CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The need for effective and efficient inventory control. Recent advancement and technology in business activities have generated the need for inventory management and control. For more than a decade now, inventories were handled by a clerk in a routine manner without applying the techniques of inventory but in a recent time, proper attention has been given to inventory management and control. In the effect of inventory control adequate care is taken in the assessment of the items cum materials to be hold in stock, decide the extent of stock holding of items individually and finally regulating the input and issue of stock into and from store cum warehouses. Any management that neglects inventory control will definitely run into costs that will generally reduce its corporate profit. Shortages in inventory will interrupt production and will further lead to losses. On the other hand if there is unintentional excess of stocking of materials in inventories, the organization’s funds will be tied up in stock instead of using it for profitable purposes. It is of these fact that any organization will decide on how much and how often to place order in order to minimize the cost involved and equilibrate the total cost resulting from excess stocking and under stocking. Therefore the importance of the effect of inventory control in the modern enterprises cannot be over emphasized.
The brief history of ABC transport, associated bus company limited operation of ABC transport commenced operation in road passenger transportation on February 1st 1993, as an off-shoot of rapid identities with a view to running a model road transportation system in Nigeria. In March 2003, capital alliance private equity (GAPE) acquire 30% shares of ABC transport with the acquisition, capital alliance (Nigeria) because stake holders in ABC transport, a partnership that repositioned the company for greater performance. ABC Transport Operates luxury bus services according to transportation, its services are specially designed for distinguishing. Evers who would otherwise use our services. The operations within Nigeria is carried out in ultra modern terminals with considerable languages in various cities like Lagos (Jibpwu and Estac), Aba, Owerri, Port-Harcourt, Abuja, Enugu, Okene, Onithsa and Umuahia etc. ABC buses are double with the company’s trademark the reindeer. The choice of the render as the company’s trademark. Symbol was made after a careful study for peculiarities of the animal, which is strong fast and moves in hard. For the company’s trademark achievement in transportation, ABC transport was adjudged the best transporters in Nigeria by the chartered institute of transport Nigeria and has since their consistently won the national bus operator of the year award along with other accolade s by renowned bodies.
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