A Review on Inventory Management Control Techniques: ABC-XYZ Analysis
Journal Title: REST Journal on Emerging trends in Modelling and Manufacturing - Year 2016, Vol 2, Issue 3
Abstract
This paper provides the review of the inventory management and its control techniques of various articles in different field of application. Identify the methods to reduce the cost of inventory which effect organization overall cost and use the resources to their maximum efficiency by concentrating items having greatest potential saving. This paper uses the methodology on which literature is collected on ABC and XYZ analysis of inventory control. Some research articles are reviewed to study overall understanding of approach for inventory control. Inventory control technique differs for various industries depending on raw materials of products and suitable model should be applied for inventory management. ABC analysis is very simple classification and it provides very large cost control on company’s total inventory. It also provides control on less important items. XYZ analysis is helpful in optimization of ordering process where the demand or product price fluctuates. But, combined approach of ABC and XYZ analysis provides the better results in the inventory management.
Authors and Affiliations
Bijal Pandya
Keywords
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