MANAGEMENT OF MULTI-LOCATION INVENTORY SYSTEM IN NIGERIA
Abstract
The paper attempts to ascertain the fact that organizations with a number of “sister” plants, warehouses, or other stocking points can profit from the concept of proactive use of transshipments and the use of Economic Order Quantity model as an element of their inventory control policy. The survey research design was adopted. The responses of the participants were presented on tables and analyzed through the use of percentages. Findings reveal that; most organizations in Nigeria do not make use of EOQ model in the determination of optimum order size, it was also discovered that stock holding leads to waste of organizations resources, but because of the important of stock and the adverse effect of running out of stock, organizations still hold stock. Results also shows that lost of customer order, storage cost and quantity discount are the major factors affecting the quantity of inventory held in Nigerian organizations. Based on the findings, it was recommended that; organizations should groom their staff especially those in marketing/purchasing and store department in the use of Economic Order Quantity model, since this has great role to play in determining appropriate order size to avoid unnecessary costs. Modern softwares for inventory control should be installed in organizations and their store. It was concluded that inventory management if properly employed could lead to cost effectiveness in the operations of the business in Nigerian organizations. Inventory management is pivotal in effective and efficient organizations.References
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Agha, N.C., (2010) “Inventory Management and Cost Control Manufacturing Industries in Nigeria” Quarterly Journal of Management, 5(2).
Chase, R.B., Aquilano, NJ. And Jacobs, F.R. (1998) Production & Operational Management. New York: McGraw – Hill Inc.
Coutler, J. and Shepherd, A.W. (1995) Inventory credit –An Approach to Developing Agricultural Markets. Rome: FAO.
Drury, C. (2000) Management and Cost accounting. (5th Edition), London: Thompson learning.
Ewurum, U.J.F. (1999) “Management and Organizational Performance” An Igbo cultural perspective. Enugu: Institute for Development Studies.
Goldhaber, S. (1977) Construction management principles and practice. New York: John Wiley & Sons.
Horngrey, C.T. Foster, G. and Darwe, S.M. (2001) “Cost Accounting”.A managerial Emphasis (10th Edition).
Imaga, E.U.L. (2001) Comparative management system Nigeria and some selected countries. Enugu: Rhyce Kerex Publishers.
Imaga, E.U.L. (2001) Elementss of management and culture: organizational Behavior. Enugu: Rhyce Kerex Publishers.
Imaga, E.U.L. (2003) Theory and practice of production and Operations management. (3rd Edition) Enugu: Rhyce Kerex Publishers.
Jimngang, G.Y. (2004) The Culture of Entrepreneurship.Cameroun: Thesauri Book Co Ltd, (17th Edition). New Delhi: Prentice Hall.
Kodojo, S.N. (2004) Decision Accounting for Managers. Enugu: Oktek Publishers Ltd.
Lamming, R. (1988) Macmillan Dictionary of Business and management. London: Macmillan Press Ltd.
Lewis, .D. (1975) Demand Analysis and inventory control. England: Saxe house DC Health Ltd.
Nzelibe, C. (1990) Management of small scale business in Nigeria, Enugu: Fourth Dimension Publishers Ltd
Ogbadu, E. E. (2009) “Profitability through Effective Management of Materials” Journal of Economic and International finance 4(1).
Okafor, F.N. (1983) “Inventory Decision”: Evaluation of projects and securities, London: Cassell Ltd
Onah, J.O. and Thomas, M.J. (2004) Marketing Management: Strategies and cases, (2nd Edition). Enugu: Institute for Developing Studies.
Ozoani, G.C. (1998) Basics of financial management and Analysis. Enugu: Veamaks International.
Slack, N., Chambers, S. and Johnson, R. (2004) Operations Management, 4th Edition. New York: Prentice Hall.
Telsang, M. (2009) Industrial Engineering and Production Management. New Delhi: S Chand and Coy Ltd.
Unamka, P.C. and Ewurum, U.J.F. (1995) Business Administration Precision Printer and Publishers.
Published
2017-02-16
How to Cite
KELVIN-ILOAFU, Lovlyn Ekeowa.
MANAGEMENT OF MULTI-LOCATION INVENTORY SYSTEM IN NIGERIA.
GOUNI Journal of Management and Social Sciences, [S.l.], v. 4, n. 2, p. 177-187, feb. 2017.
ISSN 2550-7265. Available at: <http://journal.gouni.edu.ng/index.php/fmss/article/view/22>. Date accessed: 10 may 2018.
Issue
Section
Articles
Keywords
Inventory; Inventory Management; Multi-location Inventory system; Economic Order Quantity
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