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SIKKIM MANIPAL UNIVERSITY MBA OPERATION PROJECT REPORT SAMPLE AT PROJECTHELPLINE.IN

    

 PROJECT REPORT

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“ANALYTICAL STUDY ON INVENTORY MANAGEMENT & CONTROL INTEX TECHNOLOGIES INDIA LIMITED”

 

UNDER SUPERVISION OF:

……………                                               

SUBMITTED BY:

NAME:…………………

ROLL NO. : ………….

 

Submitted in partial fulfillment of the requirements for qualifying

Master of Business Administration

In

OPERATION MANAGEMENT

MAY, 2017

 

BONAFIDE CERTIFICATE

This is to certify that the project titled “ANALYTICAL STUDY ON INVENTORY MANAGEMENT & CONTROL INTEX TECHNOLOGIES INDIA LIMITED” is an original work of the Student and is being submitted in partial fulfillment for the award of the “MASTERS OF BUSINESS ADMINISTRATION (OPERATION MANAGEMENT) of SIKKIM MANIPAL UNIVERSITY.   This report has not been submitted earlier either to this University or to any other University/Institution for the fulfillment of the requirement of a course of study.

 

SIGNATURE OF SUPERVISOR                                                                  SIGNATURE OF STUDENT       

Place:                                                                                                                                   Place:

Date : :                                                                                                                                 Date : :   

         
ACKNOWLEDGEMENT

With Candor and Pleasure I take opportunity to express my sincere thanks and obligation to my esteemed guide ……………….. It is because of his able and mature guidance and co-operation without which it would not have been possible for me to complete my project.

It is my pleasant duty to thank all the staff member of the computer center who never hesitated me from time during the project.

Finally, I gratefully acknowledge the support, encouragement & patience of my family, and as always, nothing in my life would be possible without God, Thank You!

NAME:…………………….

ROLL  NO. : ……………..

 

 

DECLARATION

I hereby declare that this project work titled “ANALYTICAL STUDY ON INVENTORY MANAGEMENT & CONTROL INTEX TECHNOLOGIES INDIA LIMITED” is my original work and no part of it has been submitted for any other degree purpose or published in any other from till date.

NAME:………………………

ROLL  NO. : ……………..

 

 

ABSTRACT

Inventory Management system provides information to efficiently manage the flow of materials, effectively utilize people and equipment, coordinate internal activities and communicate with customers. Inventory Management does not make decisions or manage operations; they provide the information to managers who make more accurate and timely decisions to manage their operations. The following issues and challenges faced in industry stimulate me to go for study the existing inventory management system so that effective implementation can be possible. A common problem with an inventory system design is a failure to include methods for cross-referencing the locations of inventory items. Just as it’s vital for a system to show what’s in stock, it’s also vital for a system to identify locations. Misplaced, lost or stolen inventory items can lead to increase labor and inventory costs and reduced profitability. Integrating demand planning and inventory planning a training user of demand planning and inventory management software. Change management: Dumping those old spreadsheets and paper and standardizing data. Choosing just the demand planning and inventory management modules that suit your business.


TABLE OF CONTENT

 TOPIC                                                                                                             

Bonafide Certificate………………………………………………………2

Acknowledgement……………………………………………………….3

Declaration……………………………………………………………….4

Abstract…………………………………………………………………..5

Title of the Project………………………………………………………..7

  1. Introduction …………………………………………………………….8
  2. Review of literature…………………………………………………….37
  3. Objectives and Scope of Study….……………………………………50
  4. Research Methodology……………………………………………….52
  5. Data Analysis and Interpretation..……………………………..……56
  6. Findings of the study.…………………………………..…….……..….69
  7. Conclusion and Limitations of the study..……………….…………….72

References………………………………………………………………….75

APPENDIX

Questionnaire…………………………………………………….………. 79

 

TITLE OF THE PROJECT

“ANALYTICAL STUDY ON INVENTORY MANAGEMENT & CONTROL INTEX TECHNOLOGIES INDIA LIMITED”

 

CHAPTER -1

INTRODUCTION TO THE STUDY

 

Controlling Inventories:

 

Determining Inventory Costs:

 

The costs that need to be included in the total inventory carrying cost are:

Storage space costs. These include taxes on land and buildings; insurance on buildings; depreciation on buildings and warehouses owned; rent (if paid); materials for repairs and maintenance on buildings; utilities; and janitor, watchman, and maintenance costs.

