Effect Of Inventory Management System On Operational Performance In Manufacturing Firms: Study Of May And Baker Manufacturing Industry Nig Ltd, Lagos

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@article{1700798,
      author = {Lukumon Akande Salahudeen, Abraham O. A},
      title = {Effect Of Inventory Management System On Operational Performance In Manufacturing Firms: Study Of May And Baker Manufacturing Industry Nig Ltd, Lagos},
      journal = {Iconic Research And Engineering Journals},
      year = {2018},
      volume = {2},
      number = {5},
      pages = {156-171},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1700798.pdf},
      abstract = {Inventory management has been a problem to many business organizations in Nigeria. Hence, it has become imperative to identify and enlighten management on the proper use of inventories. How inventory management systems affects operational performance in manufacturing firms is the primarily concern of this study. To further investigate the study and accurately analyze the result, three hypotheses were formulated. A descriptive research design random sampling techniques were employed where the sample size comprised of a total of sixty (60) staff were randomly selected from May and Baker Manufacturing Nigeria Limited in Lagos State. A non-parametric statistics of chi-square was employed to test for the relevant hypotheses. The outcome of this study reveals that, there is significance relationship between poor inventory management system and organizational performance. This study conclude that, failure to maintain a proper, adequate and accurate inventory control management will results in fall in profit and performance of May and Baker Nigeria Limited and vice-versa. It was recommended that, the organization should avoid the dangers that are inherent in keeping too little or too much of stock. There is also the need for organizations to train their personnel in the area of inventory control management. In general, the findings that emerged from this study have indicated that organizations stand to gain a lot from effective inventory control management system. Some of this benefit includes optimal use of resources, cost reduction, improved profitability, reduction of waste, transparency and accountability, easy storage and retrieval of stock amongst others.},
      keywords = {Effect, Inventory, Management, Operational Performance},
      month = {November},
  }