An inventory control system contains a list of orders to be filled and then prompts workers to pick the necessary items, and provides them with packaging and shaping information, inventory control may be used to automate a sales order fulfillment process and also manage in and outward material of hardware. Automation is the replacement of human workers by technology. For optional sales and inventory management process, robust functionality is needed for managing logistic facilities. Ware house management functions for inventory control cover internal ware house movements and storage and its support helps in the recording and tracking of materials on basis of both quantity and value.
This application takes care of all supply orders reducing cost for warehousing, transportation while improving customer service. It significantly improves inventory turns, optimizes flow of goods and shortens routes within warehouse and distribution centers. it also improves cash flow, visibility and decision making providing efficient execution of task using this fast and reliable computerized method.
1.1 HISTORICAL BACKGROUND OF THE STUDY
The Petroleum equalization Fund Management Board is a scheduled Parastatal of the Ministry of Petroleum Resources ,established by Decree No.9 of 1975 as amended by Decree No. 32 of 1989 , mainly to administer Uniform Prices of Petroleum products through out the country . This is achieved by reimbursing a marketers transportation differentials for petroleum products movement from depots to their sales outlets filling station, in order to ensure that products are sold at uniform pump price throughout the country. The source of the Fund is from principally the net surplus revenue recovered from Oil Marketing Companies.
1.2 STATEMENT OF THE PROBLEM
The Petroleum equalization Fund Management Board PEFmB is to an extent manually operated and reveals a number of problems.
The recording of sales and cash received are done manually on a book that appears rough, thus the books are exposed to physical damage, information can be lost and dust particles are accumulated.
The long list supply order waiting to be attended to on daily basis.
The control system is time consuming, less accurate and less efficient and the environment is not user friendly.
Inaccuracies often ensue from human error.
The manually system is quite tedious and can be reduced or eliminated with the introduction of the proposed system.
1.3 SIGNIFICANCE OF THE STUDY
The study is primarily aimed at increasing efficiency in operation, reducing maintenance and running cost, monitoring the supply of goods and its distribution and increase profit in the Petroleum Equilisation Fund Management Board PEFMB by introducing an automated inventory control system.
1.4 OBJECTIVES OF THE STUDY
The main objective of the study is to develop an automated Inventory Control System Petroleum Equilisation Fund Management Board. While other subsidiary objectives include:
I. To provides total asset visibility.
II. To ensure the reduction inventory stocking levels giving full inventory history
III. To reduces lead time, shelf space, and errors due to damage, fatigue of staff and overall cost of operations.
IV. To facilitates just in time deliveries