Handling costs. These include depreciation on equipment; fuel for equipment; maintenance and repair of equipment and insurance and taxes on equipment.

Risk costs on inventory. These include insurance on inventory; obsolescence of inventory; physical deterioration of inventory; pilferage; and losses resulting from inventory price declines.

Inventory service costs. These include taxes on inventory; labor costs of handling and maintaining stock clerical costs for inventory records; contribution to Social Security by employer based on prorated time devoted to inventories by employees; unemployment compensation insurance based on prorated time of “inventory involved” personnel; employer contribution to pension plans, and group life, health, and accident insurance programs based on prorated time of “inventory involved” personnel; and an appropriate proportionate share for administrative overhead, including all taxes, Social Security, pension, and employer contributions to insurance programs for administrative personnel who are involved.

Capital costs. These include interest on money invested in inventory; interest on money invested in inventory handling and control equipment; and interest on money invested in land and buildings to store inventory (if land and buildings are owned).

Cost summary. The information about the hypothetical company that follows shows how a manager can develop a better understanding of how he can use the knowledge he has about inventory holding costs to make better management decisions.

Inventory Management Systems is a key instrument for businesses when tracking their inventory. Typically, Inventory Management Systems are used by firms that either sell a product or manufacture a product for purposes of accounting for all the tangible goods that allow for a sale of a finished product, or parts for making a product. The size and volume of a firm help dictate whether or not a firm is in need of such a system as they can be quite extensive and costly. Large firms that have thousands of components must have a system in place for the primary objective of tracking their assets. There are three main reasons why an Inventory Management System is needed such as timing/lead time, forecasting, and utilizing economies of scale

The Inventory Management System is no different from any other information system in that there are factors that make it successful. The basis for this report is premised on the five components as outlined in our book. These five critical components are hardware, software, data, procedures and people. As these factors are discussed throughout the next several sections it becomes evident that they are contingent upon one another, and frankly will not function efficiently without the other.

 

Hardware

Hardware is defined as, “the mechanical equipment necessary for conducting an activity, usually distinguished from the theory and design that make the activity possible.” Computer hardware includes all physical equipment that enables computers to function that consist of the mechanical, magnetic, electronic, and electrical devices comprising a computer system, as the CPU, disk drives, keyboard, or screen.

Online inventory management systems require additional hardware components than just a basic computer. First, and most importantly, a main server that houses a database is required to store the data so that information can be provided universally to all the work systems. The information can be accessed and changed by an individual, and then the updated information will be reflected in the main database for everyone to see. Individual work stations are also a necessary hardware component of inventory management systems. Work stations include computers that are compatible with the inventory management software, and they connect to the main server to access the database. Employees input data into their workstations to update the main database. Also employees, if allowed, can access information from the main database from their workstation. This can be a useful tool to quickly check inventory levels to assist with customer service inquiries.

In addition to the necessary hardware components, there are many additional hardware pieces that can be used to help with the efficiency of the system. For example, a bar code scanner can be used to scan in/out inventory and then the transaction will immediately reflected in the system. While this hardware accessory is not required, it is much more efficient then updating the inventory levels manually. Bar code scanners can also be incorporated into a Personal Data Assistant, also known as a PDA. A PDA is a useful portable, hardware tool that is a handheld computer device. The system can incorporate a PDA as a smaller workstation because it can access information from the database, and add information to the database. A PDA with a bar code scanner is a convenient tool because when inventory is scanned, data can be directly inputted into the system while on the go. The PDA barcode scanner can be useful for a large store’s employee to carry with them. They could check inventory levels for customers, and get product information without having to sit at an anchored workstation.

