Raw material inventory is a major element of the working capital of many organizations. Hence its proper control is crucial for the profitability of the organization and development of surrounding communities. The sudden unavailability of raw material inventory for production can be a great operational disturbance which results in delivery delays, customer dissatisfaction and loss of market sha...

Purpose – This paper seeks to construct a model for inventory management for multiple periods. The model considers not only the usual parameters, but also price quantity discount, storage and batch size constraints. Design/methodology/approach – Mixed 0-1 integer programming is applied to solve the multi-period inventory problem and to determine an appropriate inventory level for each period. T...

Investment in inventory absorbs a large portion of the working capital of a company and often it represents a large portion of the total assets of a business. By improving return on investment by increasing the rate of inventory turnover, management often wants to ensure economic efficiency. Effective inventory management enables a firm to provide lower costs, rapid response and flexibility for...

this study examines inventory management practices of flour milling manufacturing firms and their effects on operational performance. five flour milling manufacturing firms in lagos were used for this study. structured questionnaire was the major instrument for the collection of relevant primary data while descriptive statistics such as mean and standard deviation was deployed to analyzing the ...

In the new competitive environment, selecting and planning of the supply chain is very crucial and involves evaluation of many factors. Different approaches have been applied to assess the supplier/s. Most of these studies are based upon the supplier/s' capabilities. It may be neither rational nor economical to deal with each item via a generic material control system. Furthermore, supplier...

An improved approach to inventory management in the Operating Theatre has been initiated at Princess Alexandra Hospital. A Clinical Resource Co-ordinator (CRC) position was created to provide access to expertise in purchasing and materials management at the clinical level. A review of existing inventory management practices conducted by the CRC revealed reporting inadequacies, lack of product s...