INSTITUTE OF ADULT EDUCATION
PROGRAME NAME: ORDINARY DIPLOMA IN ADULT AND CONTINUING
EDUCATION STUDIES
STUDENTS NAME:
REGISTRATION NUMBER:
LEVEL OF STUDY: NTA LEVEL 6
COURSE NAME: MANAGING RESOURCES IN OPEN AND DISTANCE LEARNING
COURSE CODE: MA 06103
SUPERVISOR NAME: Madam Zainab
MONTH AND YEAR: AUGUST 2024
NATURE OF WORK: PROJECT ASSIGNMENT
LEARNING CENTER/CAMPUS: MKURANGA, PWANI
Question
1. An audit conducted in 2022 revealed that Mkolani Open School had lost 1,800 textbooks.
Similarly, in 2021 an audit uncovered that Busagara open school had lost T.sh.1,500,000/-
including computers and even student chairs. These losses can accumulate over time. As an
expert in managing resources in distance institutions, to prepare an effective school
inventory management system which I think will help Open School managers to track
and oversees all of a school's supplies, including equipment, furniture, devices, etc., to
support its students and staff.
Inventory management is defined as an ongoing procedure involving the planning, organization,
and control of inventory [9]. Its objective is to reduce investment in inventory while ensuring
equilibrium between supply and demand. The objective of this process is to decrease
procurement and carrying costs, all the while upholding an optimal product inventory level to
satisfy customer demand
[9] Ali AK. Inventory management in pharmacy practice: A review of literature. Archives of
Pharmacy Practice. 2011;2(4):151
Meaning of Inventory Management
Inventory management is the practice overseeing and controlling of the ordering,
storage and use of components that a company uses in the production of the items
it sells. A component of supply chain management, inventory management
supervises the flow of goods from manufacturers to warehouses and from these facilities to point
of sale. Inventory control means efficient management of capital
invested in raw materials and supplies, work- in – progress and finished goods.
In order for the Open School managers to track and oversees all of a school's supplies, including
equipment, furniture, devices, etc., to support its students and staff. The following inventory
system will be of help;
SCHOOL INVENTORY MANAGEMENT SYSTEM
Purchase order Product name Category Quantity Location
A12024 Books Reference Books 1300 Library
Text Books
2000 Library
A22024 Desktop Dell Quad Core i5 20 Computer lab
3.1GHz, 8GB Ram
computer
Printers 2 Printing room
Epson L14150
A32024 Tables Wood with steel 100 Classroom 1&2
frame
A42024 Chairs Wood with steel 100 Classroom 1&2
frames
A62024 Automobiles Motorcycle's 20 Office parking
2 Office parking
Vehicles
A72024 Televisions LG Thin Q 72" 1 Staff office
A82024 Balls Footballs 4 Sport and games
Volleyballs
4 office
A92024 File cabinets Wood with glass 10 Staff office
Strong iron
1 Head office
A102024 Capital Balance cash Tzs.9,123,345.0 Bank
0
Source: Inventory office management
Significance of holding inventory
Inventory is considered to be one of the most important assets of a business. Its
management needs to be proactive, accurate and efficient. Inventory is essential
for every organization to ensure smooth running of the production process, to
reduce the ordering cost of inventory, to take advantage of quantity discount,
avoid opportunity loss on sales, to utilize and optimize the plant capacity and to
reduce the overall price. Thus, it can be said that inventory is inevitable and has to
be maintained in appropriate quantity.
Inventory systems are important because they help companies manage and track their goods
accurately, which can prevent them from having too much or not enough stock. Using an
inventory system can benefit an organization in the following ways:
Conclusively Inventory management is very essential for every organization especially
manufacturing and trading organizations. Optimization of the investment in
inventory and managing the level of inventory are the key objectives of inventory
management. Inventory control is essential to keep a track on the types of
inventories held and the cost involved. Many techniques are used to control the
inventory namely traditional techniques and modern techniques.
Reference
