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Optimizing Inventory Management Through Effective Project Planning And Execution
  • 2

  • Course Code:
  • University: Dublin Business School
  • Country: Ireland

Problem Statement for Proposed Capstone Research Project

•    This form is to be completed by students who are preparing to carry out a capstone research project. Completing a research problem statement is the first step in planning to conduct a research project. 
•    The form should be completed using Calibri font, size 12 and submitted in Word or PDF format to relevant folder on moodle.
•    Exceeding word limits will incur a penalty.
•    The proposal must be based on the intended dissertation project. Please support all statements with in-text citations to 20-30 research articles on this topic.

Project Overview 

1. What is the preliminary title for your dissertation research project ?

Optimizing Inventory Management Through Effective Project Planning And Execution

2. What will be the aims and objectives of your capstone research project?

Research Aim

The aim of this research project is to improve inventory management by examining the role of effective project management and management strategies in an organizational setting 

Research Objectives

•    To provide a baseline for development planning, and to evaluate current inventory management practices to identify strengths and weaknesses.
•    To identify key elements of project management such as resource allocation, scheduling, and risk assessment that affect more effective inventory management.
•    To develop a project management plan that is consistent with inventory management principles to improve the quality of the inventory management process.
•    To explore the use of technologies such as RFID, IoT, or AI for real-time process tracking and monitoring in the supply chain and supplier management (SVM) industry.
•    To integrate business process and operational improvement to assess their impact on effective inventory management and organizational performance.

3. State the research question(s) that your project will attempt to answer

Research question 

1. How do industry professionals evaluate the effectiveness of different inventory management strategies for enhancing operational efficiency and reducing costs?

Industry professionals evaluate inventory management strategies based on various factors such as their impact on operational efficiency, cost reduction, inventory turnover rates, and customer satisfaction levels. This empirical research aims to gather insights directly from practitioners actively involved in inventory management (Zhao and Tu, 2021, p.1).

2. What factors in project planning, such as resource allocation, scheduling, and risk assessment, have the most significant impact on inventory management effectiveness, according to the experiences and perspectives of industry professionals?

The significant impact of project planning factors on inventory management effectiveness will be explored through empirical research involving 150 participants engaged in project planning and execution.

3. Outline the participant sample, recruitment strategy and data collection method

Participant Sample:

The participant sample will consist of 150 professionals actively involved in roles requiring effective project planning and execution, specifically within inventory management contexts.

Criteria for inclusion are at least 3 years of experience which are related roles, either is to be a leader or manager and lastly, the ability to manage production and projects through applying the relevant techniques (Raba Sánchez, 2021, p.56).

Consideration of demographic factors such as employment position, years of experience, educational level, sector, and geographic localization will be important in attracting a wide diversity of people with different backgrounds and life experiences and thus composing an accurately representative sample.

Recruitment Strategy:

The recruitment strategy will be implemented by widely using online platforms to target people with job in inventory management and related areas. Of all measures taken, highlighting the advantages of taking part and the provision of rewards which include access to results and feedback, networking opportunities will be the key to encouraging potential participants into our study.

A conclusive recruitment procedure in the form of a thorough screening that endeavors to embrace qualified individuals, while adhering to timelines and periodic monitoring, will make the process stressless and accommodate any hiccups encountered (Mulesa et al., 2023, p.16).

Data Collection Method:

The survey will be conducted using Google Forms to collect the data. By utilizing this method, it is possible to collect a substantial sample while preserving the confidentiality and integrity of the participants.

A sample size of 150 individuals is sufficient to fulfill the requirements for statistical power and generality in quantitative analysis (Bikulov et al., 2020, p.6). In the course of qualitative analysis, the saturation of the data will be monitored in order to ascertain when additional data will no longer provide new insights.

This will ensure that the data is both comprehensive and extensive.

5. Outline the rationale for proposing to conduct this research project and explain the academic foundations for the project, citing key studies the proposed research will build on  

Rationale:

The proposed study aims to address the need for improving inventory management in an organizational setting through effective project planning and management strategies. The core of the study is the understanding of the relationships between inventory management routines, project management variables, and technology progress, in order to provide areas of improvement while suggesting strategic approaches for SCM programs have changed.

These assessments are focused on evaluating existing practices, determining the most important elements of project management, developing project management systems, analyzing technical applications, and integrating the insights gathered from the worker's perspective to make the inventory system work and provide the study with useful data for organizations that aim to remain viable.

