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AN APPRAISAL OF THE EFFECT OF INVENTORY MANAGEMENT ON THE OPERATIONAL PERFORMANCE OF ORGANIZATION

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 57 ::   Attributes: Questionnaire, Data Analysis ::   70 people found this useful
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CHAPTER ONE

INTRODUCTION

  1. BACKGROUND OF THE STUDY

Inventory management systems have been of concern for many years to business firms worldwide. Inventory management systems play a crucial role in enhancing effectiveness and efficiency in handling inventory of business firms. Companies have been continually in search for sources of sustainable competitive advantage in their operations. Therefore, there is need for business enterprises to embrace effective inventory management practices in order to improve their competitiveness (Rajeev, 2008). In 1980s inventories of raw materials, work-inprogress components and finished goods were kept as a buffer against the possibility of running out of needed items (Salawati, Tinggi, & Kadri, 2012). However, large buffer inventories consume valuable resources and generate hidden costs (Salawati at. el., 2012). Too much inventory consumes physical space, creates a financial burden, and increases the possibility of damage, spoilage and loss (Nyabwanga & Ojera, 2012). On the other hand, too little inventory often disrupts business operations (Dimitrios, 2008). The scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an on-going process as the business needs shift and react to the wider environment (Ghosh and Kumar, 2003).

The success of companies in this contemporary competitive business environment requires them to improve production considerably, minimize cost in their supply chains and provide efficient customer service to ensure customer satisfaction. This could be achieved through efficient inventory management. As such, efficient inventory management ensures large profit and retention of the available customer base. The achievement of better customer service drives companies to structure their inventory management. At every stage of production in manufacturing firms, there ought to be a balance in the level of inventory; not too high and not too low, so as to reduce the cost of operating the firm and losses. (Hugo, Fettermann, Tortorella, & Testoni, 2016). Providing the right quantity and quality of raw materials is one of the major goals of managing inventory efficiently. However, one mitigation to achieving this goal is knowing when to order, the quantity to order and frequency of ordering so that the organization always maintains the right level of raw material and finished product at minimum inventory total costs (Wangari & Kagiri, 2015) without also having shortage or excess of materials. The process of quantifying the efficiency and effectiveness of inventory management could be mirrored by the operational performance of firms. While a manufacturing firm’s ability to meet customer demands by adequately supplying quality finished goods, eliminating waste and reducing lead time reflects a good operational performance. Based on the foregoing, this research explored on inventory management and operational performance of quoted manufacturing firms in the south-east geopolitical zone of Nigeria.


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Paper Information

Format:MS WORD
Chapter:1-5
Pages:57
Attribute:Questionnaire, Data Analysis
Price:₦3,000
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