:- The management of Ama Breweries prohibited its employees from giving out information about the company to outsiders without adequate permission from the management and even when this permission was obtained at the long run, many vital information were not revealed because they were regarded as the privacy of the company.
1.9 DEFINITION OF TERMS
INVENTORY:This is a record of a business’ current assets. It can also be described as the merchandise or supplies held or in transit at a particular point in time.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: EFFECTIVENESS OF INVENTORY MANAGEMENT IN MANUFACTURING COMPANY (A CASE STUDY OF AMA GREENFIELD BREWERIES PLC, ENUGU)., NIGERIA)
ABSTRACT
The aim of this research work is to appraise “The impact of credit management on the profitability of a manufacturing firm focused on Unilever Nigeria Plc Aba”. This is because; trade credit is a short term source of finance and sometimes take the form of bills payable. The statement problem of this research banks about the poor level of credit management and also the problems which the firms encounter as a result of high-rate of bad debts. The objective of this research study is to highlight the effects of the credit management on the profitability of the company as well as to highlight the advantages of effective and efficient management of trade credit amongst others. Furthermore, this research work will be of immense significance to the staff of Unilever Nig. Plc Aba as well as the students and the researcher since it aims at providing effective means of reducing default in collection of accounts. Also, research questions like; could a company’s liquidity problem be attributed to bad debt? On the average, how long do you allow credit to customers? Etc. research instrument used were questionnaires for the purpose of obtaining the desired result. In treating and analyzing the data collected, an extensive use of tabular information and percentages were of great importance. In the light of the findings and conclusions of this work, the following recommendations are put up: that then should be a regular review of credit policies to suit the changes in the business environment and that an enquiry unit should be established to take responsibility for prospective credit’s assessments amongst others.
TABLE OF CONTENTSTitle page Approval Page DedicationAcknowledgement Abstract Table of contents
CHAPTER ONE1.0 INTRODUCTION1.1 Background of the Study 1.2 Statement of the Problem 1.3 Objective of the Study 1.4 Formulation of Research Hypotheses 1.5 Research Questions 1.6 Significance of the Study 1.7 Scope of the Study1.8 Limitations of the Study 1.9 Definition of Terms
CHAPTER TWO2.0 LITERATURE REVIEW 2.1 Reasons for granting credit 2.2 Setting credit policy and Regulation 2.2.1 Credit Standards 2.2.2 Credit Terms 2.2.3 Collection Efforts 2.3 Credit Policy Goals 2.3.1 Optimal Credit Policy 2.4 Credit Policy Variable Analysis 2.4.1 Credit Analysis 2.4.2 Credit Scoring 2.4.3 Collection Policy and Procedures 2.4.4 Establishing Internal Collection Procedure 2.4.5 Other Collection Procedures 2.4.6 Monitoring Receivables References
CHAPTER THREE3.0 RESEARCH METHODOLOGY 3.1 Research Design 3.2 Area of Study 3.3 Sources of Data 3.4 Population of the Study 3.5 Instrument of Data Collection 3.6 Validation of the Instrument3.7 Reliability of the Instrument 3.8 Method of Data Analysis 3.9 Sample Design and Determination of Sample Size
CHAPTER FOUR4.0 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 4.1 Analysis and Interpretation of Data 4.2 Test of Hypotheses 4.3 Test of Hypothesis 1
CHAPTER FIVE5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS5.1 Summary of Findings5.2 Conclusion 5.3 Recommendations Bibliography Appendix 1 Appendix II
CHAPTER ONE
1.0 INTRODUCTION1.1 BACKGROUND OF THE STUDYCredit management is a term used to identify accounting functions usually conducted under the umbrella of accounts receivables. Essentially, this collection of processes involves qualifying the extension of credit to a customer, monitors the reception and logging of payments on outstanding invoices, the initiation of collection procedures, and the resolution of disputes or queries regarding charges on a customer invoice. When functioning efficiently, credit management serves as an excellent way for business to remain financially stable.Competent credit management seeks to not only protect the vendor from possible losses, but also protect the customer from creating more debt obligations that cannot be settled in a timely manner.Several factors are used as part of the credit management process to evaluate and qualify a customer for the receipt of some form of commercial