MANAGEMENT OF MULTI-LOCATION INVENTORY SYSTEM IN NIGERIA
AbstractThe 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.
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