Observation

Candidates’ performance was poor. Some candidates could not differentiate between objectives and functions and thereby, lose valuable marks in this question.

(a) A store is a place or an area set aside for keeping all the materials and items needed for production, sale or distribution and from which they will be issued for any defined purpose. In some countries, the word store can assume similar names as retail outlet, general store, departmental store, supermarket, minimart and so on.

(b) Objectives of store management are to:

- provide store functions in the most economical manner;

- ensure that inventory’s carrying and ordering costs are maintained at the minimum;

- ensure that all materials or items received and issued are accounted for;

- ensure that materials or items received are properly kept to avoid deterioration, damage, and loss due to theft or pilferage;

- ensure proper planning and identification of goods or materials;

- keep stocks at the optimal level to meet various issues as required.

(c) Function of a store manager

- Receiving and dispatching of all incoming materials from the suppliers;

- Inspection of materials and items received to ensure that they conform to specified standard and quality;

- Ensuring proper warehousing and preservation of materials Received;

- Ensuring that physical stock taking and verification are carried out at periodic intervals;

- Ensuring proper identification and classification of each item of stock;

- Identifying requirements and issue materials without any delay to the user department requesting for them;

- Ensuring that day-to-day receipts and issue of materials are properly recorded in stock ledgers and/or captured in the computer.