Improving Inventory Management Strategies: A Framework for Effective Project Management in Nigeria
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This study examines the effect of inventory management strategies on project management performance in a Nigerian project consulting firm. Specifically, it evaluates the influence of safety stock on stock availability and just-in-time (JIT) on service reliability. A survey research design was adopted, covering a population of 69 staff using a census approach. Data were collected through a structured questionnaire, and reliability was confirmed using Cronbach’s alpha coefficient of 0.84. Regression analysis was used to test the hypotheses.
The findings reveal that safety stock significantly improves stock availability (β = 0.492, p < 0.05), while JIT significantly enhances service reliability (β = 0.192, p < 0.05). The study concludes that inventory management strategies are critical drivers of project performance. It recommends the adoption of a hybrid inventory strategy that balances efficiency with risk mitigation to improve operational outcomes and customer satisfaction.
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