Effectiveness of inventory management in-a-manufacturing-company

Thesis Abstract

Abstract
Inventory management is a critical aspect of operations in manufacturing companies, directly impacting production efficiency, costs, and customer satisfaction. This research project aims to investigate the effectiveness of inventory management practices in a manufacturing company and their impact on overall performance. The study will focus on analyzing various inventory management techniques such as Just-In-Time (JIT), Economic Order Quantity (EOQ), and Material Requirements Planning (MRP) to determine their application and success in the company's operations. By conducting a comprehensive review of the company's current inventory management strategies, data on inventory turnover, stockouts, carrying costs, and order fulfillment rates will be collected and analyzed. The research will also explore the integration of technology, such as inventory management software and automation, in improving inventory control and tracking accuracy. Additionally, the study will investigate the role of effective demand forecasting and supplier relationship management in optimizing inventory levels and ensuring timely replenishment. Through surveys, interviews, and data analysis, the research aims to identify strengths and weaknesses in the company's inventory management practices and provide recommendations for enhancing efficiency and performance. The findings of this study are expected to contribute valuable insights to both academia and industry, shedding light on best practices and strategies for effective inventory management in manufacturing companies. Keywords inventory management, manufacturing company, effectiveness, Just-In-Time (JIT), Economic Order Quantity (EOQ), Material Requirements Planning (MRP), inventory turnover, demand forecasting, supplier relationship management, technology integration, performance optimization.