Authors: Makafui R. A. Ackah, Dr. Kweku Benn, Dr. Dotsey Nelson Monday, & Dr. David Ackah, PhD
Registrar of IPMP, Vice President Academics of IPMP, Head of Research Development, & President of IPMP
Institute of Project Management Professionals – IPMP
Email: dackah@goldensunbeamuniversity.edu.gh & nelsonmonday@gmail.com
Abstract
Most private companies have not been able to recognise the impact of inventory management and proper stock control in spite of its great savings. Due to this unprofessional conduct and control of stock handling Total Petroleum Ghana Limited has been selected as an ideal model to be delving into and evaluate this concept. Most companies may run into losses as a result of waste, theft and stock deterioration if it does not exercise nor execute inventory management policies. In most manufacturing industries, the management of finished goods inventory is the pivot of the day to day problems of coordinating sales and production. Inventory loses are one of the primary direct causes of business failure and has been widely showing most cyclical business declines and depressions. Planning and executions of inventory control should involve all stakeholder and department of the organization by taking into account the needs and interest. The end result achieved has a major bearing on the company’s financial strength and its competitive position. Since it directly affect quality service customers production cost earnings and so undress of the working capital position.
Keyword: Inventory Management, Inventory Control, Efficient Management of Inventory
