Vol. 6, Issue 6 (2017)
Doubling the income of stakeholders by inventory management of mustard oil processing
Author(s): Shruthi Gadhe, Subramaniya Venkatraman R, Anees Ajmal MP, Manikandan S
Abstract: Oil seed crops play a second important role in the Indian agricultural economy next to food grains in terms of area and production. India is the fifth major mustard producing country and fourth major mustard consuming country in the world. In recent years, mustard consumption has been increasing, leading to increased demand in global as well as domestic markets. Mustard oil is popular as cooking oil in northern India. Rajasthan is India’s top Rapeseed & Mustard producing state, followed by Madhya Pradesh and Haryana. Almost half (48.12%) of Rapeseed and Mustard is produced by only Rajasthan. Mustard is popular not only as cooking oil but also it is used in cosmetics and it has various health benefits. Organization’s inventory is an important component and its management is vital to the success and cost reduction of the firm’s expenditure. Inventory management is critical to an organizations success in today’s competitive and dynamic market. This study seeks the influence of inventory on the profitability of stakeholders in terms of cost of processing and sale price in the market. Regression analysis is the method for finding the difference between dependent and independent factor. It is concluded that all the parameters have impact on the cost of finished product. Seasonal variations in cost of raw materials showed significant effects on the cost of finished goods (both cake and oil).
How to cite this article:
Shruthi Gadhe, Subramaniya Venkatraman R, Anees Ajmal MP, Manikandan S. Doubling the income of stakeholders by inventory management of mustard oil processing. Journal of Pharmacognosy and Phytochemistry. 2017; 6(6): 2588-2591.