INVENTORY MANAGEMENT IN CIVIL SERVICE
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Inventory control or management can be dated far back to 18th century, during industrial revolution and was called materials management control. It was bone out of European desire to develop industrially and for them to succeed it was pertinent to educate the people on the importance of effective management of resource and materials include, equipment, moveable and non-moveable. People did not realize that materials represent an equivalent amount of cash. For this reason efforts were channeled towards cash control only.
Since the beginning of second world war the movement of materials and material handling determinant of modern production. It was found during third period that in as much as it was important to control cash, the control of inventory exceeded that of cash, so in every economic activity such as trading maintenance and manufacturing etc. inventories are in form of finished goods, there is greater need to take appropriate care of inventories to ensure the attainment of estimated goals and objective.
To maintain effective and efficient inventory management the management is duty bound to control the stocks in a way to avoid stock outs, pilferage et.
Inventory record shows at a glance a more accurate picture of the position of stock on hand.
Money must not be tied up in unwanted inventories, man and machines are not at hand. The major goals of inventory control is to discover and maintain optimum level of inventory investment. Careful implementation of the methods of controlling the inventories facilitates the attainment of the organizational goals and objective.
Ensuring a balance of stock to avoid both shortages and excessive of material requires control and planning. Control plans must provided inventory acquisition with current estimate value. A decrease in estimate value will result to less acquisition of inventories, unless adjustments are made.
1.2 STATEMENT OF PROBLEMS
Inventory management in government stores or ministry administration is without doubt, with it problems and prospects. The government system, unlike business organization or enterprise is not a purely profit making organizations.
- The valuation and the method to use in valuation of unused inventories at the end of accounting year, ahs become problems because of different methods.
- it is prevent that some government and non government organization do not take appropriate control of their stock and this leads them to the “stock and Syndrome” which results in loss of profit and possible liquidation of the business.
- In government ministry, lack of stock and finance makes the whole system a mockery this gives room to the dividing fall in the value and standard in a developing country likeNigeria.
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