-
The Significance Of Value Analysis And Value Engineering In United Foam Plc, Ilorin
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
-
1.7 FORMULATION OF RESEARCH HYPOTHESIS
Hypothesis represents an
assumption which the researcher would like to verify hypothesis norm
ally comes before the research is conducted.
Generally hypothesis may be stated in two ways.
- Null Hypothesis (Ho)
- Alternative Hypothesis (Hi)
1. Ho: Value analysis is not an effective technique in respect to cost reduction programme?
Hi: Value analysis is an effective technique in respect to cost reduction programme.
2. Ho: Not every firm requires the application of value analysis.
Hi: Every firm requires the application of value .analysis
3. Ho: There is no need for the application of value analysis in respect to cost reduction in Unifoam companies.
Hi: There is need for the application of value analysis in respect to cost reduction in Unifoam companies.
4. Ho: The application of value analysis has not in any way benefited firms.
Hi: Firms has in no measure benefited a lot from the application of value analysis programme.
5. Ho: Purchasing do not play a dual role in value analysis.
Hi: Purchasing plays a vital role in value analysis.
1.8 HISTORICAL BACKGROUND OF THE CASE STUDY
The United Foam Plc, Ilorin is located along Asa-Dam New Yidi Road
Ilorin, it was established in November 8th 1982 and commission on the
9th December, 1982 by the then executive governor of Kwara State Alhaji
Adamu Attah As the name implies the organization manufactures foam
products like mattress and cushions for the ultimate consumer’s
consumption.
The company is jointly owned by the Kwara State
government with 40% shares and the private individual comprising of the
foreigners and indigenes have the remaining 60% shares.
Initially, the company served it customers throughout all the local
government in Kwara State. However, it has extended it marketing
operation to other state of the federation, Kwara State being the gate
way. The present staff strength of the manufacturing organization stands
at five hundred and forty-three Despite the young age of the company
compiled with the present state of the economy in Nigeria, it has made
itself one of the leading and most reputable of foam product country
today.
1.9 DEFINITION OF TERMS
Value Analysis:- is simply the
organized systematic and continuous study of every cost elements in a
part, material or service to ensure that it fulfill its function at the
lowest possible cost.
Value engineering:- Has been used to refer to
the design stage or before the fact value Engineering approach is used
for new products and applies the same principle and techniques to
pre-manufacturing stage such as concepts development, Design and
prototyping.
Value:- value is the relationship between what you want, the functions and what is cost to get it.
Sourcing:-
refers to a number of procurement practices, aimed at findings,
evaluating and engaging suppliers of goods and services.
Purchasing:- is an activity of acquiring goods or services to accomplish the goals of an organization.
Specification:-
exact statement of the particular needs to be satisfied, or essential characteristics. That a customer requires in a goods, material methods,
process, service, system or work and which a vendor must delivery.
Techniques:- A systematic procedure formula, or routine by which a task is accomplished.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
ABSRACT - [ Total Page(s): 1 ]ABSTRACT COMING SOON ... Continue reading---
APPENDIX A - [ Total Page(s): 1 ]APPENDIX Department of Purchasing and Supply, Institute of Finance and Management Studies, Kwara State, Polyte ... Continue reading---
QUESTIONNAIRE - [ Total Page(s): 1 ]QUESTIONNAIREKindly tick ( ) at the appropriate or chose from the alternative answers provided.1. Have you either heard of the “value analysis and value engineering†before? Yes ( ) No ( )2. Has value analysis been practiced in the company before? Yes ( ) No ( )3. Is the performance still in operation in the company? Yes ( ) No ( )4. Do you think there is a clear distinction between value analysis and value engineering? Yes ( ... Continue reading---
CHAPTER TWO - [ Total Page(s): 5 ]THEORETICAL FRAMEWORK This study makes used of the theories of the firm which are in two categories namely “Targeted and Encompassing theories of the firm.â€1. Targeted TheoriesUnder the targeted theory, the single purpose of the organization is to maximize profit. They include;Profit Maximization: under this theory, the organization is considered and viewed as a profit making machine that has as its characteristic the efficient utilization of the organizational resources in or ... Continue reading---
CHAPTER THREE - [ Total Page(s): 2 ]SAMPLING PROCEDURE EMPLOYED In the course of this research, the research divided the population of united Foam Plc into similar units, sample were selected from each unit randomly but independently, samples in this way all the member of population has an equal opportunity of being selected into sample size.3.7 STATISTICAL TECHNIQUES USED IN DATA ANALYSIS For better understand of this project work, the researcher employed some statistical techniques to analyze the data collected from the re ... Continue reading---
CHAPTER FOUR - [ Total Page(s): 9 ]The above table shows that the company is still undertaking the programme because 60 respondents representing (50%) of the total respondents said Yes, while the remaining 60 respondents (50%) said No.QUESTION 4: DO YOU THINK THERE IS A CLEAR DISTINCTION BETWEEN VALUE ANALYSIS AND VALUE ENGINEERING?From the table above, 65 respondents representing (54.2%) of the total number of the respondents agreed that there is a clear distinction between the two while the remaining 55 respondents (45.8%) disa ... Continue reading---
CHAPTER FIVE - [ Total Page(s): 1 ]CHAPTER FIVESUMMARY, CONCLUSION AND RECOMMENDATIONS5.1 SUMMARY OF FINDINGS From the study conducted, the summary findings were made.The functions of value analysis and value engineering can not be carried out by one person or single designer. An organized value analysis and value engineering study usually utilizes a number of individuals with different types of background. Experience and skill which is possible to combine in one person or single designer. The company believes that value an ... Continue reading---
REFRENCES - [ Total Page(s): 1 ]REFERENCESAlijian, W.G. (2009): Purchasing Handbook. Alders Hot, Hart England: Grower Publishing Co. LimitedBaily, P and Farmer D. (2001): Purchasing Principle and Management. 4th Edition. London: Pitman Publishing.Cyert and March (2007). Principle theory sees organization items in material management the lowest overall cost.Giwa- Asaju, E.O. (2007): Principles and Practices of Purchasing. Kaduna: Gbabak Publisher Nigeria LtdGeorde W. Alfine (2000). Technique for obtaining maximum value in Purch ... Continue reading---
