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IMPORTANCE OF PRODUCTION PLANNING AND
INVENTORY CONTROL IN AN ORGANIZATION
ABSTRACT
Verily
the idea of production generally dates back to the ancient days/times when human
being concerned most production systems, beginning with the family and craft
system which involves into the factory system culminating in mass production
lines and the automation concept. This productivity system are unique
inventions of mankind. They are mean of which we create an endless list of
goods and services needed for sustained modern society. Consequently,
production planning and inventory control in an organization is basically aimed
at establishing the significance of the subject matter organizations
performance relating to the production process production control and planning
inventory control. This is consistently relevant activity in production.
Marketing and finance department in the organization toward achieving its
objectives.
CHAPTER ONE
INTRODUCTION
1.1 Background
of the Essay
This essay is aimed at establishing the importance
of production planning and inventory control in an organization with particular
emphasis in the consideration on what the subject matter production planning,
inventory control is all about to be emphasis in the introduction of the essay.
Basically, production refers to the transformation
of raw materials into output, while production planning on the other hands is
the determination of the production operation in a manufacturing unit.
Inventory technique is an internal control system
that serves to ensure the maintenance of adequate inventory level in an
organization. Moreover, inventory control represents the major capital
investment in an organization.
The inventories in an organization function or
stock record keepings stocks therefore can be seen as finished goods reader for
sales. The importance of production planning and inventory control in an
organization is to feed the organization with information about the stock of
the organization in other to safeguard the organization from the risk of obsolesce
of excess purchases of raw materials, it also ensure that the needed raw
materials for production operation is constantly viewed or verified to meet the
production. It also serves as a basis of which the purchasing as the stock
inventory control will provide information about stock that are excess and
those are by specification i.e. those are where the organization will likely be
running of stocks.
Inventory Control in an organization is an
important aspect in the daily life of an organization. This is because
inventory control enhances organizational progress. The existing problem in
this stock inventory control which instigate this standing to my point of view
indirections. That is, it may be too large or too small so if it is large
relative to it, the cost of carrying the inventory control will be equally
higher than it needs be, while if it is too small, the cost of controlling the
inventory will be small. Consequently, the inventory carrying cost include cost
include such things as interest on the inventory management, handing cost
depreciation and obsolesce.
1.2 Statement
of the Problem
The basic significant statement of the essay is
aimed at bringing a clear picture and transparent understanding of the essay “Production Planning and Inventory Control in
an Organization”, it also embraces the problem facing the production
sector, types of production and production planning methods of controlling
inventories in an organization.
Furthermore, this essay entails all the necessary
inventory techniques available in the management of inventories before and
after being stored in the organization and the policies or scheme that will
regulate the production activities in the organization.
1.3 Limitation
of the Study
In undertaking an academic study, the research is
often constrained by many factors ranging from inadequate facilities, this
research is not an exemption.
1.
There is infact
information which could have helped the researcher in portraying the topic in a
wider perspective but due to what some of the management staff of this company
termed as “top secret policies” the researcher was limited to make the maximum use
of the little information available to him.
2.
Respondents’
unwillingness to respond to questions also posed some problem. Some of them had
little or no spare time, while others still claimed that they do not understand
the questions.
3.
Lastly, some of the respondents
showed a general lack of interest in supply appropriate answers to the
questions drawn.
1.4 Definition
of Terms
Inventory
Control
Inventory control is designed to support the
requisition processing, inventory management, purchasing and physical inventory
reconciliation function of inventory management through a set of highly
interactive capabilities, the design of inventory control is based on the
following key objectives:
a.
To provide information
on the availability of stocked items and the status of stoked requisition.
b.
To facilitate timely
requisition.
c.
To automatically
record and service back orders.
d.
To help minimize
inventory management consistent with service objective by passing purchasing
decision on usage history.
Inventory is the stock of any item or resource used
in an organization. Inventory can exist raw material goods products, component
parts, supplier and work in process organization keep inventory for a number of
reason including of maintaining independent of operations to meet, the variation
in product demand to allow flexibility in the production scheduling to provide
a safeguard to variation in raw materials delivery time and to take advantage
of economic purchases and order size cost association with inventory include
holding or carrying cost set up or ordering cost and shortage order quantity of
fixed time period in the fixed order quantity model the same amount of
inventory is replenished in each order period. Necessary assumptions include
demand is know constant and uniform throughout a period lead times is constant
and the price per unit and ordering cost are constant.
Mismanagement of Inventory Record
This is a situation where the stock official fails
to take care of their responsibility of managing and controlling record of raw
materials and finished goods the ability of manager and control stock of
inventory has been tremendously affecting production in an organization.
Different Methods of Inventory Control and
Production Planning
Production planning and inventory control has no
universal method of planning and production operation and control of
inventories.
However, inventory control differs from
organization to organization mainly based on the king of production activities
involve in the organization. Most firm adopts the scheme that will favour the
operation.
Stock Control
A stock control system should keep you aware of the
quantity of each kind of merchandize on hand. An effective system will provide
you with a guide for what brand it will reduce the number of cost sales
resulting from being out of stock of merchandize is popular demand. The system
will also locate slow selling articles and help indicated. Locate change in
customer preference. The size of your establishment and the number of people
employed are determine factor in devising an effective stock control plan can
keep control by observation.
Production Planning
Is a border area between management economic
(specially manufacturing economy), mechanical engineering, industrial engineer
nature and in particular the economical informatics. It is occupied with the
operational temporal quantitative and even if necessarily planning, control and
coherently with the administration of all procedures, which are necessary with
the production of goods and goods, production planning can be divided into two
(2) sub range:
a)
Production program planning
b)
Material requirement
planning
a)
Production Program
Planning: In production program planning
(also primary requirement planning) kind of quantity and manufacturing dates of
the finished product (primary requirements) are specified.
b)
Material Requirement
Planning: It is requirement how the
quantity unit at intermediate products and raw materials are needed for the
covering of primary requirement.
Sequence
Planning
During the detailed planning one specifies, which
machines are assigned to certain orders. Short term task of the production
control are to be seen particularly in connection with short term change in
order capacity reality.
1.5 Scope
of the Study
Production Planning and Inventory Control being a
complex and dynamic concept has a wide area of coverage so it is clear that
research of this nature cannot hold without problem. As such this work is
limited to the area that are relevant to the problem under investigation that
is effective production planning and inventory control in an organization.
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