 

Software

A main part in implementing an Inventory Management System is the component of software. Software is the instruction for hardware that is on the computer side of the five-component framework of developing and using an information system. The system usually runs on a remote server and then the data is delivered to clients via the internet. A software solution has a flexible scalability so as the business grows, so can the inventory control solution.

Today, there are many different types of software solutions that are available to assist in managing inventory within a firm. Before being able to utilize a system efficiently there are many factors that need careful consideration. The goal for the firm should be mapped out by both management and employees so that everyone understands the results they are hoping to get with the inventory control solution. There are a few ways to go about implementing the system.

First, realize that the reason the firm needs to implement a new system is to help the people in the business achieve their goals and objectives. Although the software solutions will be able to run substantial amounts of data through different reports and analyses, the firm must understand what exactly the software solution will need to do for them to help the business grow and be successful. If the business does not realize the need for inventory management and fail to recognize that using a software program will help them keep track of their numbers and forecast production, then it will be of little use to them overall.

Second, after mapping and thinking about how the software solution should organize the data, there should be a large amount of investigation of all the various inventory control systems that are available. Many companies offer demos to the business to help them try it and see if it will fulfill their inventory control needs. The demos will show them all the different reports that can be done, as well as, get the users familiar with the technology and see if it is something that they feel everyone could understand and use. There are different costs associated with every different software company. The most common pricing is per user that will be needed. Some software solutions offer a flat price for unlimited users, and other charge a specific price depending upon how many users there will be.

Third, sometimes it is necessary for the firm to contact and hire an inventory control software specialist to help integrate the system and data once the software is chosen. If management does not feel comfortable with training the employees and/or there are not enough resources to properly train all the employees on how to use the inventory control software, it is in the firms best interest to spend a little more to help implement the system properly. There are a number of reasons for this decision, and the main reason should be that because the employees are the most important component. It is mandatory for the firm to be confident that their employees will be able to use the system. If their employees and users do not know how to use the system, then the cost of the system and the implementation will be of no value to the firm. If they have this great inventory control solution but no one knows how to run reports or use it to manage the inventory levels, then it would be cheaper and just as good for the firm to have not implemented to system in the first place.

Furthermore, it is absolutely necessary to make sure that all employees have the proper training and knowledge of the system and all the aspects of how to successfully utilize all the features. Once the employees are confident with the software, this will help the business benefit and should help them reach all their goals and objectives. Technology and trends are constantly changing in today’s market, and for this reason there are continuously new and improved systems available to firms. It is the firm’s responsibility to stay in touch with the ever changing technologies to make sure they are benefiting the most from the software they have in place. A few different options that are available on the market today are: Oracle, Fish Bowl Inventory, Smart Turn, and Enterprise Suite Solutions.

 

Data

Data obtained through an Inventory Management System is truly valuable information. Data for this type of system provides several benefits for the company, and its vendors. In the business world, it is extremely important to ensure that a company is cognizant of inventory so that opportunities are not missed for sales. Regardless of what type of information a person or business is trying to compile, it can be quit cumbersome. It is equally as important to know how to utilize the data so that a company can be better off.

Knowledge of current inventory levels is instrumental to a company being able to compete in the market. If the demand for their product is more than the supply, they are losing out on additional sales, and potentially losing future business from those customers, which affect the survival of some companies. On the other hand, if supply is greater than demand, a company will be sitting on too much inventory which leads to spoilage of products, outdated goods, and ties up capital or increases exposure in terms of credit/loan payments. Inventory Management Systems assist businesses with the checks and balances of their stock in that it assures the entity that every item is identified, and accounted for in the accounting department. The real big companies have actual full-time employees that manage this data full-time…it is that important.

Beyond the recording of current inventory levels, the Inventory Management System helps with other areas such as monitoring trends. As previously mentioned, it is important for a business to have an accurate amount of stock in hand to get the best of both worlds in not running out of supply and not having too much on hand. The ability to track trends is an intangible asset because businesses can study what customers like, and what they don’t like. Are there more sales on the weekend as opposed to the week? Does a company’s product cater to men, women, young adults, and adults? We see that an Inventory Management System extends outside of just inventory levels. It can help in identifying certain trends so that a company can work with their operations management, and marketing management to tailor specifically to their customers’ desires.

