ABSTRACT
This research work
tagged: Stock Management in the Hotel Industry is intended to introduce the
readers to the effective means of avoiding waste in their establishment and in
order to avoid running under stock. An objective looks at stock management in
the hotel, the activities involved in controlling stock, and roles of the stock
keeper at both hotel and other firms. However, this work is organize into five
(5) chaptersChapter one (1) which is the introduction focuses on the background
of the study, objectives of the study ,research questions significance of the
study, scope and limitation of the study and operational definition of the
concept and terms used in the study. Chapter two (2) centers n the reviews of
the related literature relevant to the field of study among areas of
related literature reviews include the concept and the need for Stock
Management, Approaches to Stock Management, Cost of handling and storing stock,
stock levels, Factors affecting the application of materials Management,
Benefits of materials management concept. Chapter three (3) deals with the
methods of research used in carrying out the research works. Where as chapter
four (4) centers on the presentation and analysis of data that validate the
research findings. Chapter five (5) is the summary of the findings
recommendation and conclusion and areas for further research.
TABLE OF CONTENT
CHAPTER ONE
Introduction
1.1
Background of the study
1.2
Statement of the problem
1.3
Purpose of the
study
1.4 Significance
of the study
1.5
Research Questions
1.6
Scope of the study
1.7
Limitations
1.8
Definitions of
terms
CHAPTER TWO
2.0 Literature
Review,
CHAPTER THREE
3.0
Research
methodology
3.1
Research design
3.2
Sources of Data: Primary and Secondary
3.3
Population of
study.
3.4
Sample size determination
3.5
Instrument of Data
collection
3.6
Questionnaire Administration and
Retrieval
3.7
Validation of the
instrument
3.8
Reliability of the
Instrument
3.9
Method of Data treatment and
Analysis
BIBIOGRAPHY
APPENDIX
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The most significance
and most valuable assets of any existing enterprise are inventory management
because for an enterprise to be able to give accurate measurement and good
description of her asset, inventory becomes the first to mention. This is of
course, is so because the sale of inventory at a price is greater than total
cost indicates an efficient merchandising, which is however is the primary
source income generation.
These inventories are
both assets and items held in the ordinary course of business or goods that
will be consumed or used in the production of goods to be sold.
Geoffrey Merdith[1982]
defined stock management as inventory operations as the combination of systems
and processes involved with inventory management as well as the physical
aspects of storage and material handling. The direction and control of
activities with the purpose of getting the risk inventory in the right place,
at the right cost. Effective stock management and security are imperative and
must cover the whole supply chain through to the final distribution to
customers .
From the clear point of
view, inventories in management constitute and important asset. However , stock
management is an area of accounting and financial data of goods being sold. The
stock management is an area of accounting and financial data of goods being
sold. The stock management system should ensure that initial low quantity of
goods can be put best use.
Graham Buxton[1979]
looked at stock management as the ability of a firm to ensure that stocks of a
company’s products are made available on a consistent basis in the light of the
company’s service policy to its market demand. Stock management is extremely
important. The investment of inventories, the largest current assets in
manufacturing and retail establishments and may also be a material portion of
the company’s total assets. So if unstable items have accumulated in the
inventory, a potential loss exist and product ordered by potential customers
are not available in the desired system, style, quantity, quality, sales is an
inefficient purchasing procedure, faculty manufacturing techniques, inadequate
sales efforts will thus all result in excessive and unstable inventories During
prosperity when sales are high in many business, merchandise can be given off
readily and quantities on the other hand may not appear excessive. But when
there is a slight downward inventories in the business cycle, many live
merchandise move slowly, then stocks accumulate and bring about obsolescence.
To achieve this, if not stopped completely, management should put much efforts
and interest in inventory planning and control.
Duck-larkan emphasis on
stock control so as the right materials are available at the right time, with
the minimum of storage and investment. It is necessary to monitor those
forecasts into action. A system must be installed to record stock levels,
sanction the issue of stock and purchase replacement. The master document is
the stock control card which continuously gives a record of the stock position
for the item concerned including numbers outstanding or orders placed. A
classification and codification is necessary both from the stock control and
the stores affect.
