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PROJECT REPORT

                               ON                                    

“INVENTORY MANAGEMENT & CONTROL IN TECHNO FAB MFG. LIMITED”

 

 

UNDER SUPERVISION OF:

 ………………………..

 

 

SUBMITTED BY

 NAME                          :                         ………………………………

 ENROLLMENT NO   :                .…..………………………..                  

 

 

INSTITUTE OF MANAGEMENT TECHNOLOGY

CENTRE FOR DISTANCE LEARNING

GHAZIABAD

MAY, 2017

CERTIFICATE

This is to certify that …………………………, a student of IMT – CDL Ghaziabad has completed project work on titled “INVENTORY MANAGEMENT & CONTROL IN TECHNO FAB MFG. LIMITED” under my guidance and supervision. I certify that this is an original work and has not been copied from any source.

 

Signature of Guide       :____________________________

Name of Project Guide :____________________________

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………………………..

ENROLLMENT NO: …………………..

 

 

DECLARATION

I hereby declare that this project work titled “INVENTORY MANAGEMENT & CONTROL IN TECHNO FAB MFG. 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………………………..

ENROLLMENT NO: …………………..

 

 

 

TABLE OF CONTENT

 TOPIC                                                                                                     

Certificate………………………………………………………………2

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

Declaration………………………………………………………………4

Title of the Project………………………………………………………6

  1. Introduction to the study……………………………………………7
  2. Objective and Scope of study……………………………………….34
  3. Review of Literature ………………………………………………….35
  4. Research Methodology……………………………………………….48
  5. Data Analysis and Interpretation..……………………………..……50
  6. Findings and Recommendation………………………………………..61
  7. Conclusion……………………………………………………………..63

8    Limitation of the study…………………………………………………64

  1. References………………………………………………………………65
  2. Appendix……………………………………………………………….66

 

 

TITLE OF THE PROJECT

 

“INVENTORY MANAGEMENT & CONTROL IN  TECHNO FAB MFG. LIMITED

 


CHAPTER – 1

INTRODUCTION TO THE STUDY

Inventory Management and Control concerns most managers of agricultural marketing and supply businesses, whether they are retail, wholesale, or service oriented.

The information in this circular recommends to the administrator courses on how best to do four things:

  • How to control inventories.
  • How to picture the stock expenses to be incorporated into deciding how much inventories are costing the organization.
  • How to determine the level of inventories that is generally beneficial.
  • How to determine how much to request and how frequently to arrange.

 

Controlling Inventories

Purchase systematically. Place orders for materials sufficiently long in advance so there will not be a shortage between ordering and delivery.

Keep track of inventories. When stock is received, be sure that what was ordered was delivered. Ensure that the amount received is added to the inventory.

 

Make someone responsible for checking the inventory. Delegate the responsibility for particular parts of the aggregate stock push to the people in the association who are best fit the bill to carry out the occupation.

Make certain those to whom you appoint duty know precisely what they should do.

Use storage facilities efficiently. Assign space to everything in stock. Arrange the capacity range to allow the treatment of inventories with minimal measure of exertion and such that stock can be effectively found, the amount decided and recorded, and the stock expelled if importantly.

 

Determining Inventory Costs

Inventory costs are real but they are also difficult to determine because they cannot be taken directly from accounting records. Inventory costs for individual items make it necessary to prorate costs of equipment, space, labor for handling, utilities, insurance, taxes on land and buildings, depreciation on buildings and handling equipment, clerical help, unemployment insurance for certain personnel, social security for all “space,” “handling,” and “inventory service” personnel, and a proportionate share of administrative overhead. The cost of holding inventories may make the payoff so great that the manager can’t afford not to do it. Also, when inventory costs have been determined once, it is a much simpler task to make the necessary adjustments in each of the costs.

One way to view the total annual cost of carrying inventory is as a percentage of total inventory value. For example, if a company’s average inventory is $25,000 and the average inventory carrying cost is 20 percent, it will cost the company $5,000 per year to carry an average inventory of $25,000.

An inventory holding cost that is 20 percent of the average value of inventory is probably too low. Estimates of inventory holding costs for agricultural supply businesses usually range from 20 to 35 percent.

 

 

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.

