ASSESSING THE STRATEGIES OF PRODUCTION AND INVENTORY CONTROL IN HOSPITALITY INDUSTRY OF NIGERIA (A CASE STUDY OF ROSEMORE HOTELS, UYO). A RESEARCH PROJECT MATERIAL ON PRODUCTION AND OPERATIONS MGT.
BACKGROUND OF THE STUDY
Hospitality industry is one of the leading industries in the world;
It contributes to prosperity creation and further economic development of a country; it covers hotel, resorts, and travel as well as restaurant businesses.
These services business are mutually depend increase in tourism will ultimately lead to improvement in resorts, restaurants, hotel including travel industries.
This study basically concerned with assessing the strategies of the production planning and inventory control in hospitality. This will consequently access the extent to which stock can be controlled.
Production planning and inventory control is a management function that involves planning organizing, directing, coordinating, motivating, staffing and controlling of activities in the store and inventory control.
On the other hand it can also be defined as the art and science of achieving objective of the store in an organization.
A fundamental problem currently faced by hospitality according to Karlin and Zipkin (2009) is the seasonal demand for their products. This problem is very common and concerns a wide variety of products such as food stuff, functions and banqueting and many other applications.
The seasonal demand issue is difficult to access for both the theorist and practitioner. The problem requires the optimal combination of inventory and production rates for each product in each time period to be found; principal question is to determine the product quality in each period so as to minimize the discounted costs of production, inventory storage, and cost sales. This type of demand usually creates more complex problem because firms usually have insufficient capacity to meet demand in high demand period.
This ultimately impacts on planning of production process as a whole.