STOCK management system project report
STOCK MANAGEMENT SYSTEM PROJECT REPORT
1.1. BACKGROUND OF THE STUDY
The Stock Management System is a method for organising and locating objector supplies. In popular parlance, the phrase may also refer to the software components alone.
Stock management, according to (Kotler, 2000), refers to all of the processes involved in developing and managing stock levels of raw materials, semi-finished materials (work-in-process), and finished goods so that enough supplies are available and the costs of over or under inventories are low.
According to Rosenblatt (1977), “the cost of stock maintenance is included in the final price paid by the consumer.” Goods in stock cost their owner money.
The maker must pay for materials and labour. The wholesaler has finances as well.” 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 keeping the most economical amount of one type of asset in order to promote an increase in the entire value of the organization's assets – human and material resources.
According to (Keth et al.,1994), the main goal of stock management and control is to advise managers 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, in order to minimise stock outs.
As a result, the general purpose of stock is to have what is required while minimising the amount of times one is out of stock. (Schroeder, 2000) emphasised the importance of stock management in all corporate functions, including operations, marketing, accounting, and finance.
He demonstrated that there are three reasons for keeping inventories: transaction, precautionary, and speculative. When there is a need to hold stock to meet production and sales obligations, the transaction motivation arises.
A company may also elect to keep more stock on hand to offset the potential that it underestimated its future production demand.
The speculative motive for holding stock may motivate a company to buy more materials than usual in anticipation of reaping extraordinary profits. Buying raw materials in advance during inflationary times is an example of speculative behaviour.
Organisations must acquire, allocate, and control the factors of production required to fulfil their goals. Stock management, as one of the essential tasks of business logistics, has always been a crucial concern for the survival and growth of an organisation.
Stock is defined by Solomon and Pringle (1977) as a physical resource that a company keeps in stock with the intention of selling it or changing it into a more valuable state.
A stock system is a set of policies and controls that monitor stock levels and determine what levels should be kept, when stock should be replaced, and how large orders should be.
This is significant for an institution like TASO, which tries to provide pharmaceuticals to people while keeping in mind that people's health is a basic need for man's existence and nation development.
1.2 STATEMENT OF THE PROBLEM
Manual systems are time-consuming, inefficient, and inaccurate when compared to computerised systems.
So here are some drawbacks of the previous system:
1. Sluggish data processing
2. A great deal of paperwork
4. Not as precise
5. Less effective
6. A great deal of paperwork
7. Sluggish data processing
8. Uncomfortable working atmosphere
9. Difficulty in retaining historic records
1.3 OBJECTIVES OF THE STUDY
The project is intended to aid with stock management. The following are the primary goals of the new system:
1. Create a computer-driven stock management system for recording and tracking items based on amount and value.
2. To generate reports on all of the store's activity.
3. Create a central database system that will serve as the store database, containing information on all of the available products in the store.
1.4 SIGNIFICANCE OF THE STUDY
The new computer-driven stock management system will, among other things,:
1. Financial records for a single component or set of components.
All components in stock have service records.
2. current knowledge on data processing resources obtained through the creation and maintenance of
Records are archived in a centralised repository.
3. Data used to support hardware and software configuration diagrams
components found at specific locations, or the whole data processing system
1.5 SCOPE OF THE STUDY
The goal of this system is to provide a user-friendly working environment in which more output can be generated. This system has a user-friendly interface, which allows you to learn about all of the system's usability characteristics.
This system aids in the tracking of records so that previous records can be validated and decisions can be made based on them.
This system completes the work in a relatively short period of time, resulting in a low time consumption and a high level of efficiency.
This system is designed in such a way that even inexperienced users may simply run it. The computations are performed fast, and the records are instantly saved into databases, which can be kept for an extended period of time. Each record can be retrieved and validated for future transactions.
This solution also provides a high level of security against data leakage because only administrators have access to the database and no changes can be performed until the user login id and password are verified.
The OGUN STATE INSTITUTE OF TECHNOLOGY, IGBESA BOOK SHOP will be used for the research.
1.6LIMITATIONS OF THE STUDY
The following restrictions were faced throughout the design of this project:
1. Financial Constraints: The design was completed, but not without some financial costs. The computer time has to be purchased. The typing and planning of the task also have cost implications.
2. Excellent programming technique: The programming part of this project presented a number of difficult bugs that took us several days to resolve. Database connectivity using VB and MS Access databases created numerous issues.
3. A Few Literature Sources: Although the topic appears to be a widespread term, it is not a popular topic to search on the Internet. It has less sources from the literature.