Optimizing Production and Inventory Analytics for the Garment Industry : A Case Study

Registration ID: IJNRD_184036

Published ID: IJNRD2211131

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Bed Prakash Singh, Krishna Gopal Varshney

Inventory, Economic Order Quantity, Garment Industry

A garment industry’s largest and most valuable resource is its global market inventory. India is rapidly growing market, on track to reach a half-billion middle-income people by 2030. In the long term, these characteristics benefit the garment industry. As the global financial crisis is expected to deepen day by day and the countries in South Asia continue to emerge and develop their garment industry in this challenging time. The garment industry will continue to flourish with their continuous efforts. The purpose of this research is to determine how successful and practical the EOQ technique is in the garment sector. This scientific research is a quantitative examination of the MADAN GOPAL VARSHNEY HRK GARMENT firm. The data utilized in this study are for 2020 and 2021 in terms of the amount of purchases and usage of recyclables, information on purchasing cost and data on maintaining costs, raw commodity costs, and cycle times. The findings of this research shows that the frequency with which purchases are made exceeds 100 times, resulting in significant ordering expenses. According to EOQ, the amount of optimal inventories for a single order is 646.56 kg in 2020 and 808.67 kg in 2021. The inventory expenditures using the EOQ approach is expected to be INR 5,94,868.29 in 2020 and INR 6,12,955.76 in 2021. In 2020, INR 10,811,246.82 or 94.59 percent of spending may be saved by using EOQ. Spending that may be saved in 2021 by using EOQ total INR 11,066,169.21, or 94.86%.

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Bed Prakash Singh & Krishna Gopal Varshney (November-2022). Optimizing Production and Inventory Analytics for the Garment Industry : A Case Study. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 7(11), b296-b307. https://ijnrd.org/papers/IJNRD2211131.pdf

Volume 7 Issue 11, November-2022

Pages : b296-b307

Paper Reg. ID: IJNRD_184036

Published Paper Id: IJNRD2211131

Downloads: 000122013

Research Area: Mathematics

Author Type: Indian Author

Country: Agra, U.P., India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2211131.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2211131

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

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