Cost control & Reduction and manufacturing cost

Abstract

The study aims to focus on assessing inventory management practices in Samira flour manufacturing PLC using descriptive research to imply areas of gaps to be studied and lay a foundation for other fellow academic researchers in the area. The researcher used both quantitative and qualitative research approaches are used to answer the research questions.Both primary and secondary sources of data were used. The primary data was gathered through questionnaire. While the secondary data was obtained from various sources which are relevant for the tudy through document analysis. The study statistically analyzed through descriptive data analyzing method. That the data obtained from the survey questionnaire form the employees and interview from warehouse and manager. The total population of the target group is 21 employees which used census method for this study. The study revealed that, management should use different strategies and policies to be effectively manage the inventories. According to the study, it was found out that lack of proper training and availability of unskilled manpower, and lack of segregation of duties, proper recording, and reporting and documentation system. The company should focus on inventory controlling related to the company’s performance, and giving appropriate training to employees to get well skilled manpower. Qualified staff that is competent and skilled helps the organization to achieve its goals and objectives by being effective when carrying out their various functions as per the respondents. the IM practices with proper documentation that ensures material availability meets projected demand, and accuracy of inventory records is necessary to retain and attract satisfied customers, monitored skill set of the employees are valuable to the company which is used to ensure accountability through stocktaking and stock audit exercise and check the inventories in shorter time than practiced earlier and strengthens the practice of IM practices as well.