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A Comparative Analysis of Different Multi-Criteria Inventory Control Methods for a Pump Manufacturing Company
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In today’s highly competitive environment, several inventory control strategies are introduced in different manufacturing organizations or supply chain perspective. Multiple criteria based inventory control technique is required to achieve efficient inventory management system which contemplate the different aspects of inventory as well as supply chain management system. In this context, monthly demand, inventory consumption value and lead time are considered as the inventory performance measuring criteria. Here, different multiple criteria based ‘ABC’ inventory control methods have been utilized to categorize the stock items properly. In addition, the overall inventory service costs and average fill rate are computed for different MCIC techniques. These inventory control approaches have been applied to raw material inventories of a pump manufacturing company. Ng-model performs better than ZF and H-models where the overall fill rate of stock items has been considered. ZF-model and H-model ensure better results from Ng-model regarding total safety stock inventory cost.
Keywords
Inventory Control, ABC Analysis, Inventory Consumption Value, MCIC, Pump Manufacturing.
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