AN IMPACT ASSESSMENT OF INVENTORY MANAGEMENT AND CONTROL ON PROFITABILITY OF TOP CHOICE BAKERY MAKURDI

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PROJECT TOPIC AND MATERIAL ON AN IMPACT ASSESSMENT OF INVENTORY MANAGEMENT AND CONTROL ON PROFITABILITY OF TOP CHOICE BAKERY MAKURDI

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• Name: AN IMPACT ASSESSMENT OF INVENTORY MANAGEMENT AND CONTROL ON PROFITABILITY OF TOP CHOICE BAKERY MAKURDI
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ABSTRACT

The study was carried out to assess the impact of Inventory Management and Control on Profitability of Top Choice Bakery Makurdi – Benue State, Nigeria. The objectives in the study were; (i) to assess the impact of Inventory Management and Control on relative cost of Top Choice Bakery, (ii) to assess the impact of Inventory Management and Control on efficiency of Top Choice Bakery, (iii) to assess the impact of Inventory Management and Control on competitive strength of Top Choice Bakery, (iv) to assess the impact of Inventory Management and Control on product price of Top Choice Bakery, and (v) to assess the impact of Inventory Management and Control on demand of Top Choice Bakery.  The researcher used relative cost,  efficiency, competitive strength, price, and demand as the factors that affect profitability of the company.  Primary data was collected through the administration of close ended Questionnaire in the two Departments of the company. 60 copies of Questionnaire were issued and 59 copies were returned. However, only 58 copies were used for analysis because 1 copy was spoilt.   A simple sample survey technique was adopted for this research. Employees in the two Departments were sampled. The sample size for the study was sixty (60) while the population is seventy (70). Primary data was collected and analyzed using Pearson correlation analysis. The researcher used SPSS for data analysis. The result of the study shows that Inventory Management and Control has a positive significant impact relationship on efficiency, relative costs, competitive strength, product price and demand. Therefore, it was concluded and recommended that the Management of Top Choice Bakery and other organizations should: (i) emphasize cost minimization through inventory management, (ii) pay attention to efficiency in managing it holdings, (iii) recognized that they are operating with several competitors and should try to outweigh them, (iv) deploy relative pricing to encourage patronage in order to maximize sales and (v) treat Inventory Management and Control as a driver of organization’s Profitability.

TABLE OF CONTENTS

Title page ………………………………………………………………………………………i

Declaration ……………………………………………………………………………………ii

Certification …………………………………………………………………………………..iii

Dedication …………………………………………………………………………………….iv

Acknowledgment ………………………………………………………………………………v

Table of Contents………………………………………………………………………………ix

List of Figures………………………………………………………………………………….x

List of Tables ………………………………………………………………………………….xi

Abstract ……………………………………………………………………………………….xii

CHAPTER ONE

INTRODUCTION

• Background to the Study ………………………………………………………………1
• Statement of the Problem ……………………………………………………………..10
• Objectives of the Study ………………………………………………………………..12
• Research Questions………………………………………………………………………12
• Research Hypotheses …………………………………………………………………..13
• Significance of the Study ………………………………………………………………14
• Scope of the Study ……………………………………………………………………..14
• Limitations of the Study ……………………………………………………..………….14
• Definition of Operational Terms ……………………………………………..………..15
• Background of the Study Area………………………………………………..………..16

CHAPTER TWO

REVIEW OF RELATED LITERATURE

CONCEPTUAL FRAME WORK

2.1       Introduction ……………………………………………………………………..….…..17

2.2       Concept of Inventory …………………………………………………………….…….18

2.2.1    Nature of Inventory ……………………………………………………………………18

2.2.2    Types of Inventory……………………………………………………………………..20

2.2.3    Reasons for Holding Inventory by Organizations……………………………..……….21

2.2.4    Cost Associated with Inventory ……………………………………………………….25

2.3        Inventory Management and Control…………………………………………………..26

2.3.1    Objectives of Inventory Management and Control ……………………………………27

2.3.2    Benefits of Inventory Management and Control ………………………………………27

 2.3.3   Techniques of Inventory Management and Control ……………………………………28

2.3.4    Inventory Management and Control Terminology ……………………………………..30

2.3.5    Inventory Management and Control Models ……………………………………………34

2.3.6    Inventory Control Systems ……………………………………………………………..36

2.3.7    Inventory Control Levels…………………………………………………………………37

2.3.8    Inventory Valuation Methods………………………………………………………………………………..37

2.4      Concept of Profitability …………………………………………………………………..39

2.4.1    Profit and Profitability …………………………………………………………………..41

2.4.2    Profitability Indicators and Measurement……………………………………………….43

2.5       Empirical Studies ………………………………………………………………………..43

CHAPTER THREE

RESEARCH METHODOLOGY

3.1       Introduction ………………………………………………………………………….47

3.2       Research Design ……………………………………………………………………..47

3.2.1    Population of the Study ……………………………………………………………..48

3.2.2    Sample of the Study …………………………………………………………………48

3.3       Sources of Data ………………………………………………………………………49

3.4       Method of Data Collection …………………………………………………………..50

3.5       Validity and Reliability ………………………………………………………………50

3.6       Techniques of Data Analysis …………………………………………………………51

CHAPTER FOUR

DATA PRESENTATION, ANALYSIS AND FINDINGS

4.1       Introduction ……………………………………………………………………………..52

4.2       Data Presentation and Analysis ……………………………………………………….52

4.3       Test of Hypotheses ……………………………………………………………………..59

4.4       Discussion of Findings …………………………………………………………………63

CHAPTER FIVE

SUMMARY CONCLUSION AND RECOMMENDATIONS

5.1       Summary of Findings ………………………………………………………………….66

5.2       Conclusion ………………………………………………………………………………67

5.3       Recommendations ………………………………………………………………………68

5.4       Suggested Areas for Further Studies ……………………………………………………69

Bibliography

Appendix   

LIST OF FIGURES

Fig 2.2.4          Carrying cost curve …………………………………………………………23

Fig 2.3.3          ABC Classification analysis graph…………………………………………28

Fig 2.3.5          Graphical representation of EOQ …………………………………………..33

Fig 2.3.6          Fixed order quantity ………………………………………………………..35

CHAPTER ONE

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