Reviewing these trends, habits, and patterns will allow companies to forecast their inventory. Forecasting inventory is predicating what the demand of the product is going to be in the future, and this is extremely difficult to do since no one really has that crystal ball. However, this will allow a company and its vendors to make sure that they are maximizing their sales opportunities, allocating their capital and resources appropriately, and many other aspects of their business. This information is just as important to their vendors as it is them.

It was interesting to see that many of the businesses that we visited with utilized a very elementary tracking and monitoring system for their inventory. The businesses that did were of course the larger companies, and they utilized high tech Inventory Management System programs. The procedures will be discussed later, but it was interesting that most of the small, medium, and even two companies based their forecasting on the year priors performance. Some would utilize excel to track inventory, others would use access, but only a few would rely on an actual program to predict inventory needs based on criteria such as past performance, determining peak times, and what products are more popular in certain areas.

It was interesting to see that many of the businesses that we visited with utilized a very elementary tracking and monitoring system for their inventory. The businesses that did were of course the larger companies, and they utilized high tech Inventory Management System programs. The procedures will be discussed later, but it was interesting that most of the small, medium, and even two companies based their forecasting on the year priors performance. Some would utilize excel to track inventory, others would use access, but only a few would rely on an actual program to predict inventory needs based on criteria such as past performance, determining peak times, and what products are more popular in certain areas.

 

Inventory Control Records

Inventory control records are essential to making buy-and-sell decisions. Some companies control their stock by taking physical inventories at regular intervals, monthly or quarterly. Others use a dollar inventory record that gives a rough idea of what the inventory may be from day to day in terms of dollars. If your stock is made up of thousands of items, as it is for a convenience type store, dollar control may be more practical than physical control. However, even with this method, an inventory count must be taken periodically to verify the levels of inventory by item.

Perpetual inventory control records are most practical for big-ticket items. With such items it is quite suitable to hand count the starting inventory, maintain a card for each item or group of items, and reduce the item count each time a unit is sold or transferred out of inventory. Periodic physical counts are taken to verify the accuracy of the inventory card.

Out-of-stock sheets, sometimes called want sheets, notify the buyer that it is time to reorder an item. Experience with the rate of turnover of an item will help indicate the level of inventory at which the unit should be reordered to make sure that the new merchandise arrives before the stock is totally exhausted.

Open-to-buy records help to prevent ordering more than is needed to meet demand or to stay within a budget. These records adjust your order rate to the sales rate. They provide a running account of the dollar amount that may be bought without departing significantly from the pre- established inventory levels. An open-to-buy record is related to the inventory budget. It is the difference between what has been budgeted and what has been spent. Each time a sale is made, open-to-buy is increased (inventory is reduced). Each time merchandise is purchased; open-to-buy is reduced (inventory is increased). The net effect is to help maintain a balance among product lies within the business, and to keep the business from getting overloaded in one particular area.

Purchase order files keep track of what has been ordered and the status or expected receipt date of materials. It is convenient to maintain these files by using a copy of each purchase order that is written. Notations can be added or merchandise needs updated directly on the copy of the purchase order with respect to changes in price or delivery dates.

Supplier files are valuable references on suppliers and can be very helpful in negotiating price, delivery and terms. Extra copies of purchase orders can be used to create these files, organized alphabetically by supplier, and can provide a fast way to determine how much business is done with each vendor. Purchase order copies also serve to document ordering habits and procedures and so may be used to help reveal and/or resolve future potential problems.

Returned goods files provide a continuous record of merchandise that has been returned to suppliers. They should indicate amounts, dates and reasons for the returns. This information is useful in controlling debits, credits and quality Issues.

Price books, maintained in alphabetical order according to supplier, provide a record of purchase prices, selling prices, markdowns, and markups. It is important to keep this record completely up to date in order to be able to access the latest price and profit information on materials purchased for resale.

