STOCK MANAGEMENT SYSTEM PROJECT REPORT
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STOCK MANAGEMENT SYSTEM PROJECT REPORT
Chapter one
1.0. Introduction.
1.1. BACKGROUND FOR THE STUDY
The Stock Management System is a mechanism for organising and locating objector materials. In general usage, the phrase can also refer to merely the software components.
Stock management, according to Kotler (2000), refers to all of the processes involved in developing and managing the stock levels of raw materials, semi-finished materials (work-in-progress), and finished goods so that adequate supplies are available and the costs of excess or understocking are minimised.
According to Rosenblatt (1977), the cost of stock maintenance is factored into the final price paid by the consumer. Goods in stock are a cost to their owners. The manufacturer bears the cost of materials and labour.
“The wholesaler also has funds tied up.” As a result, the researchers’ primary goal is to maintain a level of stock that provides optimal stock at the lowest possible cost.
(Morris, 1995) emphasised that stock management in its broadest sense is to keep the most economical amount of one type of asset in order to permit an increase in the entire value of the organization’s assets
– both human and material. (Keth et al.,1994) mentioned in their text that the primary goal of stock management and control is to advise managers about how much of a good to re-order, when to re-order the good, how frequently orders should be placed, and what the necessary safety stock is for minimising stock outs.
Thus, the general purpose of stock is to have what is needed while minimising the amount of times something is out of stock. (Schroeder, 2000) emphasised that stock management affects all business areas, including operations, marketing, accounting, and finance.
He demonstrated that there are three reasons for retaining inventories: transaction, precautionary, and speculative. When there is a need to keep stock in order to achieve production and sales targets, the transaction incentive emerges.
A company may also elect to keep more stock on hand to offset the potential that it underestimated future production demand. The speculative motivation for holding stock may motivate a company to purchase more materials than usual in anticipation of reaping abnormal profits. Buying raw materials ahead of time during an inflationary period is an example of speculative behaviour.
Organisations must acquire, allocate, and control the factors of production required to fulfil their objectives. Stock management, as a critical component of corporate logistics, has always been a vital concern for an organization’s survival and growth.
According to Solomon and Pringle (1977), stock is a physical resource that a company keeps in stock with the intention of selling or changing it into a more valued state.
A stock system is a set of policies and controls that monitor stock levels and determine what levels should be maintained, when stock should be supplied, and the size of orders.
This is significant for an agency like TASO, which aspires to provide pharmaceuticals to people while keeping in mind that people’s health is a basic need for human existence and national progress.
1.2 Statement of the Problem
Manual systems are difficult, time-consuming, and less efficient and accurate than computerised systems.
So, here are some problems of the old system:
1. Slow data processing.
2. A lot of paperwork.
3. Time-consuming.
4. Less accurate.
5. Less efficient.
6. A lot of paperwork.
7. Slow data processing.
8. Not user-friendly environment.
9. It’s difficult to retain ancient records.
1.3 GOALS OF THE STUDY
The project is intended to aid in the management of cattle. The primary goal of the new system includes:
1. Create a computer-driven stock management system that records and tracks commodities based on both amount and value.
2. Generate reports on all store activity.
3. Design and create a central database system to function as the store database, containing information on all of the store’s available products.
1.4 Significance of the Study
The new system built for computer-driven stock management system will include, among other things:
1. Financial records related to a single component or group of components.
Service records for all components in stock.
2. Current information about data processing resources, including the creation and
Records are archived in a central repository.
3. Data used to support setup diagrams for hardware and software
components found in specified areas, or the complete data processing
environment.
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