 

The Inventory Management System is the same as whatever other information system in that there are components that make it effective. The reason for this report is commenced on the five parts as plot in our book. These five basic segments are equipment, programming, information, methodology and individuals. As these components are talked about all through the following a few segments it ends up noticeably apparent that they are dependent upon each other, and honestly won’t work proficiently 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 action conceivable.” Computer equipment incorporates all physical hardware that empowers PCs to capacity that comprise of the mechanical, attractive, electronic, and electrical gadgets containing a PC framework, as the CPU, circle drives, console, or screen.

 

Software

A main part in implementing an Inventory Management System is the component of software. Software is the direction for hardware that is on the computer side of the five-component structure of developing and utilizing a information system. The system more often than not keeps running on a remote server and afterward the information is conveyed to customers through the web. A product arrangement has an adaptable adaptability so as the business develops, so can the stock control arrangement.

 

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.

It was interesting to see that a number of the businesses that we chatted with used an extremely rudimentary following and observing system for their inventory. The businesses that did were obviously the bigger businesses, and they used innovative Inventory Management System programs. The methods will be talked about later, however it was interesting that the vast majority of the little, medium, and even two businesses construct their anticipating in light of the year priors execution. Some would use exceed expectations to track stock, others would utilize get to, yet just a couple would depend on a real program to foresee inventory needs in light of criteria, for example, past execution, deciding peak times, and what product are more popular in specific zones.

Inventory Control Records

Inventory control records are fundamental to making on purchase and-offer choices. A few businesses control their inventory by taking physical inventories at standard intervals, month to month or quarterly. Others utilize a dollar inventory record that gives an rough idea of what the inventory might be from everyday as far as dollars. In the event that your inventory is convenience of thousands of things, as it is for an accommodation sort store, dollar control might be more commonsense than physical control. However, even with this technique, a inventory check must be taken occasionally to confirm the levels of stock by thing.

 

 

 

Price books, kept up in alphabetical order arrange as per provider, give a record of , purchase prices offering costs, markdowns, and markups. It is important to stay up with the latest so as to have the capacity to get to the most recent cost and benefit data on materials acquired for resale.

Controlling Inventory

Controlling inventory does not need to be a onerous or complex suggestion. It is a procedure and attentive inventory management. There are no firm standards to comply with, however some to great degree valuable rules to help your reasoning about the subject. A five stage handle has been planned that will help any business convey this potential issue under control to think deliberately exhaustive the procedure and enable the business to make the most proficient utilize conceivable of the assets spoke to. An official conclusions, obviously, must be the consequence of decision making ability, and not the result of a mechanical arrangement of equations.

STEP 1: Inventory Planning

Inventory control requires inventory planning. Inventory refers to more than the goods on hand in the retail operation, service business, or manufacturing facility. It also represents goods that must be in transit for arrival after the goods in the store or plant are sold or used. An ideal inventory control system would arrange for the arrival of new goods at the same moment the last item has been sold or used. The economic order quantity, or base orders, depends upon the amount of cash (or credit) available to invest in inventories, the number of units that qualify for a quantity discount from the manufacturer, and the amount of time goods spend in shipment.

STEP 2: Establish order cycles

If demand can be predicted for the product or if demand can be measured on a regular basis, regular ordering quantities can be setup that takes into consideration the most economic relationships among the costs of preparing an order, the aggregate shipping costs, and the economic order cost. When demand is regular, it is possible to program regular ordering levels so that stock-outs will be avoided and costs will be minimized. If it is known that every so many weeks or months a certain quantity of goods will be sold at a steady pace, then replacements should be scheduled to arrive with equal regularity. Time should be spent developing a system tailored to the needs of each business. It is useful to focus on items whose costs justify such control, recognizing that in some cases control efforts may cost more the items worth. At the same time, it is also necessary to include low return items that are critical to the overall sales effort.

If the off chance that the business encounters regular cycles, it is essential to perceive the requests that will be set on providers and also different venders. A given firm should perceive that in the event that it starts to come up short on item amidst a bustling season, different venders are likewise starting to run out and are searching for more products. The issue is exacerbated in that the maker may have as of now changed over to next season’s generation as is not keen on (or likely even able to do) dispatching any further requests for the ebb and flow offering season. Generation assets are probably going to as of now be allotted to taking care of requests for the following offering season. Changes in this energy would be greatly expensive for both the provider and the customer.