 

Controlling Inventory

Controlling inventory does not have to be an onerous or complex proposition. It is a process and thoughtful inventory management. There are no hard and fast rules to abide by, but some extremely useful guidelines to help your thinking about the subject. A five step process has been designed that will help any business bring this potential problem under control to think systematically thorough the process and allow the business to make the most efficient use possible of the resources represented. The final decisions, of course, must be the result of good judgment, and not the product of a mechanical set of formulas.

 

STEP 1: Inventory Planning

STEP 2: Establish order cycles

STEP 3: Balance Inventory Levels

STEP 4: Review Stocks

STEP 5: Follow-up and Control

 

 

 

 

COMPANY OVERVIEW

 

VISION AND MISSION

Vision

  • Make intex a globally respected name
  • Improve the quality of the life of the people

Mission

  • Focus on customer delight
  • Seek technology and trade leadership
  • Ethical practices
  • Caring for the stakeholders
  • Conducting ourselves as good citizens

 

CORE VALUES

Intex’s foundation is strengthened by its core values that reflect in the way we function and in our transparent, fair and ethical practices. They are crucial to all our decisions and help us deliver consistent growth for the company, year after year.

 

 

BOARD OF DIRECTORS

Keshav Bansal

DIRECTOR & HEAD-MARKETING

 

Ramesh Ajit Vaswani

NON-EXECUTIVE DIRECTOR

 

Nidhi Markanday

DIRECTOR & HEAD-CDIT

 

Shiv Dayal Kapoor

INDEPENDENT DIRECTOR

 

 

 

 

 

CHAPTER – 2

REVIEW  OF LITERATURE:

 

 

 

CHAPTER – 3

OBJECTIVES  AND SCOPE OF THE STUDY

 

 

SCOPE:

The scope of the study was restricted to the Inventory Management & control Intex Technologies India Ltd.


 

 

CHAPTER – 4

 

RESEARCH METHODOLOGY

 

RESEARCH DESIGN

The survey method is the basic research design.  The structured questionnaire was administered to the respondents, which solicits information about Inventory Management and control.

SAMPLE SIZE

A survey of approximately 50 respondents.

DATA COLLECTION METHODS:

The data was collected using both by primary data collection methods as well as secondary sources.

Primary Data: Most of the information was gathered through primary sources.  The methods that were used to collect primary data are:

  1. Questionnaire
  2. Interview

Secondary Data: Secondary data that was used are web sites and published materials related to Inventory Management and control as well as any relevant information on Inventory.

The secondary data was collected through:

  • Text Books
  • Magazines
  • Journals
  • Websites

 

SAMPLING TECHNIQUE:

The technique used for conducting the study was Convenience Sampling Technique as sample of respondents was chosen according to convenience.

 

STASTICAL TOOLS:

The tools used in this study were MS-EXCEL, MS-WORD. MS-EXCEL was used to prepare pie- charts and graphs. MS-WORD was used to prepare or write the whole project report.

 

METHOD USE TO PRESENT DATA:

Data Analysis & Interpretation – Classification & tabulation transforms the raw data collected through questionnaire in to useful information by organizing and compiling the bits of data contained in each questionnaire i.e., observation and responses are converted in to understandable and orderly statistics are used to organize and analyze the data:

  • Simple tabulation of data using tally marks.
  • Calculating the percentage of the responses.
  • Formula used = (name of responses / total responses) * 100

ANALYSIS OF DATA:

  • Inventory turnover ratio
  • VED Analysis
  • Determination of Inventory Levels
  • ABC Analysis
  • Economic Order Quantity Technique

 

Graphical analysis by means of pie charts bar graphs etc.

 

CHAPTER – 5

DATA ANALYSIS AND INTERPRETATION

Q1. Inventory management is the set of activities involved in ensuring that items needed for the business to run are always available in optimal quantities. This means that there should neither be too much purchased nor too little, but just the amount required with adequate backup.

