Techniques for Inventory Classification: A Review
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2016, Vol 4, Issue 10
Abstract
This Optimal Inventory levels is extremely crucial for maintaining appropriate service levels. But, inventory can be also be expensive to hold and to move around. Classification of Inventory is extremely essential to identify items that are critical to the operations of the firm so that the necessary service levels could be maintained without adding to the cost. Although traditional techniques of Inventory classification is most popular and widely used , it is inaccurate as it normally considers one parameter for classification, and in reality multiple factors could have greater effect on maintaining inventory levels which in turn could affect serviceability and cost. This paper attempts to highlight the need for Multicriteria Inventory classification and categorizes the techniques available for Multicriteria classification. The paper also presents a literature survey on the different traditional and Artificial Intelligence techniques used for Multi Criteria Inventory classification.
Authors and Affiliations
Praveen. M. P, Jay. B. Simha, Venkataram. R
Keywords
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- EP ID EP22729
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