credit. This may include; gathering data on the potential customer’s, current financial condition including the current credit score.BRIEF HISTORY OF UNILEVER NIGERIA PLC ABAUnilever Nigeria Plc is a public liability company quoted on the Nigerian stock exchange since 1973 with Nigerian’s currently having 49 percent of equity holidays established in Nigeria. Unilever Nigeria Plc started as a soap manufacturing company and is today’s one of the eldest surviving manufacturing organization in Nigeria. The company changed its name to “Unilever Nigeria Plc” in 2001.The company is into the manufacture and marketing of household toiletries and favorites which are manufactured in their various factory locations in Nigeria. This is because they are so deeply committed to meet the everyday needs of people everywhere in Nigeria. Such factors are located at Lagos, Agbara, Oregun and Aba. Its staff strength is about one thousand eight hundred (1,800) employers. They also have indirect employees like contract staff and others who range from our forty thousand employees throughout the country.The company has also made provision for assistance in fields of health, education, children welfare and potable water hygiene as part of its social responsibility programme in the Nigerian communities.Conclusively, Unilever Nigeria Plc from research has been found to be involved in both credit and cash transactions with its customers.
1.2 STATEMENT OF THE PROBLEMThere are many problems companies encounter as a result of poor credit management. Thus, the problems inherent in this research study as investigated are as follows:(1) There is a high rate of bad debts because some corporations take advantage of the credit that is extended to them and find themselves not able to pay debt later.(2) The poor level of trade credit management is reflected in the liquidity and profitability position of the firm.(3) The inability of business policy makers to certainly say how effectively, credit management other makes or mars the performance of the business in terms of profitability.(4) Furthermore, lack of experienced staff or officers to tackle onerous and vital duties of managing debts appropriately.(5) Also, limitation and inadequate training opportunities for key treasury or supporting staff.(6) Finally, failure to comply with the agreed terms of agreement with the company upon when paying the debt.
1.3 OBJECTIVE OF THE STUDYThe main objective of this study is to appraise the impact of credit management on the profitability of manufacturing firms and also providing effective means of reducing default in collection of accounts.Other objectives include the following:(1) To appraise the effects of the credit management on the profitability of the company.(2) Identifying the problems associated with credit management in manufacturing firms.(3) To investigate the advantages of effective and efficient management of trade credit.(4) To also show how to reduce losses caused by bad debt through the use of effective and sound collection policy and procedures.(5) It is also very necessary for a firm to critically evaluate the individual account of the customers to enable it obtain the necessary creditinformation about them and to devise appropriate collection procedures for effective collection of account.(6) To examine whether the credit management principles applied by the firm is appropriate and effective.(7) To encourage staff to always be at an alert in respect of knowing who their debtors are.
1.4 FORMULATION OF RESEARCH HYPOTHESESThe following hypotheses are formulated for the purpose of this research work.Ho: Firm’s do not make some profits when trade credit questionsH1: Firm’s do make some profit when they extend credit to customers.Ho: Its credit information about customers does not help in reducing bad debt losses.H2: Its credit information about customers help in reducing bad debt losses.Ho: Firms that sale on credit to their customers do not make more sales than those who sale in cash.H3: Firm’s that sale on credit to their customers do make more sales than those who save in cash.
1.5 RESEARCH QUESTIONSBase on the problems which this research work is aimed at finding solutions to, the following questions are put forward in finding solutions to the problems.1. Does credit management have any effect on the profitability of a company?2. Can trade credit be phased out completely from a company’s business dealing?3. How can a firm enforce collection of it’s over due debts?4. Has any company through the aid of trade credit facility achieved high profit index?5. Can the liquidity and profitability objectives of the company be achieved through the use of credit facilities?
