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Inventory Management Techniques: Optimizing Plant Operation in a Manufacturing Industry

Shivaji Sagar, ,

Affiliations
Mechanical & Automation Engineering Department, Amity School of Engineering & Technology, Amity University, Mumbai, India
:10.22362/ijcert/2018/v5/i6/v5i602


Abstract
The main objective of this paper was to study the inventory management techniques and analyze the pros and cons of the existing technique and if needed, suggest a better-suited technique. The paper also sketches a background on the various costs involved and general inventory management techniques followed. The study uses a descriptive research design. The area of the study was a mechanical industry which produces valves, located in Chennai which is located in the Ambattur Industrial Estate. The inputs from the respondents were collected using a questionnaire and an interview guide. Secondary information was collected from different sources like; textbooks, internet, newspapers, magazines, and journals. The researchers obtained information from the staff and some clients who order directly from its premises. The sample size consisted of 50 respondents. The gender and age compositions of the respondents were established to eliminate any bias, in case of any. The results from the questionnaires and personal interviews were tabulated and analyzed and a relationship between the inventory management technique employed and performance was established based on the opinions of the respondents. A majority of the respondents agreed to positive relationship between the technique and performance of the company. A few respondents indicated inventory management as having a negative relationship on the performance. These same respondents believed that, inventory management involves a lot of costs, inconsistency as there is overcharging of customers, use of highly skilled workers in charge of managing inventories, theft, obsolescence among others all of which increase on the costs hence reducing much of the on the performance of the organization in question especially in the production department.


Citation
Shivaji Sagar(2018). Inventory Management Techniques: Optimizing Plant Operation in a Manufacturing Industry. International Journal of Computer Engineering In Research Trends, 5(6), 167-175. Retrieved from http://ijcert.org/ems/ijcert_papers/V5I602.pdf


Keywords : Inventory Management, EOQ, Management, Optimization, Plant Operation

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DOI Link : https://doi.org/10.22362/ijcert/2018/v5/i6/v5i602

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