THE IMPACT OF INVENTORY CONTROL PRACTICES ON ORGANIZATIONAL SURVIVAL: (A STUDY OF SOME SELECTED OIL COMPANIES IN RIVERS STATE).
Abstract
This study examines the impact of inventory control practices on organizational survival with particular emphasis on ten (10) selected oil companies. The main objective of this study is to investigate and ascertain areas of lapses by the company and offer effective ways and solutions in which the oil companies can explore the services of inventory control to effect its objectives. In carrying out this study, well-structured questionnaires were used to collect data from respondents and a research design was adopted with a sample size of 100. The findings were tabulated, interpreted and then presented using pie charts. The statistical tool used for this work is Chi-square. The alternative hypothesis generated for the study was accepted while the null hypothesis was rejected. Results showed that the calculated chi-square of 2.97 was > the tabulated chi-square. Based on the analysis, it was discovered that inventory is vital in the oil companies. A well functional inventory control system can be assured based on recommendations from this study, can bring about proper control practices thereby enhancing proper and effective production which will enhance organizational survival and it will equally ensure the effective, efficient and adequate use of materials and resources in the oil companies.
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