1.6 SIGNIFICANCE OF THE STUDYThis research work will be of great significance to the staff of Unilever Nigeria Plc. It will go a long way in enlightening them on the concept of credit management accounting as well as the best strategies to be adopted to monitor debts. This research work will as well be of benefit to students and researchers because it would widen their scope from the informationcontained in this research work and lastly, it will also be of help to the entire nation by also enlightening them on the importance of managing debt and finding the best possible measures in settling debts as at when due.
1.7 SCOPE OF THE STUDYThis research work on the impact of credit management on the profitability of a manufacturing firm is focused on Unilever Nigeria Plc. Aba State.
1.8 LIMITATIONS OF THE STUDYIn the course of this research work, the researcher encountered some bureaucratic problems which are very peculiar to Nigeria firms. These factors are as follows:1. Time: The time specified for submission for this research work was obviously too short and as such, was unable to go about Unilever Nigeria Plc thoroughly in carrying out this research.2. Lack of knowledgeable and sincere personnels: Some of the officials employed in most manufacturing firms including that of Unilever Nigeria Plc has no knowledge on the ways of ensuring that credit management works effectively and they are also not approachable because they place themselves on a very high esteem and even when I was opportune to interview them, there were lots of shortcomings from the basis such as deliberate distortion of facts and amongst others.3. Lack of Facilities: Research facilities such as transportation make research easy and interesting. But it is often noted that Nigeria has a poor transportation system which greatly affected me in conducting this research.
1.9 DEFINITION OF TERMS For easy comprehension of this research work, the writer intends to define the following terms:1. Accounts Receivable:This is the total sum which is being owed to Unilever Nig Plc by its customers at any particular accounting period.2. Bad debts:They are losses which are incurred by Unilever Nig Plc when some of its customers fail to pay part or all the money being owed to the firm.3. Trade credit:Is any amount for goods and or resources which remain unpaid at the time of purchase of such goods or services but which is deferred for future use.4. Liquidity:This is used to describe the assets of firms which are easily convertible to cash.5. Solvency:We use this term to express a firm’s liabilities or obligations as they fall due or simply put a state of being able to pay debts as they fall due.
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Tags: IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A Case Study Of Unilever Plc Aba, NIGERIA)
ABSTRACT
The aim of this research work is to appraise “The impact of credit management on the profitability of a manufacturing firm focused on Unilever Nigeria Plc Aba”. This is because; trade credit is a short term source of finance and sometimes take the form of bills payable. The statement problem of this research banks about the poor level of credit management and also the problems which the firms encounter as a result of high-rate of bad debts. The objective of this research study is to highlight the effects of the credit management on the profitability of the company as well as to highlight the advantages of effective and efficient management of trade credit amongst others. Furthermore, this research work will be of immense significance to the staff of Unilever Nig. Plc Aba as well as the students and the researcher since it aims at providing effective means of reducing default in collection of accounts. Also, research questions like; could a company’s liquidity problem be attributed to bad debt? On the average, how long do you allow credit to customers? Etc. research instrument used were questionnaires for the purpose of obtaining the desired result. In treating and analyzing the data collected, an extensive use of tabular information and percentages were of great importance. In the light of the findings and conclusions of this work, the following recommendations are put up: that then should be a regular review of credit policies to suit the changes in the business environment and that an enquiry unit should be established to take responsibility for prospective credit’s assessments amongst others.
