Paper Title
Optimizing Production and Inventory Analytics for the Garment Industry : A Case Study
Article Identifiers
Authors
Bed Prakash Singh , Krishna Gopal Varshney
Keywords
Inventory, Economic Order Quantity, Garment Industry
Abstract
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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How To Cite (APA)
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
Issue
Volume 7 Issue 11, November-2022
Pages : b296-b307
Other Publication Details
Paper Reg. ID: IJNRD_184036
Published Paper Id: IJNRD2211131
Downloads: 000121987
Research Area: Mathematics
Country: Agra, U.P., India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2211131.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2211131
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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