On the other hand, because suppliers have problems with inventory control, just as sellers do, they may be interested in making deals to induce customers to purchase inventories offseason, usually at substantial savings. They want to shift the carrying costs of purchase and storage from the seller to the buyer. Thus, there are seasonal implications to inventory control as well, both positive and negative. The point is that these seasonable implications must be built into the planning process in order to support an effective inventory management system.

STEP 3: Balance Inventory Levels

Efficient or inefficient management of merchandise inventory by a firm is a major factor between healthy profits and operating at a loss. There are both market-related and budget-related issues that must be dealt with in terms of coming up with an ideal inventory balance:

  • Is the inventory correct for the market being served?
  • Does the inventory have the proper turnover?
  • What is the ideal inventory for a typical retailer or wholesaler in this business?

 

To answer the last question first, the ideal inventory is the inventory that does not lose profitable sales and can still justify the investment in each part of its whole. An inventory that is not compatible with the firm’s market will lose profitable sales. Customers who cannot find the items they desire in one store or from one supplier are forced to go to a competitor. Customer will be especially irritated if the item out of stock is one they would normally expect to find from such a supplier. Repeated experiences of this type will motivate customers to become regular customers of competitor.

 

STEP 4: Review Stocks

Item sitting on the rack as out of date inventory are basically dead capital. Staying up with the latest and without out of date inventory is another basic part of good inventory control. This is especially critical with style inventory, yet it is imperative with any inventory that is turning at a lower rate than the normal inventory turns for that specific business. One of the imperative standards more current venders as often as possible discover difficult is the need to write down inventory that is not moving great.

Markups are typically most noteworthy when another style initially turns out. As the style blurs, proficient venders progressively start to stamp it down to abstain from being screwed over thanks to expansive inventories, consequently keeping inventory capital working. They will start to write down their inventory, take less gross edge, and give back the assets to working capital instead of have their venture remain on the racks as out of date inventory. Markdowns are a vital piece of the working capital cycle. Despite the fact that the edges on markdown deals are lower, transforming these things into money enables you to buy other, more present products, where you can make the edge you desire

Keeping an inventory fresh and up to date requires constant attention by any organization, large or small. Style merchandise should be disposed of before the style fades. Fad merchandise must have its inventory levels kept in line with the passing fancy. Obsolete merchandise usually must be sold at less than normal markup or even as loss leaders where it is priced more competitively. Loss leader pricing strategies can also serve to attract more’ consumer traffic for the business thus creating opportunities to sell other merchandise as well as well as the obsolete items. Technologically obsolete merchandise should normally be removed from inventory at any cost.

Stock turnover is really the way businesses make money. It is not so much the profit per unit of sale that makes money for the business, but sales on a regular basis over time that eventually results in profitability. The stock turnover rate is the rate at which the average inventory is replaced or turned over, throughout a pre-defined standard operating period, typically one year. It is generally seen as the multiple that sales represent of the average inventory for a given period of time.

Turnover averages are available for virtually any industry or business maintaining inventories and having sales. These figures act as an efficient and effective benchmark with which to compare the business in question, in order to determine its effectiveness relative to its capital investment. Too frequent inventory turns can be as great a potential problem as too few. Too frequent inventory turns may indicate the business is trying to overwork a limited capital base, and may carry with it the attendant costs of stock-outs and unhappy and lost customers.

Stock turns or turnover is the number of times the “average” inventory of a given product is sold annually. It is an important concept because it helps to determine what the inventory level should be to achieve or support the sales levels predicted or desired. Inventory turnover is computed by dividing the volume of goods sold by the average inventory. Stock turns or inventory turnover can be calculated by the following equations:

If the Inventory is recorded at cost, Inventory turn measures up to cost of products sold partitioned by the normal stock. On the off chance that the stock is recorded at deals esteem, stock turn is equivalent to deals isolated by normal inventory. inventory turns four times each year on the normal for some companies. Gems stores are moderate, with two turns a year, and markets may go up to 45 turns a year.

If the dollar value of a particular inventory compares favorably with the industry average, but the turnover of the inventory is less than the industry average, a further analysis of that inventory is needed. Is it too heavy in some areas? Are there reasons that suggest more inventories are needed in certain categories? Are there conditions peculiar to that particular firm? The point is that all markets are not uniform and circumstances may be found that will justify a variation from average figures.