TABLE OF CONTENTSTitle page Approval Page DedicationAcknowledgement Abstract Table of contents
CHAPTER ONE1.0 INTRODUCTION1.1 Background of the Study 1.2 Statement of the Problem 1.3 Objective of the Study 1.4 Formulation of Research Hypotheses 1.5 Research Questions 1.6 Significance of the Study 1.7 Scope of the Study1.8 Limitations of the Study 1.9 Definition of Terms
CHAPTER TWO2.0 LITERATURE REVIEW 2.1 Reasons for granting credit 2.2 Setting credit policy and Regulation 2.2.1 Credit Standards 2.2.2 Credit Terms 2.2.3 Collection Efforts 2.3 Credit Policy Goals 2.3.1 Optimal Credit Policy 2.4 Credit Policy Variable Analysis 2.4.1 Credit Analysis 2.4.2 Credit Scoring 2.4.3 Collection Policy and Procedures 2.4.4 Establishing Internal Collection Procedure 2.4.5 Other Collection Procedures 2.4.6 Monitoring Receivables References
CHAPTER THREE3.0 RESEARCH METHODOLOGY 3.1 Research Design 3.2 Area of Study 3.3 Sources of Data 3.4 Population of the Study 3.5 Instrument of Data Collection 3.6 Validation of the Instrument3.7 Reliability of the Instrument 3.8 Method of Data Analysis 3.9 Sample Design and Determination of Sample Size
CHAPTER FOUR4.0 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 4.1 Analysis and Interpretation of Data 4.2 Test of Hypotheses 4.3 Test of Hypothesis 1
CHAPTER FIVE5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS5.1 Summary of Findings5.2 Conclusion 5.3 Recommendations Bibliography Appendix 1 Appendix II
CHAPTER ONE
1.0 INTRODUCTION1.1 BACKGROUND OF THE STUDYCredit management is a term used to identify accounting functions usually conducted under the umbrella of accounts receivables. Essentially, this collection of processes involves qualifying the extension of credit to a customer, monitors the reception and logging of payments on outstanding invoices, the initiation of collection procedures, and the resolution of disputes or queries regarding charges on a customer invoice. When functioning efficiently, credit management serves as an excellent way for business to remain financially stable.Competent credit management seeks to not only protect the vendor from possible losses, but also protect the customer from creating more debt obligations that cannot be settled in a timely manner.Several factors are used as part of the credit management process to evaluate and qualify a customer for the receipt of some form of commercial credit. This may include; gathering data on the potential customer’s, current financial condition including the current credit score.BRIEF HISTORY OF UNILEVER NIGERIA PLC ABAUnilever Nigeria Plc is a public liability company quoted on the Nigerian stock exchange since 1973 with Nigerian’s currently having 49 percent of equity holidays established in Nigeria. Unilever Nigeria Plc started as a soap manufacturing company and is today’s one of the eldest surviving manufacturing organization in Nigeria. The company changed its name to “Unilever Nigeria Plc” in 2001.The company is into the manufacture and marketing of household toiletries and favorites which are manufactured in their various factory locations in Nigeria. This is because they are so deeply committed to meet the everyday needs of people everywhere in Nigeria. Such factors are located at Lagos, Agbara, Oregun and Aba. Its staff strength is about one thousand eight hundred (1,800) employers. They also have indirect employees like contract staff and others who range from our forty thousand employees throughout the country.The company has also made provision for assistance in fields of health, education, children welfare and potable water hygiene as part of its social responsibility programme in the Nigerian communities.Conclusively, Unilever Nigeria Plc from research has been found to be involved in both credit and cash transactions with its customers.
1.2 STATEMENT OF THE PROBLEMThere are many problems companies encounter as a result of poor credit management. Thus, the problems inherent in this research study as investigated are as follows:(1) There is a high rate of bad debts because some corporations take advantage of the credit that is extended to them and find themselves not able to pay debt later.(2) The poor level of trade credit management is reflected in the liquidity and profitability position of the firm.(3) The inability of business policy makers to certainly say how effectively, credit management other makes or mars the performance of the business in terms of profitability.(4) Furthermore, lack of experienced staff or officers to tackle onerous and vital duties of managing debts appropriately.(5) Also, limitation and inadequate training opportunities for key treasury or supporting staff.(6) Finally, failure to comply with the agreed terms of agreement with the company upon when paying the debt.