Key Concepts:

Inventory management is about planning and managing inventory levels to meet the needs of customers and minimize costs, while at the same time increasing efficiency within the business operations (Mandel & Granin, 2018, p.1).

The planning phase of the project will involve such things as setting objectives, allocating resources, scheduling activities, and assessment of risks to avoid unnecessary obstacle, and execute the project under predetermined constraints (Gallardo et al., 2021, p.3339).

The future of inventory management outlooks vital with the technological advances such as RFID, IoT, and AI because they allow the possibility of real-time tracking and monitoring, which could potentially replace traditional inventory management practices (Vidal et al., 2019, p.13).

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Empirical Foundations :

The technologies that are associated with the management of supply chains, projects, and inventories have been clarified as a result of empirical research. For the purpose of evaluating the advantages and disadvantages of inventory management, Sepasgozer et al., (2019, p.191) examined the practice in a number of different business sectors. The potential benefits of RFID, IoT, and AI for inventory control and operational effectiveness were explored by Vidal et al. (2019, p.13). Sarkar & Sarkar (2020, p.41) and Ran (2021, p.e0259284) stressed that effective monitoring is crucial to the effectiveness of supply chain management.

Knowledge gap:

Inventory and operational management are two aspects of supply chain management that are investigated by study. The operational procedures, concepts of project management, and technological advancements all have an impact on the difficulties that an organization faces. In order to actively participate in this research, workers are providing their individual perspectives. Important issues are addressed and operational gaps are closed through the implementation of supply chain management solutions.

Design Framework:

By utilizing all of the theoretical frameworks that are associated with project management and inventory management, the project will investigate how the procedures of project management impact inventory management. The utilization of the PMBOK framework for the purpose of systematic project planning and execution has the potential to increase inventory value (Zhao & Tu, 2021, p.1). By better planning and management, inventory measurements improve efficiency and minimize costs (Mulesa et al., 2023, p.16).

Research Design:

A quantitative study will be conducted, and the methodology of the study will consist of collecting statistical data from 150 employees working in supply chain management (SCM). Due to the fact that the assumptions allow for statistical analysis of correlations between independent and dependent variables, the objectives of the study have been successfully accomplished.

Research Model:

The study presents a conceptual model that explains the relationship between project process elements (independent variables) and inventory management quality (dependent variables) in SCM. This framework will guide the data collection and analysis process, facilitating detailed analysis of the research objectives (Lee et al., 2018, p.2753).

Research Theory:

The course will cover principles such as Project Management Body of Knowledge (PMBOK) structure and inventory management principles. These principles provide a theoretical basis for understanding the principles and practices of project management, inventory management, and technology in SCM contexts

Research Methodology:

The methodology is expected to provide participants with an online survey, which will focus on collecting quantitative data on inventory management practices, project management elements, and technologies used in SCM implementation techniques such as regression analysis will be used to analyze data and test hypotheses and applicable evidence with observations (Nicholas and Steyn, 2020, p.117).

In this research project seeks to contribute to the academic understanding and practical application of management strategies and technological innovations for effective inventory management in an SCM context. Applying key insights on empirical and theoretical frameworks, the research aims to provide insights for organizations seeking to improve their inventory management practices and achieve operational efficiencies in today’s competitive environment which can be used.
 

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References

Provide your list of references below. Include references only if you cite them in the text above. Please use Harvard formatting (https://libguides.dbs.ie/skills/referencing/harvard). Remember to evaluate each source for credibility and use only those that meet the strict criteria for credibility.  
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Almaktoom, A.T., (2024). Quantification of Supply Chain Bullwhip Effect. Kurdish Studies, 12(1), pp.138-151.
Araz, O.M., Choi, T.M., Olson, D.L. and Salman, F.S.,( 2020). Role of analytics for operational risk management in the era of big data. Decision Sciences, 51(6), pp.1320-1346.
Bikulov, D., Oliynyk, O., Shupchynska, K., Holovan, O., Markova, S., Chkan, A., Makazan, E., Sukhareva, K. and Kryvenko, O.,(2020). Optimization of inventory management models with variable input parameters by perturbation methods. Восточно-Европейский журнал передовых технологий, 3(3-105), pp.6-15.
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Sarkar, B. and Sarkar, M. eds., (2020). Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain. MDPI, pp. 41-68
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