Effects of Inventory Management Techniques on Procurement Performance
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Inventory is a key determinant of procurement success in either private or public organizations since inventory is an asset and an expense to hold. Determining the required level to be held at each and every time required a combination of various mythologies in an organization. Since this study was based on the concept of inventory management and procurement performance, the general objective was to determine the effect of inventory management techniques on procurement performance, the case of empirical evidence. Specially, the study focused on determining the effect of ABC technique, Vender Managed inventory technique and periodic review approach on procurement performance. The study sampled relevant research papers on the concept of inventory management. Theoretically was anchored on Economic Order Quantity Model, Network Theory and Resource Dependency Theory for illustrating the relationship between inventory control techniques and procurement performance. The study found out that ABC technique, Vendor Managed inventory technique and periodic review approach significantly affects procurement performance. The study recommended the adoption of ABC technique, Vender Managed inventory technique and periodic review approach for efficient procurement function in an organization. The study further poised for a future study to use different research design to see whether similar findings can be achieved.