1.3 OBJECTIVE OF THE STUDYThe main objective of this study is to appraise the impact of credit management on the profitability of manufacturing firms and also providing effective means of reducing default in collection of accounts.Other objectives include the following:(1) To appraise the effects of the credit management on the profitability of the company.(2) Identifying the problems associated with credit management in manufacturing firms.(3) To investigate the advantages of effective and efficient management of trade credit.(4) To also show how to reduce losses caused by bad debt through the use of effective and sound collection policy and procedures.(5) It is also very necessary for a firm to critically evaluate the individual account of the customers to enable it obtain the necessary creditinformation about them and to devise appropriate collection procedures for effective collection of account.(6) To examine whether the credit management principles applied by the firm is appropriate and effective.(7) To encourage staff to always be at an alert in respect of knowing who their debtors are.
1.4 FORMULATION OF RESEARCH HYPOTHESESThe following hypotheses are formulated for the purpose of this research work.Ho: Firm’s do not make some profits when trade credit questionsH1: Firm’s do make some profit when they extend credit to customers.Ho: Its credit information about customers does not help in reducing bad debt losses.H2: Its credit information about customers help in reducing bad debt losses.Ho: Firms that sale on credit to their customers do not make more sales than those who sale in cash.H3: Firm’s that sale on credit to their customers do make more sales than those who save in cash.
1.5 RESEARCH QUESTIONSBase on the problems which this research work is aimed at finding solutions to, the following questions are put forward in finding solutions to the problems.1. Does credit management have any effect on the profitability of a company?2. Can trade credit be phased out completely from a company’s business dealing?3. How can a firm enforce collection of it’s over due debts?4. Has any company through the aid of trade credit facility achieved high profit index?5. Can the liquidity and profitability objectives of the company be achieved through the use of credit facilities?
1.6 SIGNIFICANCE OF THE STUDYThis research work will be of great significance to the staff of Unilever Nigeria Plc. It will go a long way in enlightening them on the concept of credit management accounting as well as the best strategies to be adopted to monitor debts. This research work will as well be of benefit to students and researchers because it would widen their scope from the informationcontained in this research work and lastly, it will also be of help to the entire nation by also enlightening them on the importance of managing debt and finding the best possible measures in settling debts as at when due.
1.7 SCOPE OF THE STUDYThis research work on the impact of credit management on the profitability of a manufacturing firm is focused on Unilever Nigeria Plc. Aba State.
1.8 LIMITATIONS OF THE STUDYIn the course of this research work, the researcher encountered some bureaucratic problems which are very peculiar to Nigeria firms. These factors are as follows:1. Time: The time specified for submission for this research work was obviously too short and as such, was unable to go about Unilever Nigeria Plc thoroughly in carrying out this research.2. Lack of knowledgeable and sincere personnels: Some of the officials employed in most manufacturing firms including that of Unilever Nigeria Plc has no knowledge on the ways of ensuring that credit management works effectively and they are also not approachable because they place themselves on a very high esteem and even when I was opportune to interview them, there were lots of shortcomings from the basis such as deliberate distortion of facts and amongst others.3. Lack of Facilities: Research facilities such as transportation make research easy and interesting. But it is often noted that Nigeria has a poor transportation system which greatly affected me in conducting this research.
1.9 DEFINITION OF TERMS For easy comprehension of this research work, the writer intends to define the following terms:1. Accounts Receivable:This is the total sum which is being owed to Unilever Nig Plc by its customers at any particular accounting period.2. Bad debts:They are losses which are incurred by Unilever Nig Plc when some of its customers fail to pay part or all the money being owed to the firm.3. Trade credit:Is any amount for goods and or resources which remain unpaid at the time of purchase of such goods or services but which is deferred for future use.4. Liquidity:This is used to describe the assets of firms which are easily convertible to cash.5. Solvency:We use this term to express a firm’s liabilities or obligations as they fall due or simply put a state of being able to pay debts as they fall due.
