the communication equipment companies surveyed for WCM [6]. It is also observed that
other components of working capital – DSO, DIO and DPO – have very large standard deviation that
indicate a wide variation in managing these components by firms in communication industry. However
the DSO median 56.90 days and DPO median 25.40 respectively, are near to the medians of DSO and
DPO (57 and 25 respectively) of communication companies surveyed for WCM [6]. Large difference in
DIO median 38.58 from the DIO median 27 of companies surveyed for WCM indicates that the firms in
the sample have not managed inventory well and this is the contributor for the increased median of the
DWC.