Factors affect to effective inventory management system in the University in Sri Lanka: with special reference to University of Jaffna

Abstract

Purpose: The research is managing and evaluation of every assets ledger in an effective way it has a positive impact in an originations. The objective of the research was identified to carry out the annual verification and establishing assets management controlling system to maximize the assets utilization and able to ensure continuous supply for smooth function in the universities in Sri Lanka. Design: It has to identify the nature of assets and classification of assets to establish an efficient assets ledger management information system to university of Jaffna. The research consist Mixed method was used for this study. The sample consists with 65 locations of inventory section employees in 25 department or branch in the University of Jaffna. Primary data were collected through distributed questionnaires among selecting employees. The secondary data and information concluded that the Financial Regulation, Manual and automated assets coding system, nature of Inventory ((Immoveable or Moveable) inventory ledger system (fixed assets, Perishable assets and consumable assets), storage, wastage system, security system and investment in inventory were affected inventory management system and the in-charge of inventory and method of accounts are affect to effective inventory management system in the universities in Sri Lanka. Findings: These research findings are statically proved that assets ledge and inventory recording system strongly influence to the active and real inventory information for an origination stable growth and development. It is revealed that the behaviors of inventory in-charge and process of wastage handling of assets are positively impact to the operational register controlling. The evident of seven features which are considered by researcher positive and important on real monitoring and evaluation method and other one factor is not essential of effective inventory system. The Study exposed that most of university ranch or departments or units were not used periodically inventory monitoring technique to ensure the assets status. Pratical Implications: The assets ledger recording and information system were important to an organization. Automated asset classification and codding system has recognize the fixed assets, Master and department inventory registers it makes proper assets reconciliation statement for publish the finalize statements, to establish appropriative pronouncement system with congruence of the Finance branch and the General administration of a university to maximize assets utilization with the marginal cost.