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
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www.easyprojectmaterials.com.ng
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www.easyprojectmaterial.net.ng
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www.nairaprojects.net
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www.uniprojects.com.ng
Tags: IMPACT OF CREDIT MANAGEMENT ON THE PROFITABILITY OF A MANUFACTURING FIRM (A Case Study Of Unilever Plc Aba, NIGERIA)
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Table of contents
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Brief Historical of the Case under study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Limitation of the study
1.7 Assumption of the study
1.8 Research Hypothesis
1.9 Definition of terms
References
CHAPTER TWO
2.1 Standard Costing and Overview
2.1.1 Characteristics of Standard Costing
2.1.2 Misconception of standard costing
2.1.3 Criticism of standard costing
2.1.4 Advantages of standard costing
2.1.5 Disadvantages of standard costing
2.2 Essential features of standard costing
2.2.1 Standard Cost Card
2.2.2 Type of Standard
2.2.3 Setting standard
2.2.4 Revision of Standard
2.3 Accounting Variance
2.4 Controllable and Uncontrollable Variance
2.5 Favourable and Unfavourable Variance
2.6 Areas Standard Costing helps in improving management efficiency
References
CHAPTER THREE
3.0 Design and Methodology
3.1 Selection of Data
3.1.1 Primary Data
3.1.2 Secondary Data
3.2 Collection of Data
3.3 Tools of data Analysis
3.4 Reliability of data
CHAPTER FOUR:
4.0 Data presentation and analysis
4.1 Presentation of data
4.2 Analysis of data
4.3 Testing Hypothesis
4.4 Interpretation of result
CHAPTER FIVE:
5.0 Summary of findings
5.1 Summaries of findings
5.2 Conclusion from the study
5.3 Recommendation
References
Bibliography
Appendices
ABSTRACT
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. Standard costs cause appraised to be made over production facilities and from management intentions and capabilities and is a first step in strength and weakness appraisal.
There also led to the preference of standard costing to other methods with the development of standard of standard costing system in 1920s, it was brought into the accounting system that total variances might be accumulated as well as detailed variances.
It is believed that standard costing helps management to plan for future, and if any justification is required for this project on the effects of standard costing on profitability’s and managerial effectiveness of a manufacturing industries.
Firstly, the financial management should penetrate into every cranny of the enterprise and indoctrinate all management in their working habits. Secondly, cost should be given the maximum attention while emphasis on the effects.
Finally, since revenue less cost gives balance profit, the profit should be increase as it is what industry is aiming at.
CHAPTER ONE
INTRODUCTION
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard costing as a tool for either improves or not improving profitability and managerial effectiveness. Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information. Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented.
One of the earlier attempt at costing was by James Dodson. He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others.
These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing to other method. With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.
1.1 BRIEF HISTORICAL BACKGROUNDS:
Ferdinand Industries Nigeria Ltd is a company used in this study. This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975. The management of industries is made up of:
(i) Executive Directors
HOW TO GET THE FULL PROJECT WORK
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HOW TO RECEIVE PROJECT MATERIAL(S)
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08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Table of contents
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Brief Historical of the Case under study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Limitation of the study
1.7 Assumption of the study
1.8 Research Hypothesis
1.9 Definition of terms
References
CHAPTER TWO
2.1 Standard Costing and Overview
2.1.1 Characteristics of Standard Costing
2.1.2 Misconception of standard costing
2.1.3 Criticism of standard costing
2.1.4 Advantages of standard costing
2.1.5 Disadvantages of standard costing
2.2 Essential features of standard costing
2.2.1 Standard Cost Card
2.2.2 Type of Standard
2.2.3 Setting standard
2.2.4 Revision of Standard
2.3 Accounting Variance
2.4 Controllable and Uncontrollable Variance
2.5 Favourable and Unfavourable Variance
2.6 Areas Standard Costing helps in improving management efficiency
References
CHAPTER THREE
3.0 Design and Methodology
3.1 Selection of Data
3.1.1 Primary Data
3.1.2 Secondary Data
3.2 Collection of Data
3.3 Tools of data Analysis
3.4 Reliability of data
CHAPTER FOUR:
4.0 Data presentation and analysis
4.1 Presentation of data
4.2 Analysis of data
4.3 Testing Hypothesis
4.4 Interpretation of result
CHAPTER FIVE:
5.0 Summary of findings
5.1 Summaries of findings
5.2 Conclusion from the study
5.3 Recommendation
References
Bibliography
Appendices
ABSTRACT
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. Standard costs cause appraised to be made over production facilities and from management intentions and capabilities and is a first step in strength and weakness appraisal.