Criteria Frequency Percentage
Highly agree 18 36%
agree 15 30%
neutral 10 20%
disagree 5 10%
highly disagree 2 4%

Analysis: As per shown in the above pie chart 36% of respondents are highly agree with Inventory management is the set of activities involved in ensuring that items needed for the business to run are always available in optimal quantities, 30% of respondents are agree with Inventory management is the set of activities involved in ensuring that items needed for the business to run are always available in optimal quantities  and 10%of respondents disagree with the above statement.

Q2. Since there is a significant investment in the inventory itself as well as in storage, tracking and insurance of it, mismanaged inventories can cause substantial financial concerns and problems for the business.

Criteria Frequency Percentage
Highly agree 17 34%
agree 14 28%
neutral 10 20%
disagree 6 12%
highly disagree 3 6%

Analysis: As per shown in the above pie chart 34% of respondents are highly agree with there is a significant investment in the inventory itself as well as in storage, tracking and insurance of it, mismanaged inventories can cause substantial financial concerns and problems for the business, 28% respondents are agree with the same, 12% of respondents are disagree with the above statement.

Q3. Providing Supply and Demand Balance this includes ensuring that consumed items are replaced, and seasonal items are cleared out.

Criteria Frequency Percentage
Highly agree 20 40%
agree 14 28%
neutral 10 20%
disagree 4 8%
highly disagree 2 4%

Analysis: As  per shown in the above pie chart 40% of respondents are highly agree with Providing Supply and Demand Balance this includes ensuring that consumed items are replaced, and seasonal items are cleared out, 28% respondents are agree with the same statement, 20% of respondents are neutral with the above statement.

Q4. Though the aim of inventory management is to ensure that there is no excess or shortage of required items, but a related function is also to ensure that safety stock or a buffer exists in case of any unexpected delays in new inventory or more sales than a forecast.

Criteria Frequency Percentage
Highly agree 17 34%
agree 15 30%
neutral 8 16%
disagree 6 12%
highly disagree 4 8%

Analysis: As per shown in the above pie chart 34% of respondents are highly agree with the aim of inventory management is to ensure that there is no excess or shortage of required items, but a related function is also to ensure that safety stock or a buffer exists in case of any unexpected delays in new inventory or more sales than a forecast, 30% of respondents are agree with the same and 8% of respondents are highly disagree with the same.

 

Q5. A company can make use of the particular aspects of a location when it comes to inventory management. Certain areas may have less energy costs or costs of labor and transportation. While others may have a particular material available more readily than others.

Criteria Frequency Percentage
Highly agree 20 40%
agree 16 32%
neutral 7 14%
disagree 5 10%
highly disagree 2 4%

Analysis: As  per shown in the above pie chart 40% of respondents are highly agree with A company can make use of the particular aspects of a location when it comes to inventory management. Certain areas may have less energy costs or costs of labor and transportation,32% of respondents are agree with the same and  10% of respondents are disagree with the above statement.

Q6. JIT or Just-In-Time is an inventory management strategy used to increase efficiency and decrease waster. This is achieved by receiving required goods only when they are needed in the production or sale process. This helps reduce costs of storing inventory.

Criteria Frequency Percentage
Highly agree 17 34%
agree 14 28%
neutral 10 20%
disagree 6 12%
highly disagree 3 6%

Analysis: As  per shown in the above pie chart 34% of respondents are highly agree with this is achieved by receiving required goods only when they are needed in the production or sale process. This helps reduce costs of storing inventory, 28% of respondents are agree with the same and 12% of respondents are disagree with the above statement.

 

Q7. As mentioned above, accurate forecasting is the key to successful inventory management. When a retailer knows that the customer needs, where it is needed and in what quantity, they will be in a better position to meet the customer’s expectation without needing to stockpile beyond a certain point.

Criteria Frequency Percentage
Highly agree 18 36%
agree 14 28%
neutral 10 20%
disagree 5 10%
highly disagree 3 6%

Analysis: As per shown in the above pie chart 36% of respondents are highly agree with When a retailer knows that the customer needs, where it is needed and in what quantity, they will be in a better position to meet the customer’s expectation without needing to stockpile beyond a certain point, 28% of respondents are agree with the same and 10% of respondents are highly disagree with the above statement.


