A multi-criteria framework for inventory classification and control with application to intermittent demand
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This paper presents a multi-criteria framework for the concurrent selection of the item classification approach and the inventory control system through a discrete-event simulation approach. The key performance indicators provided by the simulator (i.e. average holding value, average number of backorders, and average number of emitted orders) are indicative of the multidimensional effectiveness of the adopted inventory control system when coupled with a specific classification approach. By this way, a multi-criteria problem arises, where the alternatives are given by exhaustively coupling the item classes, which are generated by different classification approaches, with the re-order policies composing the inventory system. An analytical hierarchy process is then used for selecting the best alternative, as well as for evaluating the effect of the weights assigned to the key performance indicators through a sensitivity analysis.
This approach has been validated in a real case study with a company operating in the field of electrical resistor manufacturing, with a view of facilitating the management of items showing intermittent demand.
|Number of pages||11|
|Journal||Journal of Multi-Criteria Decision Analysis|
|Early online date||23 Aug 2017|
|Publication status||Early online - 23 Aug 2017|
- A multi-criteria framework for inventory classification and control with application to intermittent demand - R2
Rights statement: This is the peer reviewed version of the following article: Lolli F, Ishizaka A, Gamberini R, Rimini B. A multicriteria framework for inventory classification and control with application to intermittent demand. J Multi-Crit Decis Anal. 2017;24:275–285, which has been published in final form at https://doi.org/10.1002/mcda.1620. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
Accepted author manuscript (Post-print), 527 KB, PDF document