Question: he research topic is optimizing Inventory Management through Data Analytics at a pharmaceutical company. Edit This methodology about data sources and data collection methods by
he research topic is optimizing Inventory Management through Data Analytics at a pharmaceutical company. Edit This methodology about data sources and data collection methods by providing A detailed plan for collecting the necessary data for the research, discussing the challenges or limitations associated with data collection in the pharmaceutical hospital. Such as data availability, data quality issues and data privacy concerns and describe how you would address these challenges and ensure the reliability and validity of your data. Clarify the method of investigation, indicate you are sampling methodology and also which will be quantitative or qualitative. Also provide in text referencing with creditable sources where possible and provide references in Harvard style.
According to Sileyew : the process by which researchers formulate their objectives and problems and present the conclusions drawn from the information obtained throughout the study period is illustrated by research methodology. Data Sources:To tackle the primary research objectives, this study used both qualitative and quantitative methods, drawing from both primary and secondary sources. Internal Company Data Quantitative: looking for historical sales records product quantity, date, price from the sales department. Using inventory management systems which can provide data on current stock levels, reorder points, lead times, and product movement. Financial data on procurement costs, storage costs, and lost sales due to stockouts are valuable. External Data: Conducting customer survey Qualitative to gauge expectations regarding delivery times and acceptable stockouts. Studying industry reports that offer benchmarks for inventory turnover ratios or typical lead times. Data Collection Methods:Internal Data: Direct Access: Getting proper permissions, to access data directly from the companys sales database and inventory management system. Data Exports: requesting data in the formats such as excel for easier analysis.External Data: Online Databases: searching and gaining access to industry reports and benchmark data from reputable sources. Surveys: designing and distributing surveys to a sample of the companys customer base. Surveys will be conducted to a sample size of customers. The surveys will be online. The questions in the survey will be open ended, closed ended and multiple. Processing the Data: Cleaning and Validation: ensuring data accuracy by checking for missing values, outliers extreme data points and inconsistencies. Data Transformation: using the software Tableau, Microsoft office, Excel and to format and organize data into a usable structure for analysis software. Data Integration: combing data from various sources to get better understanding and for a holistic view.
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