A simple multi-criteria inventory classification approach. | [Technical Journal • 2015]

Author(s):

1. Z. Farrukh: Industrial Engineering Department, University of Engineering and Technology (UET) Taxila, Pakistan

2. S. Hussain: Industrial Engineering Department, University of Engineering and Technology (UET) Taxila, Pakistan

3. M. Jahanzaib: Industrial Engineering Department, University of Engineering and Technology (UET) Taxila, Pakistan

4. A. Wasim: Industrial Engineering Department, University of Engineering and Technology (UET) Taxila, Pakistan

5. H. Aziz: Industrial Engineering Department, University of Engineering and Technology (UET) Taxila, Pakistan

Abstract:

Organizations classify inventory for an efficient control that supports managers to make policies to procure; store; handle; manufacture and distribute items accordingly. ABC classification is a well-known technique to classify according to which very important items are in class `A`; moderately important items are in `B` and relatively unimportant items are in class `C`. Inventory classification on multiple criteria gives a better control for inventory handling with respect to single criteria classification. On the bases of previous work; it was found that the multi-criteria inventory classification methods are complex to be used by managers with less experience and knowledge. So a simple equal weighted normalized methodology is proposed for multi-criteria inventory classification to help inventory manager of each organization whether small; medium and large. This proposed model is implemented along with an example from literature and compared with previous work. This comparison showed that this model is simple to implement and gives a better classification on multiple criteria.

Page(s): 70-78

DOI: DOI not available

Published: Journal: Technical Journal, Volume: 20, Issue: 4, Year: 2015

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