Applying inventory classification to a large inventory management system
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Authors
May, Benjamin Isaac
Atkinson, Michael P.
Ferrer, Geraldo
Subjects
Multi-criteria inventory classification
priority schemes
ABC analysis
nonlinear programming
spare parts management
priority schemes
ABC analysis
nonlinear programming
spare parts management
Advisors
Date of Issue
2017-07-03
Date
07.03.2017
Publisher
FGV EAESP
Language
Abstract
Inventory classification aims to ensure that business-driving inventory items are efficiently managed in spite of constrained resources. There are numerous single- and multiple-criteria approaches to it. Our objective is to improve resource allocation to focus on items that can lead to high equipment availability. This concern is typical of many service industries such as military logistics, airlines, amusement parks and public works. Our study tests several inventory prioritization techniques and finds that a modified multi-criterion weighted non-linear optimization (WNO) technique is a powerful approach for classifying inventory, outperforming traditional techniques of inventory prioritization such as ABC analysis in a variety of performance objectives.
Type
Article
Description
The article of record as published may be found at http://dx.doi.org/10.12660/joscmv10n1p68-86
Series/Report No
Department
Operations Research (OR)
Organization
Naval Postgraduate School (U.S.)
Identifiers
NPS Report Number
Sponsors
Funder
Format
19 p.
Citation
May, Benjamin Isaac, Michael P. Atkinson, and Geraldo Ferrer. "Applying inventory classification to a large inventory management system." Journal of Operations and Supply Chain Management 10.1 (2017): 68-86.
Distribution Statement
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.