Abstract
Production optimization is a required process in any manufacturing sectors; it involve challenges that manifested in form of seasonal variations, size of market, unpredictable circumstances, challenges of dynamic modern technology that provide competitive edge in the industry, other break through strategies and much more. Production optimization involves production planning and control which is defined as planning, direction and coordination of firms’ resources towards attaining the set objectives. In Nigeria, manufacturing sector has been characterized by low quality products, lack of continuity and high cost of production which is traced to unscientific method of production and lack of product planning. The objectives of the paper are to determine the impact of production optimization (PO) on corporate performances (OP) and also to ascertain the relationship between production optimization practices (Pop) and product quality (PQ).Data were sourced from primary sources using questionnaire as the instrument of data collection. Structured questionnaire were administered in the manufacturing companies used as case study (Cadbury Nigeria PLC, Guinness Nigeria Plc, Honeywell Flour Mill PLC and Vitafoam Nigeria PLC). Data collected were analyzed using non parametric statistical tool of Chi Square on Statistical Package for Social Scientists (SPSS 20.0). It was discovered that Production optimization (PO) has significant impact on organizational performances (OP) and that production optimization practices has help management to achieve organization goals and responding to threats and opportunities in the industry. Therefore it was recommended that proper production planning and control that rely on empirical research should be performed from time to time in other to improve and enhance the competitive edge. Keywords: Production optimization, corporate performances, organization profitability, organization efficiency DOI: 10.7176/EJBM/12-21-11 Publication date: July 31 st 2020
Highlights
In each nation, human beings act in line with the nations’ level of development and engaging in production process according to the need of the country and level of technology
3.5 Discussion of Findings Observation from the analyses of responses to items in the questionnaire administered in the four (4) manufacturing companies as well as the hypotheses testing is as follow; The statistical analyses of responses to items in the questionnaire on impact of Production optimization (PO) and organizational performances (OP) show that majority of the respondents agreed that efficient production planning and control were designed for proper functioning of any manufacturing organization and they agreed that there is production planning and control by their organization as part of overall strategy of the organization
4.1 Conclusion The analyses carried out on quoted manufacturing companies showed that production optimization comprises of product planning and control and these depend on several components such as material requirement, factor inputs regulation and control, manufacturing resource
Summary
Human beings act in line with the nations’ level of development and engaging in production process according to the need of the country and level of technology. They establish enterprises, industries and organizations to satisfy their various needs and objectives. The modern business environment is dynamic and any organization that requires surviving and remaining in business must have a long term on how to remain going concern These long term planning need to harness all resources at her disposal; allocate them efficiently in other to obtain optimal returns on each of the resources invested. These returns are in form of increased productivity, profitability and efficiency in production which is expected to translate to improve share price in the market
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