INTRODUCTION
A naira in
the banks is worth two in the inventory and it usually cost more to stock too
little than it does to stock too much. Stock control is an important and
expensive activity which is often neglected and underrated in many organization
both in the public and private sectors it is an area where modern stores
management techniques could be used to advantage in reducing costs and ensuring
increased profitability for an organization.
Carter and price (1976:139) define stock control
as the process of ensuring that the stock held by the organization is supplied
to those parts of the operation that require item (i.e. product, distribution,
sales, engineering etc.) Morrison (1982) also defines stock control as the
means by which materials of the correct quantity is made available as and when
required with due regard to economic in storage and ordering costs, purchasing
prices and working capital.
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