Multi-criteria inventory classification approach to inventory control based on maximum value criteria normalisation method: a weightless perspective Online publication date: Thu, 26-Jan-2017
by John Jatta; Krishna K. Krishnan
International Journal of Supply Chain and Inventory Management (IJSCIM), Vol. 1, No. 4, 2016
Abstract: Effective inventory management is crucial to responsive supply chains. ABC inventory classification is an effective approach to stratifying stock-keeping units, according to classes based on a single criterion or multiple criteria. In this paper, we proposed an equal-weight, rapidly deployable model for inventory classification based on simple criteria transformation, which is a linear transformation of the criteria values. The model is quick and easy to develop and effective in classifying inventory. A pairwise correlation comparison shows the proposed model to be significantly positively correlated with most of the existing models compared. The proposed model also shows better performance, in terms of hits, than most of the models compared. This research also provides practitioners and managers with a model substitutability table by comparing model correlation or class hits.
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