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THE IMPACT OF PRODUCTION PLANNING AND CONTROL ON OPERATIONAL COST OF MANUFACTURING INDUSTRY IN NIGERIA
Abstract:
The manufacturing industry plays a significant role in the economic development of Nigeria. However, the industry faces numerous challenges, including rising operational costs. Effective production planning and control (PPC) practices have the potential to mitigate these costs and improve overall operational efficiency. This study aims to examine the impact of PPC on the operational cost of the manufacturing industry in Nigeria.
The research adopts a mixed-methods approach, combining quantitative data analysis with qualitative insights from industry experts. Quantitative data is collected through surveys distributed to manufacturing companies across different sectors in Nigeria. The survey questionnaire is designed to capture information about the PPC practices implemented by these companies, including demand forecasting, capacity planning, scheduling, inventory management, and quality control. Additionally, financial data related to operational costs is collected from the companies’ financial reports.
The findings reveal that companies that implement robust PPC systems experience lower operational costs compared to those with inadequate or non-existent PPC practices. Effective demand forecasting allows companies to optimize production levels, reducing the risk of overproduction or stockouts. Improved capacity planning ensures optimal utilization of resources, minimizing downtime and reducing costs associated with underutilization or overutilization of production facilities. Efficient scheduling ensures timely production, reducing lead times and avoiding costly delays. Effective inventory management strategies help in minimizing inventory carrying costs, stockouts, and obsolescence. Lastly, rigorous quality control practices minimize rework, scrap, and customer complaints, reducing overall costs.
Qualitative insights from industry experts further validate the quantitative findings, highlighting the importance of PPC in controlling operational costs. Expert interviews provide a deeper understanding of the challenges faced by manufacturing companies in implementing effective PPC practices and offer recommendations for improvement.
The study concludes that the adoption of effective PPC practices has a substantial impact on reducing the operational costs of the manufacturing industry in Nigeria. Companies that invest in improving their PPC systems can achieve cost savings, enhance productivity, and increase their competitiveness in the market. The findings of this research contribute to the existing body of knowledge on PPC and provide valuable insights for manufacturing companies in Nigeria seeking to optimize their operational costs.
Keywords: Production planning and control, operational cost, manufacturing industry, Nigeria, demand forecasting, capacity planning, scheduling, inventory management, quality control.
THE IMPACT OF PRODUCTION PLANNING AND CONTROL ON OPERATIONAL COST OF MANUFACTURING INDUSTRY IN NIGERIA. GET MORE PRODUCTION AND OPERATION MANAGEMENT PROJECT TOPICS AND MATERIALS
