Maximizing Revenue from Faculty of Engineering Central Workshop: A SWOT Analysis and Recommendations

1. FACULTY OF ENGINEERINGCENTRAL WORKSHOPA “SWOT” ANALYSIS OF FACULTY OF ENGINEERING CENTRAL WORKSHOP AND RECOMMENDATION FOR PROPELLING WEALTH CREATION FOR THE UNIVERSITYBYENGR. J.I. ASAOLUHEAD OF THE CENTRAL WORKSHOPSUBMITTED TOCOMMITTEE TO ORGANIZE AN IGR SUMMIT IN THE UNIVERSITY,EKITI STATE UNIVERSITY, NIGERIADURING THE IGR SUMMITJAN, 2016

2. A View of central workshop faculty of Engineering

3. A View of central workshop faculty of Engineering

4. THE WELDING BOOTH

5. (A) INTRODUCTION • The central workshop of the faculty of engineering has the capability of engaging in construction and fabrication of some machines, equipment and other domestic items that are valuable and marketable for human use. • The primary function of the central workshop is to train the students on basic engineering workshop practices via engaging them in the fabrication, machining, construction, repair, and maintenance of items that are useful domestically and marketable. In the light of this, the workshop is a good ground to generate funds and to increase the IGR of the university in addition to equipping the students with the necessary practical needed.

6. STUDENTS’ WORK EXPERIENCE PROGRAM (SWEP) PROJECT • Apart from the regular practical days for students of the faculty, the students usually engage in SWEP project in which they produce/fabricate components which are of value and through which revenue can be generated if properly managed. (B) CURRENT STATUS OF IGR IN THE WORKSHOP • The workshop has only been functioning as a training ground for students of the faculty without generating revenue. (C) EVALUATION OF THE ACTIVITIES IN TERMS OF REVENUE GENERATION IN THE WORKSHOP SOME OF THE PRODUCTS OF THE CENTRAL WORKSHOP • These are some of our products from the Faculty of Engineering central workshop that can easily be turned into wealth if we engage in mass production. • They are basically the practical works of our students.

7. CHARCOAL STOVES: SMALL(left) AND BIG(right) SIZES

8. ELECTRIC STOVE

9. SIGN POSTS OFFICE CABINET

10. COMBINED CHARCOAL/ELECTRIC OVEN

11. POT RACK

12. WALL BRACKETS

13. POLE HOLDER

14. RAKES

15. BURGLARY PROOF FOR WINDOWS AND DOORS

16. STEEL DOOR FOR FACULTY OF ENGINEERING FOUNDRY

17. ALREADY INSTALLED BURGLARY PROOF GATES

18. (D) STAFF AT THE WORKSHOP • Apart from the students’ engagements, staff at the workshop can on regular basis choose one or two products that will be of high demand in the market and produce them in large quantities for sale; this will be apart from other design and fabrication that may be coming in at the clients’ request. SOME MARKETABLE PRODUCTS • 1. Charcoal stove • 2. Electric stove • 3. Drawer searcher (Popularly known as OLODODO). • 4. Baking oven SOME PRODUCTS THAT CAN BE PATENT • 1. Office Cabinet • 2. Smoking kiln • 3. Grater • 4. Feed mill • 5. Gas cooker OTHER STEEL WORKS • 1. Burglary proof for windows • 2. Iron doors and gates • 3. Machine components and parts • 4. Ring mould

19. FINANCIAL IMPLICATIONS • Using charcoal stove as a case study and steel sheet metal as material.

20. From the table above, it is seen that the cost price per unit reduces as production rate increases. Therefore, the higher the production rate, the higher the profit made. In a situation where 100 sheets of steel are purchased, the profit would be 60%. This is just a simple but efficient means of generating great revenue using cheap materials. HOURS RATING In a day’s work i.e 8hrs, a welder can easily produce 20 pieces of charcoal stove without support. In a process where 200 students are given 4 charcoal stoves each per week with the support of 4 welders, the turn out in a month will amount to (800*4) =3200charcoal stoves. Assuming the stoves are sold at #500 each, this will amount to #1,600,000. If the welders are placed at #25,000 per month, it will amount to #100,000 for four welders. The cost price at 200 × 3200 = 640,000 Overhead cost at 30% of 640,000 = 192,000. Total money spent = 640,000 + 192,000 = 832,000 Profit = 1,600,000 – 832,000 = #768,000

21. In a year, with constant production and sales, #7,680,000 can be realized from just this one product. The total possible revenue from all products that would be manufactured at the engineering central workshop is without doubt mouth-watering. This project will not only add to the revenue but also to the recognition of the institution. (E) CHALLENGES TO MEET THE EXPECTED RESULT AND POSSIBLE WAYS OF OVERCOMING THEM (i) STAFF • Presently in the workshop, there is only two staff. In order to meet the demands of this project, there is a necessity to recruit more staff in the following area; • 1. Engineers • 2. Technologists • 3. Welders (ii) EQUIPMENT • There is a pressing need to improve the standards of the equipment in the workshop

22. (iii) POWER SUPPLY • There is limited power supply to the central workshop which will not be enough for the operations performed. (iv) UTILITY VEHICLE • There is also a need for utility vehicle in the workshop in order to facilitate the operation of the workshop.

23. CONCLUSION/RECOMMENDATION • Having this kind of workshop in the system, it will be of good source of revenue for the university if the system can exploits its value. • The workshop is capable of doing all sorts of steel works and fabrication processes.is resources as its mandate all its contractors to patronized the workshop for all kinds of steel works and fabrications in the university projects. • The system should endeavor to make a policy of making the university revolving • If the management can address all these challenges in the workshop, the workshop would be of vibrant support in the area of IGR.

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