Q8. Consider implementing a bar-code system to track inventory. These systems are becoming more and more affordable and can streamline inventory management for small businesses. 

Criteria Frequency Percentage
Highly agree 21 42%
agree 14 28%
neutral 9 18%
disagree 4 8%
highly disagree 2 4%

Analysis: As  per shown in the above pie chart 42% of respondents are highly agree with implementing a bar-code system to track inventory. These systems are becoming more and more affordable and can streamline inventory management for small businesses, 28% of respondents are agree with the same and 18% of respondents are neutral with the above statement.

 

Q9. Given the complexity of business operations these days, it becomes vital to select an excellent software program or application that supports all elements involved in the running of the business.

Criteria Frequency Percentage
Highly agree 20 40%
agree 14 28%
neutral 10 20%
disagree 4 8%
highly disagree 2 4%

Analysis: As  per shown in the above pie chart 40% of respondents are highly agree with it becomes vital to select an excellent software program or application that supports all elements involved in the running of the business, 28% of respondents are agree with the same and 4% of respondents are highly disagree with the above statement. 

Q10. The nature of online businesses is drastically different in scale and operations. As a result, the scale of inventory also ranges from massive, multiple warehouses to stock kept in a home garage.

Criteria Frequency Percentage
Highly agree 17 34%
agree 15 30%
neutral 9 18%
disagree 5 10%
highly disagree 4 8%

Analysis: As  per shown in the above pie chart 34% of respondents are highly agree with the nature of online businesses is drastically different in scale and operations. As a result, the scale of inventory also ranges from massive, multiple warehouses to stock kept in a home garage, 30% of respondents are agree with the  same and 18% of respondents are neutral with the above statement.

 

CHAPTER- 6

 

FINDINGS OF THE STUDY


  • As per findings 36% of respondents are highly agree with Inventory management is the set of activities involved in ensuring that items needed for the business to run are always available in optimal quantities.
  • 34% of respondents are highly agree with there is a significant investment in the inventory itself as well as in storage, tracking and insurance of it, mismanaged inventories can cause substantial financial concerns and problems for the business.
  • Most of respondents are highly agree with Providing Supply and Demand Balance This includes ensuring that consumed items are replaced, and seasonal items are cleared out.
  • 34% of respondents are highly agree with the aim of inventory management is to ensure that there is no excess or shortage of required items, but a related function is also to ensure that safety stock or a buffer exists in case of any unexpected delays in new inventory or more sales than a forecast.
  • A Large number of respondents are highly agree with A company can make use of the particular aspects of a location when it comes to inventory management. Certain areas may have less energy costs or costs of labor and transportation.
  • 34% of respondents are highly agree with this is achieved by receiving required goods only when they are needed in the production or sale process. This helps reduce costs of storing inventory.
  • As per findings 36% of respondents are highly agree with When a retailer knows that the customer needs, where it is needed and in what quantity, they will be in a better position to meet the customer’s expectation without needing to stockpile beyond a certain point.
  • Most of respondents are highly agree with implementing a bar-code system to track inventory. These systems are becoming more and more affordable and can streamline inventory management for small businesses.
  • As per findings 40% of respondents are highly agree with it becomes vital to select an excellent software program or application that supports all elements involved in the running of the business.
  • 34% of respondents are highly agree with the nature of online businesses is drastically different in scale and operations. As a result, the scale of inventory also ranges from massive, multiple warehouses to stock kept in a home garage.

 

CHAPTER- 7

CONCLUSION AND LIMITATIONS OF THE STUDY

 

 

LIMITATIONS OF THE STUDY

  • There may be lack of time on the part of respondents.
  • There may be some bias information provided by company professionals.
  • As only single area was surveyed or covered, it does not represent the overall view of each field.
  • It is very much possible that some of the respondents may give the incorrect information.

