Inventory Control System on Some Products of Some Selected Supermarkets in Port-Harcourt Rivers State
Asian Journal of Mathematics and Computer Research,
Page 1-16
DOI:
10.56557/ajomcor/2023/v30i18129
Abstract
Inventory management and control are essential to that company since lack of it poses a threat to a company's viability. The inventory management system has been undercut by supermarkets and other corporate entities, increasing the risk of missing goods and faulty record keeping (stock keeping). This leads to poor stock management in supermarkets and other commercial enterprises due to ignorance of the optimal time to place an order and the perfect quantity of the commodity to be ordered. The goal of this study is to implement an inventory control system in selected supermarkets within university of port Harcourt environment. This includes examining the types of stock control measures used by supermarkets, as well as determining the Economic Order Quantity (EOQ), the Purchase Cost Per Cycle, and the Total Cost Per Unit Time, and obtaining the optimum level using a single item static model with and without product shortages. Purposive sampling was used to select the items from among the wide range of goods offered in the various supermarkets, including Market Square Supermarket Choba Branch, Everyday Supermarket Choba Branch, and Gemstone Ultra Mart Alakahia, all of which are located near the University of Port Harcourt. According to comparisons outcomes using the values obtained as the EOQ, and Lead time, Market Square supermarket had the highest sales, followed by Everyday supermarket, and then Gemstone supermarkets, with the exception of Dettol, where Everyday Supermarket is in the lead. The most regular purchase item is Golden Morning Products, followed by Indomitable and Dettol Disinfectant in the three supermarkets. Considering the EOQ (Q*) results, the inventory cycle duration (to*), and the overall cost per unit of time (CT*) for both when shortage is allowed and when not allowed, the Indomitable product in the Market Square supermarket has the highest EOQ, the Dettol disinfectant product (250ml) in the Gem Stone supermarket has the cycle length to*, and the Golden Morn product in the Market Square supermarket has the highest optimal total cost per unit time (CT).
Keywords:
- Inventory control
- economic order quantity
- item static model
How to Cite
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