Optimizing Just - In - Time Inventory System for Resource Allocation in Plastic Manufacturing Industry in Nigeria
Journal Title: International Journal of Scientific Research and Management - Year 2015, Vol 3, Issue 10
Abstract
The study focused on optimizing Just - in - Time (JIT) Inventory Control System for Resource Allocation in the Plastic Manufacturing Industry with a focus on D ouble - Diamond Plastic Manufacturing Firm, Aba. The objective of the study was to optimize cost and improve production efficiencies of inventory allocation in the production of Over - Head Tank of 700 meters. The study employed a quantitive research design, o f which secondary data were used. Data collected were estimated using regression models via (SPSS) of which Ordinary Least Square (OLS) formed the basis for estimation. The study showed that optimal (functional) Economic Order Quantities (EOQ) of Linear - Lo ad Density Earthylene, Carbon, Colour, and Ultra - Violet Pigment were 1,214.47kg, 81,833.06kg,75,075kg, and 9,741.60kg, respectively. The linear - Load Density Earthylene (LLDE) as inventory material minimized most, the total cost of inventory, followed by Ul tra - Violet Pigment (Addictive), Colour, and Carbon, respectively. From the foregoing, the study concludes that estimated optimal (functional) Economic Order Quantity (EOQ) yield s realistic (lower) values that minimizes the total cost of inventory and there fore, recommended that organization should groom their staff on the use of estimated optimal Economic Order Quantity (EOQ) in the procurement of their inventory materials, because it is the order quantity that minimizes the total cost of inventory.
Authors and Affiliations
Nancy C. A gha
Keywords
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