Abstract
This paper investigates the role of cost implication in
inventory management in order to improve Institutions’
Stores. The study takes a critical look at the costs involved and
the use of economic order quantity as a tool that minimizes the
total inventory costs, the time saved between the manual and
the automated operational system using a Nigerian University
Store, AYZ University (not the real name because of the
ethical issue), as a case study. The study was being guided by
the following objectives; to have stocks available when
required, to maintain accurate stock records and facilities, and
to recommend area improvement of the inventory system at
AYZ University Stores. Findings revealed that the economic
order quantity is seen as a control technique that is attributed
to determine the inventory costs and how it can be minimized.
The data collected from the store were analyzed and the
results obtained shows that the existing system which is
majorly manual based is not effective when it comes to time
management and efficiency. A new automated system,
computerized maintenance store system (CMMS) was
proposed for development and implementation for the AYZ
University Store for her end users of the store and her clients
from within and outside the University system. This would be
greatly improved in terms of both financial and time cost of
inventory management.
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