Optimizing Just-In-Time Inventory System for Resource Allocation in Plastic Manufacturing Industry in Nigeria

The study focused on optimizing Just-in-Time (JIT) Inventory Control System for Resource Allocation in the Plastic Manufacturing Industry with a focus on Double-Diamond Plastic Manufacturing Firm, Aba. The objective of the study was to optimize cost and improve production efficiencies of inventory allocation in the production of Over-Head Tank of 700 meters. The study employed a quantitive research design, of which secondary data were used. Data collected were estimated using regression models via (SPSS) of which Ordinary Least Square (OLS) formed the basis for estimation. The study showed that optimal (functional) Economic Order Quantities (EOQ) of Linear-Load Density Earthylene, Carbon, Colour, and Ultra-Violet Pigment were 1,214.47kg, 81,833.06kg,75,075kg, and 9,741.60kg, respectively. The linear-Load Density Earthylene (LLDE) as inventory material minimized most, the total cost of inventory, followed by Ultra-Violet Pigment (Addictive), Colour, and Carbon, respectively. From the foregoing, the study concludes that estimated optimal (functional) Economic Order Quantity (EOQ) yields realistic (lower) values that minimizes the total cost of inventory and therefore, recommended that organization should groom their staff on the use of estimated optimal Economic Order Quantity (EOQ) in the procurement of their inventory materials, because it is the order quantity that minimizes the total cost of inventory.