In conclusion however,
it is necessary to properly investigate and examine the real nature of stock
management in the existing hotel and catering industries rank equally and
favorably with their counterparts in the developed nations. Companies must keep
accurate records for items in inventories and installed at customer sites
knowing who has checked out, which equipment each morning and which asset is
returned every evening is a critically inventory management.
1.2 STATEMENT
OF PROBLEM.
The following are the
problems of this research.
Most hotels are faced
with lack of fund to carry out enough stock control in order to minimize and to
be able to fulfill their customers needs.
Stocks can costs a lots
of money in tied up capital, storage costs and
deterioration
Lack of warehouse – Most
firms are faced with the problem of warehousing. Some hotels don’t have
sufficient warehouse for storing their goods.
Poor store keeper- The hotel lack an experienced store keeper who knows how to
calculate, when and to order for inventory replenishment in order to minimize
costs under a given service policy. How does he know when to reorder the
various lines of goods.
1.3 PURPOSE
OF THE STUDY.
Having stated the problem, this work tends to
achieve the following:
1. To determine the importance
of stock management as one of key factors for safe guarding goods.
2. To determine the best
method to use for minimizing lost in the warehouse in order to avoid run out
stock.
3. To suggest ways of training and development of
all staff concerned with stock in order to ensure proper checking or store
taking in the store.
4. To determine the extent that stock management in
the hotel industry can be built.
1.4 SIGNIFICANCE
OF THE STUDY.
The study on its
completion will help the management of Royal Palace Hotel on how to improve the
system of receiving and issuing of materials in the store department of not
only public as the case may be but as well as private owned enterprises.
It will also reveals
areas of problems in actual practice and thereby giving researches materials to
combat these problems he or she may likely face as an aspiring young managers
of a private or public owned enterprises.
Stock management will
assist the management on how to organize training and development of staff that
are concerned with stock. It will assist organization how to effectively
co-ordinate proper material forecasting, planning and effective control of
stocks.
Finally, it will attempt
to enlighten the entire staff of Royal Palace Hotel on the stock procedure.
1.5 RESEARCH
QUESTIONS.
For the purpose of this
study, the following questions were asked.
1. What impact does stock management has in the
development of small Business?
2. How can a sound tack stock management be built
in a hotel industry?
2.
Does the company operates on predetermine for item on stock whether minimum,
maximum recorder and economics order quantity?
3.
What method of material issuance from the store does the hotel adopt?
4.
Does the store keeper always ensure proper checking or stock taking in the
store or he do both together?
5.
Why do the hotel hold stock?
6.
What do you think is the need for stock management?
1.6
SCOPE
OF THE STUDY
The scope of this study
is very wide. It is to cover stock management in the hotel industry. This will
entail a variety of research study but due to some avoidable factors, it will
not cover the whole of Nigeria. But it is believed that what method used in the
management of stock anywhere in Nigeria is also applicable in other countries.
Thus, as a result of
insufficient materials to be used in carrying out this research. The study
shall be limited to “ROYAL PALACE HOTEL ENUGU.”
1.8
DEFINITION OF TERMS
There is need to give an
operational definition of some important terms
used on the research work. They include:
1. STOCK/INVENTIONS: They
are materials kept in a store.
2. STOCK
TAKING: This is physical or manual counting of items in the Store.
3. INVENTORY
CATALOGUE: It is a store document describing each Individual item of stock
and the part it will form in the products.
4. CODING:
Is the identification of items by assigning specific numbers of figures to it.
5. STORES
REQUISITION: It is a store document for getting goods or items from the
store.
6. SUPPPLIER/VENDOR:
He is a person who makes goods or items available to others.
7. STOCK
CONTROL: Is a set of politics and procedures by which an organization
determines which items it holds in stock and how many of items it carries.
8. ABC
ANALYSIS: It is a stock control device that analysis the naira value of all
items in the stock.
9. MINIMIUM
STOCK[BUFFER]: A precautionary stock level which takes care of
unexpected delays in delivery.
Department | Business Administration and Management |
Project ID Code | BAM0271 |
Chapters | 3 Chapters |
No of Pages | 38 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |