CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
For an organization to be successful, it depends on the efficient control of stock in that organization. Therefore, for the study of purchasing and supply to be successful or complete, there must be efficient control of stock. Store management is very closely liked with product and distribution and is much neglected area of business study. Yet stock control is a vital part of all industrial organization and it must be design to suit the particular needs of the organization. Stock control is set up in any organization to assist in the production of goods and services and no substantial size can be efficiently manage with out it. The basic aim of every manager is to reduce the time and labour involved in each operation to the absolute minimum consistent with maintaining the required quality. (Bin, 1952).
According to (Bim, 1952) stock control represents the clerical control of materials into and out of the stores, and all the level of stocks in the stores with due regard to the economy in storage as well as ordering cost, purchase price to agreed, and the level of organization working capital. The stock control process focuses attention on factors related to time utility location, quality and quality of materials used by the operations of the organization.
1.1 BACKGROUND OF THE STUDY
ROKANA INDUSTRY OWERRI
Rokana Industry Owerri was established in the year 1998 by the former Manufacturing Association of Nigeria (MAN) President Engr Charles Ugwuh. The company is into manufacturing and production of goods and services. Its corporate headquarter is situated as t Victoria Island Land with manufacturing situated at different parts of the country which includes Owerri, Port Harcourt, Onitsha and recently Enugu. They produce good quality beverages and confectionaries for daily consumption. They produce quality post-boards companies adverts post boards, posters etc. Also they are into plastic/polymer production. The number of Rokana Products sent to the market, in no doubt has made tremendous impact on the reduction of the micro economic variables problems in this country through generating to our economy, creation of job opportunities etc. Efficient stock keeping has significantly improved profitability and productivity of Rokana Industry.