Optimizing ABC inventory grouping decisions

Millstein, Mitchell A.; Yang, Liu; Li, Haitao

doi:10.1016/j.ijpe.2013.11.007

Cited by 73 publications

(41 citation statements)

References 22 publications

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“…Millstein, Yang, and Li [8] recently developed an optimization model to find the optimal number of inventory group and service level for each group under considering the available inventory budget and management overhead cost. The overhead cost of their study was set to be constant.…”

Section: Literature Reviewmentioning

confidence: 99%

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Flexible ABC Inventory Classification

Raweewan

2018

KLS

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ABC inventory classification is a well-known approach to assign inventory item into A, B, and C groups based on their sales and usage volume. This helps inventory management become more efficient. Behind its advantage, it usually shows some problems with an inventory budget and warehouse space because the ABC assignment of SKUs are mad e without an inventory budget and space available involved. In this paper, the ABC group under restricted of an inventory budget and warehouse space to maximize the profit with optimal service level is presented. We establish this proposed model to enhance the existing ABC approach to be more applicable in real life, which has the limited inventory budget and warehouse space.

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Section: Literature Reviewmentioning

confidence: 99%

“…The fill rate has also been used by other researchers such as Teunter et al [12] and Millstein et al [8]. Constraints (2), (3), and (4) force the model to assign an SKU into one group.…”

Section: Model Developmentmentioning

confidence: 99%

Flexible ABC Inventory Classification

Raweewan

2018

KLS

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“…Th ough the model is simple enough to run without advanced software, it has the flexibility to add and change constraints and factors as needed. Similar attempts to multi-criteria inventory classification (MCIC) include (Bacchetti et al 2013, Hatefi et al 2014, Lolli et al 2014, Millstein et al 2014, Park et al 2014, Roda et al 2014, Soylu and Akyol 2014, Babai et al 2015.…”

Section: Literature Reviewmentioning

confidence: 99%

Applying inventory classification to a large inventory management system

May

Atkinson

Ferrer

2017

JOSCM

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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.

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“…Lack of proper control of inventory can cause problems in production system [10]. These inventories play a strategic and crucial role in any production or services systems and with its proper planning and control can moves through making balance of operation, because inventory control, eliminate the problem of synchronization of production and consumption.…”

Section: Important Notementioning

confidence: 99%

Designing MRP Model in the Condition of Capacity Constraints and Variability of Delivery for Critical Items in ABC Inventory Model “Case Study in National Company of South’s Oil-rich”

Shoushtari¹,

Afsharkazemi²,

Radfar³

et al. 2017

Review Pub Administration Manag

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In productive enterprises, timely preparation and procurement of goods is very important due to that related costs to the production and working capitals of organization is severely affected. In available scientific methods, including MRP, regardless of resource constraints and other factors, the amount of lead time of goods has always considered to be fixed. In this paper, then a model will present that lead time of goods is considered as dynamic by using statistical and also effectiveness models from internal and external environment variables of organization and optimized the cost of production in order to reduce the latency in timely receiving and balancing the warehousing time. At the end, researcher with the implementation of issue in a simulated environment and compare it with the real environment, shows the advantage of proposed model compared to other models by numbers and figures.

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Optimizing ABC inventory grouping decisions

Cited by 73 publications

References 22 publications

Flexible ABC Inventory Classification

Flexible ABC Inventory Classification

Applying inventory classification to a large inventory management system

Designing MRP Model in the Condition of Capacity Constraints and Variability of Delivery for Critical Items in ABC Inventory Model “Case Study in National Company of South’s Oil-rich”

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