Delta State Polytechnic Ogwashi-uku Journal
A Factorial Study of Corporate Performance of Nigerian Refineries in Regard to their Raison d’etre
Realizing that the Nigerian refineries are dysfunctional and therefore are unable to meet its raison d’etre. A survey was undertaken as to identifying and ascertaining the inter correlations among a gamut of variables, that influence the operation of the Nigerian refineries.
Accordingly, a statistical approach involving a combine use of Kendall’s coefficient of concordance which ranks variables in merit order sequentiality and Principal Component Analysing (PCA) that tries to perceive similarity in dissimilarity by achieving parsimony through factor reduction was deployed as statistical tools.
Our results show that a null hypothesis claiming that the rankers of the gamut of factors by forty (40) judges is discordant was rejected at a p-value of 0.05. Thus suggesting that the computed index of consistent ranking (coefficient of concordance W = 0.56909) is a middling.
Besides, the PCA deployed was successful in achieving parsimony by clustering a plethora of sixty one (61) variables into mere nineteen (19) collections or enfoldments. To-boot, an outstanding sturdy cluster wielding remarkable positive factor loadings which was creatively labelled Ominium Gatherum came up trumps as most significant and its quite needful as policy instrument.
Thus, if NNPC is to square away (neaten up) the dysfunctionality and have to nudge their operation towards a decent future, this paper importunes that the ominium gatherum, in the first instance needs to be factored into their aggregate planning.