Inventory Management Practices and SMEs’ Performance in Lagos State

Biyi John (Ph.D) Oyetade,, Abass Oyeshola Bello and Olugbenga Samuel Akinlalu
Additional contact information
Biyi John (Ph.D) Oyetade,: Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.
Abass Oyeshola Bello: Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.
Olugbenga Samuel Akinlalu: Lagos State University of Science and Technology, College of Applied Social Sciences, Department of Accounting, Isolo Campus, Isolo, Lagos State.

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 5, 958-979

Abstract: The pursuit of unraveling the intricacies surrounding inventory management practices and SME performance in Lagos Statenecessitates this study as the study used a descriptive survey research design. A sample of 154 SMEs was considered using Yaro Yamane’s formula, the sample size was drawn using a simple random sampling technique. Data for the study were obtained through the administration of a structured questionnaire to owners of SMEs and senior personnel of the sampled firms. The questionnaire was structured to elicit data about the three inventory management practices and SMEs’ performance in the sampled local governments. The tools used to describe the properties of the data sets were range, mean, and standard deviation on a simple table while Chi-square and analysis of variance statistics with the aid of SPSS version 20.0 were used to draw inferences from the three hypotheses. The findings of the study revealed the three dimensions of inventory management practices (inventory control techniques, inventory storage system, and inventory tracking system) all have a significant effect on SMEs’ performance in Lagos state. The study concluded that inventory management practices (inventory control techniques, inventory storage system, and inventory tracking system) all have a significant effect on SMEs performance in Lagos state and therefore recommended that SME owners and managers should improve the applicability level of inventory management tools among the SMEs in Lagos state which automatically leads to improved performance. All the inventory control systems should be made formal at the operational level among SMEs.

Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.rsisinternational.org/journals/ijriss/ ... -issue-5/958-979.pdf (application/pdf)
https://rsisinternational.org/journals/ijriss/arti ... ance-in-lagos-state/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:8:y:2024:i:5:p:958-979

Access Statistics for this article

International Journal of Research and Innovation in Social Science is currently edited by Dr. Nidhi Malhan

More articles in International Journal of Research and Innovation in Social Science from International Journal of Research and Innovation in Social Science (IJRISS)
Bibliographic data for series maintained by Dr. Pawan Verma ().