17-08-2013, 03:17 PM
Inventory Management in Matts corner India pvt ltd
Inventory Management.docx (Size: 49.4 KB / Downloads: 17)
OBJECTIVES OF STUDY
The main objectives of the study are,
1. To understand the various techniques of inventory management and its control.
2. To understand the effectiveness of inventory management through various techniques.
3. To analyze the function, procedures in inventory management.
4. To study the control measures in inventory management.
5. To make a comparative study of inventory management in the last three years.
6. To introduce stock levels for the proper management of the department.
NEED FOR STUDY
Inventory Management must be designed to meet the dictates of market place and support the company’s Strategic Plan. The many changes in the market demand, new opportunities due to worldwide marketing, global sourcing of materials and new manufacturing technology means many companies need to change their Inventory Management approach and change the process for Inventory Control. This 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.
RESEARCH DESIGN
Research design means a search of facts, answers to question and solution to the problems. It is a prospective investigation. Research is a systematical logical study of an issue or problem through scientific method. It is a systematic and objective analysis and recording of controlled observation that may lead to the development of generalization, principles, resulting in prediction ultimate control of events.
Research design is the arrangement of conditions for the collection and analysis of data in manner that aims to combine relevance to the research purpose with relevance to economy. There are various designs, which are descriptive and helpful for analytical research.
ANALYSIS AND INTERPRETATION
Plan of Analysis
The data collected through primary and secondary sources were processed and presented in the chapter. Data analysis by charts in respect of stock of raw materials, sales, inventory control procedures and thus to draw conclusion from the analysis done.
Data Analysis
Evolution of Primary Data: Data collected through discussion with top management and other departments like, Accounts, stores etc. From the discussion, I came to know that the Matts Corner has both types of inventories.ie, Physical and value based inventories.
The inventory system here is fully computerized. Purchasing department is supplying the raw materials required by the production or service unit.
CONCLUSION
Finally it can be concluded that on whole the inventory position in matts corner India pvt ltd is improving over the years. But still it has to concentrate on the reduction of raw material holding period and inventory conversion period which is the main cause of blockage of funds. So apart from this the inventory control techniques and procedures followed are satisfactory. A period of one month is taken for the study. For the particular study a simple survey was conducted at an initial stage. After analyzing the data the study has further shown the significance of media advertisements as a factor influencing upon the customer buying decisions. The study has brought out that any few improvement steps on the part of management can bring a lot of benefits to the product in the coming future, since the target market for the product is quite high.