Inventory Management and Organisational Efficiency

Henry Inegbedion*, Sunday Eze, Abiola Asaleye and Adedoyin Lawal
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Henry Inegbedion*: Department of Business Studies, Lanmark University, Omu Aran, Nigeria
Sunday Eze: Department of Business Studies, Lanmark University, Omu Aran, Nigeria
Abiola Asaleye: Department of Accounting and Finance, Landmark University Omu Aran, Nigeria
Adedoyin Lawal: Department of Economics, Landmark University Omu Aran, Nigeria

The Journal of Social Sciences Research, 2019, vol. 5, issue 3, 756-763

Abstract: The study examined inventory management and organisational efficiency. The classical inventory management techniques were applied to an organisation’s inventory system. A door sales company in Ilorin, Nigeria that volunteered information on the basis of anonymity was used and relevant data were collected on six types of doors; panel, flush, sliding, folding and as well as manual and electronic garage doors. The company had no scientific inventory management strategy but the EOQ, inventory cycle time and reorder level were computed for the six doors using the average values of the data obtained for 2011-2017. The results show that the company can minimise its total inventory cost by consciously adopting an inventory management policy of ordering 55 panel doors, 41 flush doors, 41 sliding glass doors, 18 folding doors, 18 manual garage doors and 8 electronic garage doors respectively every cycle time of 17, 14, 17, 30, 35 and 34 days respectively or by placing the above orders each time the inventory level of panel doors, flush doors, sliding glass doors, folding doors, manual garage doors and electronic garage doors fall to 32, 24, 24, 5, 3 and 2 respectively and thus minimise the total cost of inventory.

Keywords: Inventory control; Inventory management; Inventory cycle time; EOQ and reorder level. (search for similar items in EconPapers)
Date: 2019
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