In the accumulation of near information for a specific kind of firm, a wide variety will be found for most noteworthy factual comparisons. Midpoints are recently that, and regularly most firms in the gathering are fairly not quite the same as that outcome. By and by, they fill in as exceptionally valuable aides for the sufficiency of industry turnover, and for different proportions also. The essential thing for each firm is to know how the firm contrasts and the midpoints and to stop mine whether deviations from the midpoints are to its profit or disadvantage.

 

STEP 5: Follow-up and Control

Periodic reviews of the inventory to distinguish moderate moving or out of date inventory and to recognize quick venders are basic for proper inventory management . Taking standard and occasional inventories must be something beyond totaling the expenses. Any representative can take every necessary step of recording a stock. In any case, it is the obligation of key administration to concentrate the figures and survey the things themselves keeping in mind the end goal to settle on right choices about the transfer, substitution, or discontinuance of various fragments of the inventory base.

Periodic reviews of the inventory to distinguish moderate moving or out of date inventory and to recognize quick venders are basic for proper inventory management. Taking standard and occasional inventories must be something beyond totaling the expenses. Any representative can take every necessary step of recording a stock. In any case, it is the obligation of key administration to concentrate the figures and survey the things themselves keeping in mind the end goal to settle on right choices about the transfer, substitution, or discontinuance of various fragments of the inventory base.


COMPANY OVERVIEW

 

 

VISSION AND MISSION

Vision

The core vision of the organization is to “construct a superior world”. It expects to build up itself as an unbeatable player in the field of assembling and supply of Turn Key tasks and creation of Engineering Equipments.

The organization aims to excel in the field and broaden its ability persistently in the esteem chain from idea through outline, designing, arranging, usage and authorizing and turn into a most favored noticeable player with responsibility regarding quality, security, condition, cost financial matters and conveyance.

 

Mission

The organization sets its central goal

  • To embrace most recent hardware and innovation practically identical with any world class maker.
  • To achieve highest level of quality for utmost customer satisfaction.
  • To be a “business of decision” and give advancement arrangements that tackle complex mission and ultra basic designing issues.
  • To give its administrations of the most astounding quality, at aggressive costs for clients and a benefit to the Company.
  • To set up a corporate culture and an arrangement of qualities that workers and other partners are glad for.
  • To build up a lively workplace with very much prepared and inspired staff.

 

CORE VALUES

Pursuit of Excellence

We endeavor to indicate most elevated benchmarks of polished skill in each venture that we so attempt

Client Value Creation

Our clients are first in our psyche. We rehearse advancement so as to give arrangements of outstanding incentive to our customers. We esteem individual enterprise as the foundation for winning the customers bolster.

Pursuit of Excellence

We endeavor to indicate most elevated models of polished methodology in each venture that we so embrace

Concern for the Staff

We take most extreme care of our representatives’ prosperity and keep up a sincere and conscious association with them through tutoring, preparing, extend joint effort, and inclusion in expert social orders and the scholarly group.

Joint effort and Partnering

Giving chances to meet, impart, work together, and accomplice inside the data business and the business group.

Respect for the individual

We esteem assorted qualities in the work environment and the commitments that our representatives make towards the upliftment of the organization. We encourage a trusting, open and comprehensive condition and treat every worker similarly in a way that mirrors our qualities.

BOARD OF DIRECTORS

  1. Mr. M.M. Singhania
  2. Mr. B.S. Singhania
  3. Mr. P.S. Singhania
  4. Mr. G.D. Singhania

 

CORPORATE SOCIAL RESPONSIBILITY

CSR is a key part of corporate business at present, and an extraordinary case of how worldwide deduction is changing, with more individuals understanding that any long haul future we have, must be a supportable one.

We at technofab are focused on building maintainability and harmonies for our group as a capable corporate resident. The organization perceives the significance of incorporating our business qualities and operations for being a socially dependable corporate native. To this end Technofab has united a progression of working standards under the wide extent of Corporate Social Responsibility (CSR) to serve in setting the bearing for representatives in all parts of their work. The way of life at Technofab is based on capable corporate citizenship, individuals improvement and acknowledgment, meeting our responsibilities and the energy of cooperation. These qualities manage our sense of duty regarding Society all in all.

Corporate Governance

We place strong emphasis in sound inside control, chance evaluation with judicious administration system and straightforwardness to our shareholders and people in general.

