Advance Inventory Management Practices and Its Impact on Production Performance of Manufacturing Industry

2019 International journal of recent technology and engineering  
Inventory management is considered to be the most important function in every manufacturing firms. Steel industries in India are facing top competition in determining appropriate level of inventory that should be maintained by firms towards meeting at customer needs as well as smooth production process. Research paper aims to empirically examine the impact of Inventory Management Practices (IMP) on the Production Performances (PP) of the manufacturing industry. Due to various internal and
more » ... internal and external factors, inventory costs get volatile, which create scarcity of required inventory due to unexpected demand and supply. Looking at the global competition in recent days, the manufacturing industries are adopting various strategies related to different IMP like, ABC model, EOQ model, VMI Model, MRP, DFI etc. The present study comprises of 7 steel manufacturing firms of India and data were collected from 109 respondents selected at random by administer of structured questionnaires. The respondent selected for the study are production manager, purchase manager, warehouse manager etc. of IMP organizations. Different statistical tools were used for identification research problems. Findings revealed that selected 3 techniques of IMP have strong relationship with Production Performances. Study concludes that effective management of IMP will able to provide competitive advantages for manufacturing industry to survive in long run
doi:10.35940/ijrte.d8266.118419 fatcat:cjd47am7r5dk3hc5srwciuqawy