 

REFERENCES

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  2. “LRT Management”. Bar coding Inc. May 10, 2009 http://www.barcoding.com/faq/rfid-tag-cost.html
  3. Heese, H. Sebastian. “Inventory Record Inaccuracy, Double Marginalization, and RFID Adoption.” Production and Operations Management 16.5 (2007): 542-553.
  4. Kroenke, David M. Using MIS Vol. 2. Upper Saddle River: Pearson Education, Inc., 2009. 2 vols. Naples, Gary J. “Get a Grip On Parts Inventory .” Ward’s Dealer Business (2008): 61.
  5. Sahin, Evren and Yves Dallery. “Assessing the impact of inventory inaccuracies within a Newsvendor framework.” European Journal of Operational Research 197 (2009): 1108-1118.
  6. Zhou, Wei. “RFID and item-level information visibility.” European Journal of Operational Research 198.1 (2008): 252-258.
  7. “What is Inventory Control? | TradeGecko”. tradegecko.com. Retrieved2015-11-23.
  8. “Inventory Management Processes | Delivered”.delivrd.com. Retrieved 2015-12-04.
  9. “Intex aims to double turnover to $1.5 bn”.
  10. “Intex Phones”.NDTV Convergence Ltd.
  11. “Company Overview of Intex Technologies (India) Ltd”.
  12. “Intex Phones”.Bennett, Coleman & Co. Ltd.
  13. “Intex Styles to strengthen presence in north India”.
  14. “Intex Technologies aims at Rs 2,000 cr revenue in FY14”.
  15. “Intex launches new 29-inch HD LED TV for Rs 18,990”.
  16. “Intex Technologies to expand consumer durables range; eyes Rs 2000 crore sales”.
  17. “Intex Cloud FX & Firefox OS review: Half-baked alternative”
  18. https://en.wikipedia.org
  19. intex.in

 

APPENDIX
QUESTIONNAIRE

DEAR RESPONDENTS:

I, ………………student of doing MBA. I am underlying a project named “ANALYTICAL STUDY ON INVENTORY MANAGEMENT & CONTROL INTEX TECHONOLOGIES INDIA LIMITED”. So by filling this questionnaire please help me in completing my research project.

 

Name                    : ……………………………….

Age             : ……………………………….

Address      : ……………………………….

 

Q1. Inventory management is the set of activities involved in ensuring that items needed for the business to run are always available in optimal quantities. This means that there should neither be too much purchased nor too little, but just the amount required with adequate backup.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q2. Since there is a significant investment in the inventory itself as well as in storage, tracking and insurance of it, mismanaged inventories can cause substantial financial concerns and problems for the business.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q3. Providing Supply and Demand Balance This includes ensuring that consumed items are replaced, and seasonal items are cleared out.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q4. Though the aim of inventory management is to ensure that there is no excess or shortage of required items, but a related function is also to ensure that safety stock or a buffer exists in case of any unexpected delays in new inventory or more sales than a forecast.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q5. A company can make use of the particular aspects of a location when it comes to inventory management. Certain areas may have less energy costs or costs of labor and transportation. While others may have a particular material available more readily than others.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q6. JIT or Just-In-Time is an inventory management strategy used to increase efficiency and decrease waster. This is achieved by receiving required goods only when they are needed in the production or sale process. This helps reduce costs of storing inventory.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree 

Q7. As mentioned above, accurate forecasting is the key to successful inventory management. When a retailer knows that the customer needs, where it is needed and in what quantity, they will be in a better position to meet the customer’s expectation without needing to stockpile beyond a certain point.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q8. Consider implementing a bar-code system to track inventory. These systems are becoming more and more affordable and can streamline inventory management for small businesses.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree

Q9. Given the complexity of business operations these days, it becomes vital to select an excellent software program or application that supports all elements involved in the running of the business.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree 

Q10. The nature of online businesses is drastically different in scale and operations. As a result, the scale of inventory also ranges from massive, multiple warehouses to stock kept in a home garage.

  1. Highly agree
  2. Agree
  3. Neutral
  4. Disagree
  5. Highly disagree