Nigerian Journal of Banking and Financial Issues (NJBFI)

Attitude Of Micro-Entrepreneurs Towards Adoptability Of Simulation For Optimal Inventory Management Decisions In Nigeria: Empirical Evidence From Lagos State

Abstract

This paper examined the attitude of different categories of micro-entrepreneurs towards adoptability of simulation process for optimal inventory management decisions in Nigeria with empirical evidence from Lagos State. This was undertaken to determine the willingness, readiness, and ability of selected micro-entrepreneurs in Lagos to adopt the simulation process as an alternative optimization tool towards attaining optimality in inventory management. In accomplishing the objective of the study, the quantitative descriptive survey research design was adopted and data were collected using structured questionnaire which was administered to randomly selected micro-entrepreneurs in Lagos State. The responses from the questionnaire administered were analyzed using both deductive and inductive statistical tools which included custom frequency table, Pearson Chi-square test, Fisher’s exact test and Kruskal-Wallis test with the aid of SPSS. The result of the investigation shows that 84.79% of the respondents were willing and ready to adopt simulation process for optimal inventory management decisions if they are given necessary training on how it works; and that, there is no statistically significant difference in the attitude of different categories of micro-entrepreneurs with respect to the subject of investigation in the study area. As such, a synergetic partnership among all stakeholders responsible for promoting, supporting and driving the operations of micro-entrepreneurs in Nigeria is recommended towards training programmes for possible adoption of the alternative inventory management optimization approach within the micro-enterprise ecosystem.