Obi, Lawrence Chinedu and Covenant University, Theses (2021) APPLICATION OF MATHEMATICAL INVENTORY MODELS TO DIGITAL MULTIPRODUCT STOCK MANAGEMENT OF SOME PHARMACEUTICAL STORES IN LAGOS, NIGERIA. Masters thesis, Covenant University Ota..
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Abstract
Decision-making using accurate data have been a core challenge to Pharmaceutical retail store owners in Nigeria. This is as a result of slow adoption of digital inventory management solutions and the non-recognition of the importance of accuracy of data gathering in cost and decision optimization or lack of knowledge of the availability of this solution or its usage. It is also common knowledge that digital technology adoption for retail business owners in Africa is low compared to its adoption in the western world. Looking at their data and the volume of research work in the western world on digital inventory management,one would realize that data driven decision-making can only be possible through adoption of digital inventory solutions. This study will review the process that pharmaceutical stores in Lagos adopt in procuring a digital solution to manage their multi-product retail management system. This study seeks to determine the suitable digital solutions adopted in selected pharmaceutical stores and how it a�ects inventory management, pricing and cost optimization, demand and decision optimization. The data collected from the selected pharmaceutical stores was analysed using the "Economic Order Quantity Model and Quantity Discount Model". Also the data was used in building a decision tree that would help pharmaceutical store owners in making right business decisions. The study will help similar business owners in understanding the importance of digital inventory solutions, its bene�ts and how it will help them optimize their cost. The data collection will be limited to ten top high demand products from �ve pharmaceutical stores in Lagos, Nigeria.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | :Inventory management, Digital Inventory Management, Economic Order Model, Quantity Discount Model, Cost, Pharmaceutical stores. |
| Subjects: | Q Science > QA Mathematics |
| Divisions: | Faculty of Engineering, Science and Mathematics > School of Mathematics |
| Depositing User: | Mrs Patricia Nwokealisi |
| Date Deposited: | 08 Nov 2021 14:11 |
| Last Modified: | 08 Nov 2021 14:11 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/15458 |
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