Effect of Inventory Control Strategies on Inventory Record Accuracy in Kenya Power Company, Nakuru
Journal of Investment and Management
Volume 5, Issue 5, October 2016, Pages: 82-92
Received: Aug. 22, 2016; Accepted: Sep. 21, 2016; Published: Sep. 29, 2016
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Authors
Lilian Tundura, Department of Procurement and Logistics in the School of Entrepreneurship, Procurement and Management, Jomo Kenyatta University of Agriculture and Technology, Nakuru, Kenya
Daniel Wanyoike, Department of Procurement and Logistics in the School of Entrepreneurship, Procurement and Management, Jomo Kenyatta University of Agriculture and Technology, Nakuru, Kenya
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Abstract
The purpose of this study was to determine the effect of inventory control strategies on inventory record accuracy in Kenya Power Nakuru. The study looked at three inventory control strategies; cycle counting, inventory coding and computerized inventory accuracy. The three variables were individually and collectively related with inventory records accuracy. The study adopted a descriptive survey. The target populations for the study were the employees in Kenya Power Nakuru working in procurement, stores and finance departments. Since there are only 42 employees in the departments, all the employees were involved in the study as respondents. The researcher conducted a pilot study to test for validity and reliability of the research instruments before the actual study. Data was then collected through structured questionnaires that were self-administered by the researcher. Collected data was analyzed both descriptively and inferentially. Descriptive statistics was used to describe the study variables while correlation and regression analysis was used to relate the research variables. Single tailed t-test was used to test the hypotheses in the study. The study established that inventory control practices have significant positive influence on inventory records accuracy. The study recommends that public companies as well as private companies adopt inventory control practices as they are likely to experience enhanced efficiency and effectiveness in inventory records. The study suggests that further study is conducted to assess the role of management in implementing inventory control practices and whether inventory control practices can enhance operational performance of an organization.
Keywords
Inventory Control, Inventory Control Strategies, Inventory Record Accuracy
To cite this article
Lilian Tundura, Daniel Wanyoike, Effect of Inventory Control Strategies on Inventory Record Accuracy in Kenya Power Company, Nakuru, Journal of Investment and Management. Vol. 5, No. 5, 2016, pp. 82-92. doi: 10.11648/j.jim.20160505.16
Copyright
Copyright © 2016 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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