Abstract:
Purpose-Inventoiy management is the process of efficiently overseeing the constant flow of
units into and out of an existing inventory. This process usually involves controlling the transfer
in of units in oidei to pievent the inventory from becoming too high, or dwindling to levels that
could put the opeiation of the company into jeopardy. Competent inventory management also
seeks to control the costs associated with the inventory, both from the perspective of the total
value of the goods included and the tax burden generated by the cumulative value of the
inventory.
Methodology/sainple- The data collection method used was a questionnaire and the technique
used was face-to face interview. The study focuses on finding out whether there is a significant
relationship between levels of importance attached to certain perishable products.220
questionnaires were sent to respondents.
Findings-The analysis reveals that perishability influences replenishment time rates. The findings
on the basis of mean value and standard deviation the interpretation for fruit replenishment time
rate is per day to balance demand, vegetables replenishment time rate is per day to balance
demand, frozen replenishment time rate is per weekly to balance demand, meat replenishment
time rate is per day to balance demand, milk replenishment time rate is per day to balance
demand, bakery replenishment time rate is per day to balance demand.
Practical Iinplications-The solution to the research problem consist of two parts one is to
formulate a demand function which can efficiently manage the inventory of the peiishable items
and other is use of demand function to help managers in organized retail to have a better
inventory management system. The model so developed and its outputs would be evaluated
using the EOQ model