There also led to the preference of standard costing to other methods with the development of standard of standard costing system in 1920s, it was brought into the accounting system that total variances might be accumulated as well as detailed variances.
It is believed that standard costing helps management to plan for future, and if any justification is required for this project on the effects of standard costing on profitability’s and managerial effectiveness of a manufacturing industries.
Firstly, the financial management should penetrate into every cranny of the enterprise and indoctrinate all management in their working habits. Secondly, cost should be given the maximum attention while emphasis on the effects.
Finally, since revenue less cost gives balance profit, the profit should be increase as it is what industry is aiming at.
CHAPTER ONE
INTRODUCTION
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard costing as a tool for either improves or not improving profitability and managerial effectiveness. Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information. Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented.
One of the earlier attempt at costing was by James Dodson. He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others.
These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing to other method. With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.
1.1 BRIEF HISTORICAL BACKGROUNDS:
Ferdinand Industries Nigeria Ltd is a company used in this study. This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975. The management of industries is made up of:
(i) Executive Directors
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Table of contents
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Brief Historical of the Case under study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Limitation of the study
1.7 Assumption of the study
1.8 Research Hypothesis
1.9 Definition of terms
References
CHAPTER TWO
2.1 Standard Costing and Overview
2.1.1 Characteristics of Standard Costing
2.1.2 Misconception of standard costing
2.1.3 Criticism of standard costing
2.1.4 Advantages of standard costing
2.1.5 Disadvantages of standard costing
2.2 Essential features of standard costing
2.2.1 Standard Cost Card
2.2.2 Type of Standard
2.2.3 Setting standard
2.2.4 Revision of Standard
2.3 Accounting Variance
2.4 Controllable and Uncontrollable Variance
2.5 Favourable and Unfavourable Variance
2.6 Areas Standard Costing helps in improving management efficiency
References
CHAPTER THREE
3.0 Design and Methodology
3.1 Selection of Data
3.1.1 Primary Data
3.1.2 Secondary Data
3.2 Collection of Data
3.3 Tools of data Analysis
3.4 Reliability of data
CHAPTER FOUR:
4.0 Data presentation and analysis
4.1 Presentation of data
4.2 Analysis of data
4.3 Testing Hypothesis
4.4 Interpretation of result
CHAPTER FIVE:
5.0 Summary of findings
5.1 Summaries of findings
5.2 Conclusion from the study
5.3 Recommendation
References
Bibliography
Appendices
ABSTRACT
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. Standard costs cause appraised to be made over production facilities and from management intentions and capabilities and is a first step in strength and weakness appraisal.
There also led to the preference of standard costing to other methods with the development of standard of standard costing system in 1920s, it was brought into the accounting system that total variances might be accumulated as well as detailed variances.
It is believed that standard costing helps management to plan for future, and if any justification is required for this project on the effects of standard costing on profitability’s and managerial effectiveness of a manufacturing industries.
Firstly, the financial management should penetrate into every cranny of the enterprise and indoctrinate all management in their working habits. Secondly, cost should be given the maximum attention while emphasis on the effects.
Finally, since revenue less cost gives balance profit, the profit should be increase as it is what industry is aiming at.
CHAPTER ONE
INTRODUCTION
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard costing as a tool for either improves or not improving profitability and managerial effectiveness. Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information. Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented.
One of the earlier attempt at costing was by James Dodson. He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others.
These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing to other method. With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.
