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Institute of Management Technology Ghaziabad

SYNOPSIS ON

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

 

UNDER SUPERVISION OF:

 ………………………..

SUBMITTED BY

 

 

 NAME                          :                         ……………………………….

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

 

 

Submitted in partial fulfillment of the requirements for qualifying

MASTER OF BUSINESS ADMINISTRATION (OPERATION)

 

MARCH, 2017

 

 TITLE OF THE PROJECT

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

 

 

  1. STATEMENT OF THE PROBLEM

This study is both theoretically and practically relevant because it involves a working procedure of how to be more cost effective within inventory management and controlling. In the base of model, without alignment of physical inventory and information system inventory, inventory information becomes inaccurate due to low process quality, theft, and items becoming unsalable. In a modified model, these factors that cause inventory inaccuracy are still present, but physical inventory and information system inventory are aligned at the end of each period. Inventory is the stock of any item or resource used in an organization. An inventory system is the set of policies and controls that monitor levels of inventory and determine what levels should be maintained, when stock should be replenished, and how large orders should be. In the landmark research projects four major components of inventory carrying cost: capital cost, storage space cost, inventory service cost, and inventory risk cost etc. can be overviewed.

  1. OBJECTIVES AND SCOPE OF THE STUDY

 

Fixing the objective is like identifying the star. The objective decides where we want to go, what we want to achieve and what is our goal or destination

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 will be restricted to the Inventory Management & Control in Techno fab mfg. Limited.

 

  1. COMPANY PROFILE

 

 

  1. RESEARCH METHODOLOGY

 

Methodology:  Primary Data

 

Method you will use to present data: Classification & tabulation transforms the raw data will be 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 you will use to classify data: PRIMARY DATA: Most of the information will be gathered through primary sources’. The methods that will be used to collect primary data are: a) Questionnaire b) Interview SECONDARY DATA: The secondary data will be 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 will be  used in this study is both ‘Descriptive’ and ‘exploratory’.

SAMPLING TECHNIQUE:

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

 

STASTICAL TOOLS:

 

 

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

 


  • CHAPTERISATION

 

Detailed/final project report will include in the following chapters;

  1. Introduction of the study
  2. Objective and scope of study
  3. Review of Literature
  4. Research Methodology
  5. Data analysis and interpretation
  6. Findings and suggestion
  7. Conclusion
  8. Limitation of the study
  9. References
  10. Appendix

 

 

  1. 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

 

  1. QUESTIONNAIRE

 

Dear Respondent,

I am the 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              : ……………………………….

Age                 : ……………………………….

Address          : ……………………………….

Gender           : ……………………………….

Contact No.    : ……………………………….

 

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

 

 

9. PROFILE OF PROJECT GUIDE

Name                                                   :

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Current Designation                            :

Brief Profile                                        :

(Maximum 200 Characters)

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