Quality Management

It is critical to take after great administration practices to understand the hierarchical objectives of magnificence and gainfulness and for winning and holding client certainty. To do as such we utilize reasonable business rehearses in conveying fantastic items and administrations to our clients while regarding our sense of duty regarding the long haul interests of our groups we work in.

Corporate Governance

We place strong emphasis in sound inward control, hazard evaluation with judicious administration component and straightforwardness to our shareholders and the general population.

Staff Development

We trust our long haul achievement is based on the advancement of our staff thus we are focused on furnishing them with sheltered and solid workplace, proficient preparing, and equal opportunities.

Community Investment

A number of philanthropic contributions are being made by the organization with a specific end goal to take an interest in the welfare of our general public. we are persistently endeavoring endeavors to embrace ventures focused on social upgrade, advancement and enhanced expectations for everyday comforts in a portion of the world’s poorest  communities.

Environmental stewardship

The organization attempts its exercises in an ecologically mindful way and successfully deals with any dangers that may prompt natural harm. We take a stab at a greener future by receiving eco-accommodating practices in different parts of our operations, our dealings with business partners, and local communities.

Less pollution and more green

We entirely take after the directions by the Environmental Protection Department, including Air Pollution Control, Noise Control, Water Pollution Control, Waste Disposal, and so forth.

 

CHAPTER – 2

OBJECTIVES AND SCOPE OF THE STUDY

Every study is carried out for the achievement of certain objectives.

  1. To Study the Inventory Management Process in Techno Fab mfg. Limited.
  1. To Study the existing Inventory Techniques used in Techno Fab mfg. Limited.
  2. To suggest Modern Inventory Management Techniques for greater plant Efficiency & optimum Inventory level
  3. To Study the possibilities of implementing Inventory Management Techniques like EOQ, ABC Analysis, and Minimum & Maximum Stock level etc.

SCOPE:

The scope of the study was restricted to the Inventory Management & Control in Techno Fab mfg. Limited.

 

CHAPTER – 3

REVIEW OF LITERATURE

 

 

 

CHAPTER – 4

RESEARCH METHODOLOGY

Methodology:  Primary Data

 

Method use to present data: Classification & tabulation transforms the raw data was 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 REPORT WRITING AND PRESENTATION Report Encompasses – Charts, diagrams

 

Method  use to classify data: PRIMARY DATA: Most of the information was gathered through primary sources’. The methods that were used to collect primary data are: a) Questionnaire b) Interview SECONDARY DATA: The secondary data was collected through:, internet, Magazines, Journals and Text Book


No. of respondent                                                                   
50

Explanation of the method: Research methodology in a way is a written game plan for conducting research. Research methodology has many dimensions.   

 

METHODOLOGY ADOPTED:- This research is aimed at studying the  Inventory Management and control in    Techno fab mfg. Limited.

 

RESEARCH DESIGN:-  The research design was  used in this study is both ‘Descriptive’ and ‘exploratory’.

 

SAMPLING TECHNIQUE:

The selection of respondents was done on the basis of convenience sampling (Non- Probability).

 

 

STASTICAL TOOLS:

 

 

MS-EXCEL was used to prepare pie- charts and graphs and MS-WORD was used to prepare or write the whole project report.

 

 

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 AND RECOMMENDATIONS

  • 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

 


CHAPTER – 8

LIMITATION OF THE STUDY

The report may be beneficial to any company, but there are some limitations of the study:-

  • The size of the research may not be substantial and it is limited to area.
  • 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.

 

CHAPTER – 9

REFERENCES

  1. Effective Inventory Management”. EIM. May 10, 2009.
  2. “LRT Management”. Bar coding Inc.. May 10, 2009 http://www.barcoding.com/faq/rfid-tag-cost.shtml
  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. https://en.wikipedia.org
  10. http://www.technofabindia.com

 

APPENDIX
QUESTIONNAIRE

 

DEAR RESPONDENTS,

I am …………………., a student of MBA (OPERATION) doing a project “INVENTORY MANAGEMENT & CONTROL IN TECHNO FAB MFG. LIMITED”  .Your feedback  to  this  questionnaire  would   be  helpful   for  me  to  analyze  my  research study. Also do forward it to your friends and colleagues who could be prospective respondents for this research study. Please co-operate to fill this questionnaire.

Name (Optional):   ——————————————————-

Gender:               ——————————————————–

Age:                       ——————————————————–

Years at Current Position: ———————————–

Total No. of Years in this organization: ————-

 

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

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