Stock Management System
Chapter One
AIMS OF THE STUDY
The aims of the study include the following:
To design a computer driven stock management system
To make sure there is good and accurate record
To enhance the effectiveness of staff
To generate report on every goods in stock
To keep track of goods in terms of quantity
OBJECTIVES OF THE STUDY
The project is designed to help in the stock control. The main objective of the new system includes:
Design a computer – driven stock management system to keep record and track materials on the basis of both quantity and value.
To generate reports on all the activities
Design and develop a central database system that would serve as database, which will contain information all the stock.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
STOCK MANAGEMENT SYSTEM
Stock management largely refers to when a company works to obtain and preserve a suitable assortment of goods while also keeping track of all orders, shipping and handling, and other related costs.
Primarily, stock management is about specifying the size and placement of the goods that a company has in stock. Stock management is often important for numerous departments within a facility in order to protect the planned course of production against the possibility of running out of critical materials or goods.
According to Chase, Jacobs and Aquilano (2004), inventory is the stock of any item or resource used in an organization. A stock system is the set of polices and controls that monitor levels of stock and determine what levels should be maintained, when stock should be replenished, and how large orders should be. Finally,
Pycraft et al (2000) defined inventory or stock as “the stored accumulation of material resources in transformation system. So a manufacturing company will hold stocks of materials, a tax office will hold stocks of information and a theme park will hold stocks of customer ( when it is customers which are being processed we normally refers to the stocks of them as a queues”).
Stock management involves providing the required stock levels that will sustain the organization’s daily operations at minimum costs. This covers issues like determining the level of stock to order, when to order, establishing receipt and inspection procedures and providing proper storage facilities. Without proper stock control procedures in place, firms are likely to face two undesirable stock levels. That is to say excessive/ high levels of stock or inadequate/ low levels of stock (Dickerson 2000).
Competing stock requirements
Stock management also encompasses the important connections between replenishment lead time, asset management, carrying costs of stock, future stock price forecasting, physical stock, available stock space, demand forecasting and much more.
By balancing these competing requirements, a company will discover their optimal stock levels. This is a never-ending process, as the company will need to shift and react to its environment as it changes and grows
Push and pull
To put it simply, stock management is ruled by first the customers, who pull goods out of stock, and second by the company that pushes the goods out of stock based on orders and demand.
According to stock and Lambert (2001), said that stock can be categorized into six distinct forms that are: Cycle stock is inventory that results from the replenishment process and is required in order to meet demand under conditions of certainty, that is, when the firm can predict demand and replenishment times (lead times) almost perfectly: In-transit inventories. In-transit are items that are en route from one location to another.
This part of the study tackled the review of literature related to inventory management system. The sub themes that form this section were developed and arranged basing on the study objectives stock management practices used by
HISTORY OF THE CASE STUDY
OGUN STATE INSTITUTE OF TECHNOLOGY, IGBESA , situated at Oba Adesola market road, Igbesa , Ogun State founded in the year 2008, by Ogun state governor (Otunba Gbenga Daniel) They deal with the buying and keeping the stock of goods such as office file, paper, writing materials, e.t.c,
REVIEW OF THE EXISTING SYSTEM
OGUN STATE INSTSITUTE OF TECHNOLOGY, IGBESA AUDIT DEPARTMENT existing stock management system deals with the use of paper work, which may lead to lose of data, in accurate stocking of goods.
In the existing system, the buy the goods from the suppliers and record it in a file which sometimes makes it so tedious for the to retrieve data of past records.
CHAPTER THREE
SYSTEM ANALYSIS AND DESIGN
INTRODUCTION
It is a process of collecting and interpreting facts, identifying the problems, and decomposition of a system into its components.
System analysis is conducted for the purpose of studying a system or its parts in order to identify its objectives. It is a problem solving technique that improves the system and ensures that all the components of the system work efficiently to accomplish their purpose.
ANALYSIS OF EXISTING SYSTEM
The existing system is manual based and need lot of efforts and consume enough time. In the existing system we can save the record of the stock with the use of keeping filling a form and filling them. It may lead to corruptions in the stocking process as well as lost of file or file damage.
CHAPTER FOUR
SYSTEM TESTING AND IMPLEMENTATION
INTRO DUCTION
This chapter describes the installation of the new system, the software and the hardware that would be needed to be installed for proper implementation.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
SUMMARY
It is required that OGUN STATE INSTITUTE OF TECHNOLOGY, IGBESA AUDIT DEPARTMENT to change over from manual system to an automated system with the aids of collected data and research work done. A new system is designed and developed with the aid of PHP/HTML programming language and MySQL.
RECOMMENDATION
This involves the act of suggesting the use of the new proposed system. This system has been fully designed and developed, in such a way that it should be recommended for full utilization of its resources.
CONCLUSION
While developing the system a conscious effort has been made to create and develop a software package, making use of available tools, techniques and resources – that would generate a proper System
While making the system, an eye has been kept on making it as user-friendly, as cost-effective and as flexible as possible. As such one may hope that the system will be acceptable to any user and will adequately meet his/her needs.
As in case of any system development processes where there are a number of shortcomings, there have been some shortcomings in the development of this system also. The project is still under modification.
REFERENCES
- Alkon W.F (2007). Sets Sights Far Up the Ladder ,” New York Times. Retrieved June 30, 2016, from wikipedia: http://www.wikipedia.comstockmanagement
- Austine J.J (2006).”stock Management, definition . stock Management. p. 12. Retrieved June 30, 2016
- Allen Salkin (2012). In stock Management, Newcomer. Retrieved June 30, 2016, from wikipedia: http://www.wikipedia.com/stockmanagement
- James A.O (2005). List of stock Chains – Inventory Wiki. Retrieved June 30, 2016, from wiki: http://www.wikihow.com/inventorymanagement
- Ojo A.I (2015). Guideline to a successful project work and seminal presentation. Retrieved June 30,2016