1.1 BRIEF HISTORICAL BACKGROUNDS:
Ferdinand Industries Nigeria Ltd is a company used in this study. This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975. The management of industries is made up of:
(i) Executive Directors
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Table of contents
Abstract
CHAPTER ONE: INTRODUCTION
1.1 Brief Historical of the Case under study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Scope of the study
1.6 Limitation of the study
1.7 Assumption of the study
1.8 Research Hypothesis
1.9 Definition of terms
References
CHAPTER TWO
2.1 Standard Costing and Overview
2.1.1 Characteristics of Standard Costing
2.1.2 Misconception of standard costing
2.1.3 Criticism of standard costing
2.1.4 Advantages of standard costing
2.1.5 Disadvantages of standard costing
2.2 Essential features of standard costing
2.2.1 Standard Cost Card
2.2.2 Type of Standard
2.2.3 Setting standard
2.2.4 Revision of Standard
2.3 Accounting Variance
2.4 Controllable and Uncontrollable Variance
2.5 Favourable and Unfavourable Variance
2.6 Areas Standard Costing helps in improving management efficiency
References
CHAPTER THREE
3.0 Design and Methodology
3.1 Selection of Data
3.1.1 Primary Data
3.1.2 Secondary Data
3.2 Collection of Data
3.3 Tools of data Analysis
3.4 Reliability of data
CHAPTER FOUR:
4.0 Data presentation and analysis
4.1 Presentation of data
4.2 Analysis of data
4.3 Testing Hypothesis
4.4 Interpretation of result
CHAPTER FIVE:
5.0 Summary of findings
5.1 Summaries of findings
5.2 Conclusion from the study
5.3 Recommendation
References
Bibliography
Appendices
ABSTRACT
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. Standard costs cause appraised to be made over production facilities and from management intentions and capabilities and is a first step in strength and weakness appraisal.
There also led to the preference of standard costing to other methods with the development of standard of standard costing system in 1920s, it was brought into the accounting system that total variances might be accumulated as well as detailed variances.
It is believed that standard costing helps management to plan for future, and if any justification is required for this project on the effects of standard costing on profitability’s and managerial effectiveness of a manufacturing industries.
Firstly, the financial management should penetrate into every cranny of the enterprise and indoctrinate all management in their working habits. Secondly, cost should be given the maximum attention while emphasis on the effects.
Finally, since revenue less cost gives balance profit, the profit should be increase as it is what industry is aiming at.
CHAPTER ONE
INTRODUCTION
The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. The standard costing as a tool for either improves or not improving profitability and managerial effectiveness. Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information. Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented.
One of the earlier attempt at costing was by James Dodson. He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others.
These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing to other method. With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.
1.1 BRIEF HISTORICAL BACKGROUNDS:
Ferdinand Industries Nigeria Ltd is a company used in this study. This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975. The management of industries is made up of:
(i) Executive Directors
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5000) into our bank Account below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) immediately we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
HOW TO IDENTIFY SCAM/FRAUD
As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.
But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.
Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.
No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner
CAUTION/WARNING
Please, DO NOT COPY any of our materials on this website WORD-TO-WORD. These materials are to assist, direct you during your project. Study the materials carefully and use the information in them to develop your own new copy. Copying these materials word-to-word is CHEATING/ ILLEGAL because it affects Educational standard, and we will not be held responsible for it. If you must copy word-to-word please do not order/buy.
That you ordered this material shows you have agreed not to copy word-to-word.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
Visit any of my project websites below:
www.easyprojectmaterials.com
www.easyprojectmaterials.com.ng
www.easyprojectmaterial.net
www.easyprojectmaterial.net.ng
www.easyprojectsolutions.com
www.worldofnolimit.com
www.worldofnolimit.com
www.nairaproject.com.ng
www.nairaprojects.com.ng
www.nairaproject.net
www.nairaprojects.net
www.uniproject.com.ng
www.uniprojects.com.ng
Tags: NIGERIA), THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE
