AN ASSESSMENT OF ORGANISATIONAL STORE MANAGEMENT ON PERFORMANCE STRUCTURE. CASE STUDY OF BUEA TREASURY
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Due to lack of proper records of store management, main purpose of this study is to examine whether there is any effective store management in the public sector of the economy. In carrying out this research, data/information was gathered from journals, textbooks, seminar paper, internet and questionnaire. The statistical tool used for the study was Pearson product moment correlation (PPMC) .The data gathered were tested and alternative hypothesis was accepted that there is a significant effect of store management in the public sector. The study recommends the following; the general store should have buffer (safety) stock to avoid running out of stock, the management should employed qualified personnel, management should make available enough fund for the purchase of operational materials
Advancement in all business activities has brought about store management and performance. For the past decade, clerks handled stores in a routine manner. However, in recent times, proper attention has been given to it. In fact, well-planned and effectively managed stores can contribute substantially to the organization’s growth and efficiency. Stores management is a vital element in the management of materials especially in treasury.
However, before delving into this plight, it is appropriate to give the definition of stores in the public section because it means a different thing from what we learned under financial accounting and cost accounting.
According to United Nations regulation number 2101 “Stores include all moveable property purchased from public funds or otherwise acquired by Government. It is divided into allocated and unallocated stores.
According to Monday Osirim (2012 : 151) “The term stores in Government Accounting means stock or inventory of materials and equipment purchased with public funds for official use”.
International Public Sector Accounting Standard (IPSAS) number 12 known stores as inventories. So, this topic can also be seen as “Inventory management in the public sector of the economy”.
According to Okey, G.O (2011: 181)”Inventory management is the act of ensuring proper stock control”.
It is very necessary that organization must try to assess the items to be held in stock, decide the extent of stock holding of Items, individually and collectively, and finally regulating the input and issue of stock into and from the stores house. Therefore, through this process, it is possible to adjust continuously the quantity and value of store held to conform to circumstance at all time.
Store management is the clerical control of the movement of goods into and out of the stores, and of the level of stock in stores. Different store records cards are keep to known when stores fell to minimum stock level, maximum stock level, re-order quantity and re-order point. The success or failure of any organization depends largely on efficient systems of their store management, since store management is regarded as a procedure in which appropriate system containing information are fed to various departments for recording or action.
Actually, different systems are operated in different organization in managing their stores. Some of these systems work out well while others fails in their purpose.
From the past decades, most organization did not realize the essence of maintaining an effective and efficient store management system. As regards to this, store management has long been known as a major factor in the quest from growth and efficiency, so organizations face a lot of store management problem.
Due to lack of proper record of store, organization don’t know when their stock level reached maximum stock level, minimum stock level, re-order quantities controlled which has resulted to excess obsolescence and determination. At the same time shortage of material have risen at the time when they are urgently needed and operating delayed most alarming problem.
These amongst other factors have necessitated the study, to explore into ways and areas to find solution to the problems.
1) is there any acquisition policies guiding the stores management?
2) What are the likely problems encountered in maintaining an effective and efficient store management for performance in the treasury?
3) Is there any store procedures in place and is the performance of its activities contributing to the achievement of the department objectives?