Submit Paper

Article Processing Fee

Pay Online

           

Crossref logo

  DOI Prefix   10.20431


 

International Journal of Modern Studies in Mechanical Engineering
Volume 2, Issue 1, 2016, Page No: 1-13
doi:dx.doi.org/10.20431/2454-9711.0201001

Evaluation and Optimization of Inventory Control Systems in Small and Medium Scale Industries

Chinwuko Emmanuel Chuka1, Nwakoby John Oguejiofor1, Asowo Clement Sunday1

1.Industrial and Production Engineering, Nnamdi Azikiwe University, Awka, Anambra state, Nigeria.

Citation : Chinwuko Emmanuel Chuka, Nwakoby John Oguejiofor, Asowo Clement Sunday, Evaluation and Optimization of Inventory Control Systems in Small and Medium Scale Industries International Journal of Modern Studies in Mechanical Engineering 2016, 2(1) : 1-13

Abstract

This work provides an overview of inventory with the intention of using decision model to analyze and evaluate inventory in small and medium scale industries with the aim of optimizing the inventory system inEvepon Industries Limited, Enugu state, Nigeria. Data were collected from the case company and the research method used is the application of the inventory control models. Based on the models applied, the aforementioned company's analysis shows that the economic ordering quantity of the raw materials which are products 2, 3, 4, 5, 6 and 7 have 2700.81, 286.84, 772.77, 61.4, 6.43 and 7.21 respectively. Products 2, 3, 4, 5, 6 and 7 have reordering point of 675.2, 71.71, 193.19, 15.35, 1.61 and 1.8 respectively while the products 2, 3, 4, 5, 6 and 7 have lead time of 4.12, 13.13, 5.9, 28.11, 36.82 and 49.54 respectively. The results develop standards for the case company and similar case studies for its use and applicability in other to eliminate and/or to reduce the inventory control and production planning problems. This technique will help manufacturing industries in general and the case study company to reduce running cost, effective utilization of the inventory control system and appraisal of the production planning system.


Download Full paper: Click Here