Operations Improvement Function and Economic Sustainability of Petroleum Tank Farms in South South, Nigeria
Keywords:
Contingency Planning, Preventive Maintenance, Petroleum Tank Farms, Economic Sustainability
Abstract
The study examines the link between operations improvement function (dimensioned by contingency planning and preventive maintenance) and economic sustainability of petroleum tank farms in South-South, Nigeria. The study was underpinned by the stakeholder theory and the theory of routine dynamics. The study adopted the cross-sectional survey research design, as the researchers could not manipulate the variables, and the underlying philosophy is positivism. The questionnaire was the instrument for data collection. The elements of the accessible population comprise 820 middle and top level managers of all the 29 petroleum tank farms owned by members of the Independent Petroleum Products Importers, in South South, Nigeria. The Krejcie & Morgan’s formula was deployed to determine the sample size of 262 respondents, and a 10% provision was reasonably made to accommodate non-responses and outliers, bringing the adjusted sample size to 288 respondents. The simple random sampling technique was adopted and the Structural Equation Modeling was deployed to test the hypotheses at 0.05 significance level.The results revealed that contingency planning and preventive maintenance have positive and significant relationships with economic sustainability.
References
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31. Uwakonye, M., Osho, G. & Anucha, H. (2006). The Impact of oil and gas production on the Nigerian economy: A rural sector econometric model. International Business & Economics Research Journal (IBER), 5. 102-124
2. Abubakar, T. (2014). A study of sustainability in the oil and gas supply chain. An unpublished thesis submitted in partial fulfillment for the requirements for the degree of Doctor of Philosophy at the University of Central Lancashire, UK.
3. Alshamsi, H., & Pathirage, C. (2015). The role of effective contingency planning in managing extreme disasters in UAE. https://www.semanticscholar.org/paper/The-role-of-effective-contingency-planning-in-AlshamsiPathirage.
4. Alsyouf, I. (2007). The role of maintenance in improving companies’ productivity and profitability. International Journal of Production Economics, 105(1), 70-78.
5. Ballinger, C. (2011). HR‟s role in embedding a responsible approach to business, CIPD Impact Magazine, 37, 15-42.
6. Basiago, A. D. (1998). Economic, social, and environmental sustainability in development theory and urban planning practice. The Environmentalist, 19(1),145–161.
7. Byrne, B. M. (2010). Structural equation modeling with Amos: Basic concepts, applications and programming. Taylor & Francis Group.
8. Cella-De-Oliveira, F. A. (2013). Indicators of organizational sustainability: A proposition from organizational competences. International Review of Management and Business Research, 2(4), 962-979.
9. Donaidson, D. (2007). In case of emergency. Contingency Planning, 193(3), 1-3.
10. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20, 65-91.
11. Feldman, M.S. & Pentland, B.T. (2008). Designing routines: On the folly of designing artifacts, while hoping for patterns of action. Information and Organization, 18, 235–250.
12. Fornell, C. & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18 (1), 39-50.
13. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
14. George, D., & Mallery, M. (2010). SPSS for Windows Step by Step: A Simple Guide and Reference,17.0 update (10th ed.). Pearson.
15. Hicks, J. R. (1946). Value and Capital (2nd ed.). Clarendon Press.
16. Jones, T. M. & Wicks, A. C. (1999). Convergent stakeholder theory. Academy of Management Review, 24, 206-221.
17. Keytack, H. O. (1997). Expert line balancing system (ELBS). Computers and Industrial Engineering, 33(3/4), 303-306.
18. Kline, R.B. (1998). Principles and practice of structural equation modelling. Guilford Press.
19. Krejcie, R.V., & Morgan, D. W. (1970). Determining sample size for research activities. Educational and Psychological Measurement, 30, 607-610.
20. Laura S. (1999). The impact of new production technologies on the maintenance function: An empirical study, International Journal of Production Research, 37:4, 849-869.
21. Nicolăescu, E., Alpopi, C. & Zaharia, C. (2015). Measuring corporate sustainability performance. Sustainability, 7, 851-865.
22. Nunnally, J.C. & Bernstein, I.H. (1994). The Assessment of Reliability. Psychometric Theory, 3, 248-292.
23. Pisuchpen, R., & Chansangar, W. (2014). Modifying production line for productivity improvement: A Case Study of Vision Lens Factory. Songklanakarin Journal of Science and Technology (SJST), 36(3), 345-357.
24. Polese, F., Gallucci, C., Carrubbo, L., & Santulli, R. (2021). Predictive maintenance as a driver for corporate sustainability: Evidence from a public-private co-financed R&D project. Sustainability, 13, 58-84.
25. Resnick, M. L., & Zanotti, A. (1997). Using ergonomics to target productivity improvement. Computers and Industrial Engineering, 33(1-2), 185-188.
26. Skipper, J., Hall, D., Hazen, B. & Hanna, J. (2014). Achieving flexibility via contingency planning activities in the supply chain. International Journal of Information Systems and Supply Chain Management, 7, 123-142.
27. Swanson, L. (2001). Linking maintenance strategies to performance. International Journal of Production Economics, 70(3), 237-244.
28. Tabachnick, B. G. & Fidell, L. S. (2007) Using Multivariate Statistics (1980). (5th ed.). Allyn and Bacon.
29. Theodros, G.B. (2017). Assessing the preventive maintenance practice at Sheraton Addis Ababa. An unpublished thesis submitted to saint Mary’s university college, School of graduate studies, Addis Ababa, in partial fulfillment of the requirement for the degree of Master of Business Administration.
30. Umoh, G.I. & Wokocha, I.H. (2013). Production improvement function and corporate operational efficiency in the Nigerian manufacturing industry. Journal of Information Engineering and Applications, 3(10), 39-45.
31. Uwakonye, M., Osho, G. & Anucha, H. (2006). The Impact of oil and gas production on the Nigerian economy: A rural sector econometric model. International Business & Economics Research Journal (IBER), 5. 102-124
Published
2022-03-22
How to Cite
S., D. N. R., C., D. O. T., & K. , A. E. (2022). Operations Improvement Function and Economic Sustainability of Petroleum Tank Farms in South South, Nigeria. International Journal on Economics, Finance and Sustainable Development, 4(3), 55-71. Retrieved from https://journals.researchparks.org/index.php/IJEFSD/article/view/2846
Section
Articles
