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Das, Ankur
- Comparing Application of R-Model over Conventional ABC Analysis in a Pump Manufacturing Organization
Abstract Views :325 |
PDF Views:3
Authors
Ankur Das
1,
Santanu Das
2
Affiliations
1 Mechanical Engineering Department, Brainware Group of Institutions, Barasat, Kolkata-700124, IN
2 Mechanical Engineering Department, Kalyani Govt. Engineering College, Kalyani-741235, Nadia, West Bengal, IN
1 Mechanical Engineering Department, Brainware Group of Institutions, Barasat, Kolkata-700124, IN
2 Mechanical Engineering Department, Kalyani Govt. Engineering College, Kalyani-741235, Nadia, West Bengal, IN
Source
Journal of the Association of Engineers, India, Vol 89, No 3-4 (2019), Pagination: 44-53Abstract
Inventory control technique is widely employed in every manufacturing organization and ABC analysis is traditionally used for selective inventory control in a supply chain, or in the production system. The main purpose of ABC analysis is to classify stock keeping units to control the high value, medium value and low value items. ABC analysis concentrates quantities of inventory items and inventory values only. Different criteria such as lead time and criticality of inventory items may be initiated to manage the inventory items in a better way. Since consideration of those criteria is impossible for ABC inventory control technique, different multi criteria based inventory control techniques are applied to manage stock items. In this article, selective ABC inventory control technique has been applied to manage inventory items of a pump manufacturing organization situated in the Eastern region of India. Procurement lead time for a stock item plays an important role in supply chain as well as production also. So, lead time criterion in different inventory control strategies ensures an appropriate inventory management system. An AHP based Multi Criteria Inventory Control (MCIC) technique has been adapted regarding different criteria, such as quantities of inventory items, inventory values and lead time criteria to manage inventory items of the pump manufacturing organization. This MCIC model is a weighted linear optimization technique, termed as ‘R-model’. To evaluate the performance of conventional ABC analysis and R-model, a comparison is drawn based on the safety stock inventory cost and fill rate of the inventory items. The entire investigation is capable to find out the cost effective inventory control technique.Keywords
ABC Analysis, MCIC, R-Model, Safety Stock Inventory Cost, Fill Rate.
References
- Mallick, B., Dutta, N.O. and Das, S., A Case Study on Inventory Management Using Selective Control Techniques, Journal of the Association of Engineers, India, Vol. 82, pp. 10-24,2012.
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- Flores, B. E., Olson, D.L. and Dorai, V.K., Management of Multicriteria Inventory Classification, Journal of Mathematical and Computer Modelling, Vol. 16, pp. 71-82, 1992.
- Ramanathan, R., ABC Inventory Classification with Multiple Criteria Using Weighted Linear Optimization, Journal of Computers & Operations Research, Vol. 33, pp. 695700,2006.
- Ng, L.W., ASimple Classifierfor Multiple Criteria ABC analysis, European Journal of Operational Research, Vol. 177, pp. 344-353, 2007.
- Zhou, P. and Fan, L., A Note on Multi-criteria ABC Inventory Classification Using Weighted Linear Optimization, European Journal of Operational Research, Vol. 182, pp. 1488-1491,2007.
- Hadi-Vencheh, A., An Improvement to Multiple Criteria ABC Inventory Classification, European Journal of Operational Research, Vol. 201, pp. 962-965, 2010.
- Babai, Z., M., Ladhari, T. and Lajili, I., On the Inventory Performance of Multi-criteria Classification Methods: Empirical Investigation, International Journal of Production Research Vol. 53, pp. 279-290, 2014.
- Kaabi, H. and Jabeur, K., A New Hybrid Weighted Optimization Model for Multi Criteria ABC Inventory Classification, Proceedings of the Second International Afro-European Conference for Industrial Advancement, pp. 261-270, 2016.
- A Comparative Analysis of Different Multi-Criteria Inventory Control Methods for a Pump Manufacturing Company
Abstract Views :298 |
PDF Views:0
Authors
Ankur Das
1,
Santanu Das
2
Affiliations
1 Global Institute of Management & Technology, Krishnanagar, Nadia, West Bengal, IN
2 Kalyani Government Engineering College, Kalyani, Nadia, West Bengal, IN
1 Global Institute of Management & Technology, Krishnanagar, Nadia, West Bengal, IN
2 Kalyani Government Engineering College, Kalyani, Nadia, West Bengal, IN
Source
Manufacturing Technology Today, Vol 21, No 3-4 (2022), Pagination: 3-9Abstract
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.References
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- Das, A., & Das, S. (2016). Supplier selection for a pump manufacturing organization by hybrid AHP-TOPSIS technique and its impact on inventory. International Journal of Analytic Hierarchy Process, 8, 334-352.
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