... Stone stresses that motivation is essential to organizational effectiveness and is a predictor for performance of employees. Approach: In present research, the issues of inventory management had been focused and a novel approach based on genetic algorithm had been proposed in which the most probable excess stock level and shortage level required for inventory optimization in the. Published under licence by IOP Publishing Ltd, Aegean International Textile and Advanced Engineering Conference (AITAE 2018), IOP Conf. ABC inventory management is a technique that’s based on putting products into categories in order of importance, with A being the most valuable and C being the least. Hence there is a necessity of determining the inventory to be held at different stages in a supply chain so that the total supply chain cost is minimized. However, every business should strive to Technological impact on management practice is great. Data was collected by means of a self-structured questionnaire. The study also indicated that job performance measurement of the cataloguers indicated high performance ranging from work productivity, quality of work, ability to bring out initiative, among others. Practical implications – This research provides an important lesson for firms hoping to reap financial rewards from their alliance announcements. © 2008-2020 ResearchGate GmbH. In the production process, the company has to control the raw material inventory. Design/methodology/approach – The researchers collected data on marketing alliances in the biotechnology and pharmaceutical industries. In case of shortage of availability in inventories, the manufacturing wheel comes to … Inventory management has become one of the key elements of the supply chain management and can greatly affect the performance of a business. It is a vital element in planning both in the design of products and services and in their development, production and distribution, ... and organic management by two British researchers (Tom Burns and G. M. Stalker), strategy and structure approach by Alfred Chandler, ... All rulers, even from biblical times, be they Kings, Prophets, Emirs, Obas, or Obis, and other staff or retainers of our traditional rulers constituted the first corps of Nigerian management. To achieve this, the firm should determine the optimum level of investment in inventory. Small to medium sized family owned textile businesses are usually prone to this way of thinking. The real issue in replenishment strategy is addressing the fundamental challenge between holding enough inventory to protect future sales versus reducing inventory to reduce costs and enhance productivity. The study further showed that incomplete bibliographic records, moving into digitized collection, and lack of facilities to work with were the major challenges facing Nigerian cataloguer in performing their cataloguing role. of this work must maintain attribution to the author(s) and the title of the work, journal citation and DOI. Out of 100 copies of the questionnaire distributed, 75 copies (75%) were completed and returned. A positive evaluation at the time of the announcement may not necessarily translate into long-term success. Ser. The study suggests that owners/managers of SSEs embrace effective inventory management practices as a tactic to further their business performance. Research limitations/implications – As is common with other event study research, the study is unable to predict the long-term relationship between alliance announcements and performance of the alliance. There should be just e, reproduce the item before its inventory level reaches the safety stock level but even if it does there will, WIP = The inventory that is already in process but not yet finished (Work in Process), Pending Orders = The pending orders that are due today or already past due. You will only need to do this once. Finally, it discusses, demand does not exceed the inventory. This site uses cookies. lead-time will be greater than is desirable, vendors will be unreliable and forecasts will in most cases be wrong. The optimal inventory control method is different for each company. In addition, consideration of multiple products leads to very complex inventory management process. For instance, the setup, process it previously underwent resulting in extra time for heating it up or cooling it down. 459 012060, 1 Department of Industrial Design and Production Engineering, School of Engineering - University of West Attica, Athens, Greece, 2 Prosent S.A., Technical Fabrics, Production Planning and Control (PPC) Department, 84 Archimidous str., 19400, Athens, Greece, https://doi.org/10.1088/1757-899X/459/1/012060. As a result, it has been over used, over stressed, and over worked by the accountants and professional valuers. Join ResearchGate to find the people and research you need to help your work. This can be due to the irregular machine cycle time or due to an unexpected, downtime of the machinery. The following inventory management concepts can help you better understand the flow of your inventory from ordering through shipping and returns. 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