A Model for Managing and Controlling the Inventory of Stores Items based on ABC Analysis

M. Karthick; S. Karthikeyan; M.C. Pravin

A Model for Managing and Controlling the Inventory of Stores Items based on ABC Analysis

M. Karthick * §

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S. Karthikeyan

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M.C. Pravin

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§ Thiagarajar College of Enginnering

A Model for Managing and Controlling the Inventory of Stores Items based on ABC Analysis

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Abstract

Today, the effective inventory management plays an important role in the success of the organizations in the new business environment. It is not clearly possible for the organizations that store hundreds of inventory items to economically design an inventory management policy for each inventory item separately. To have an efficient control of a huge amount of inventory items, traditional approach is to classify the inventory into different groups. Different inventory control policies can then applied to different groups. The well-known ABC classification is simple to understand and easy to use. Moreover, various inventory items may play quite different roles in the business of the organization. Hence, the managers need to classify these items in order to control each inventory category properly based on its importance rating. In this thesis we consider a model of college hostel mess stores items (grocery and vegetables) for inventory management through ABC analysis. This research is composed of the following sections: In the first section, the criteria affecting the evaluation of the inventory control system of the studied mess stores and the priority of each one of them will be identified, in the second section, the priority of each criterion such as cost of item, annual demand for an each item hence find annual consumption cost in each inventory category (A, B, C) is Calculated based on conventional model, in the third section, presents an alternative way of classifying the different productive items of accompanies and this ABC model compares with the classic Pareto classification, which ranks productive items according to their importance in terms of frequency and costs whereas rankings obtained using the classical method are based on information about costs and demand over a period in the past “A-items” that result from this new classification.

References

9 Cites in Article

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A Chakravarty (1981). Multi-Item Inventory Aggregation into Groups.
H Guvenir,E Erel (1998). Multicriteria Inventory Classification Using a Genetic Algorithm.
A Hadi-Vencheh (2010). An improvement to multiple criteria ABC inventory classification.
A Hadi-Vencheh,Mohammad Ghasemi,A A fuzzy AHP-DEA Approach for Multiple Criteria Inventory Classification.
G Liang,C Liao (2008). Controlling Inventory by Combining ABC Analysis and Fuzzy Classification.
F Partovi,M Anandarajan (2002). Classifying Inventory Using an Artificial Neural Network Approach.
Min-Chun Yu (2010). Multi-criteria ABC analysis using artificial-intelligence-based classification techniques.
M Cohen,R Ernst (1988). MULTI-ITEM INVENTORY MANAGEMENT.
Ricardo Ernst,Morris Cohen (1990). Operations related groups (ORGs): A clustering procedure for production/inventory systems.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

M. Karthick, S. Karthikeyan, M.C. Pravin. 2014. "A Model for Managing and Controlling the Inventory of Stores Items based on ABC Analysis". Global Journal of Research in Engineering - G: Industrial Engineering GJRE-G Volume 14 (GJRE Volume 14 Issue G2).

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GJRE Volume 14 Issue G2

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Journal Specifications

Crossref Journal DOI 10.17406/gjre

Print ISSN 0975-5861

e-ISSN 2249-4596

Keywords

ABC classification inventory control pareto classification

Classification

GJRE-G Classification FOR Code: 290502p

Submission ReceivedDecember 11, 2013
Peer Review Double Blind
Handling Editor
Accepted January 2, 2014
Published January 15, 2014

Version of record

v1.2

Issue date

June 20, 2014

Language

English

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Article Matrices

Total Score: 103

Country: India

Subject: Global Journal of Research in Engineering

Authors: M. Karthick, S. Karthikeyan, M.C. Pravin (PhD/Dr. count: 0)

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