TY - JOUR
T1 - Design and formulation of an inventory management system for raw materials by using multi-criteria methods and fuzzy approach
AU - Betancourt, Olga Patricia Cobo
AU - Escobar, John Willmer
AU - Duque, William Ocampo
N1 - Publisher Copyright:
Copyright © 2022 Inderscience Enterprises Ltd.
PY - 2022
Y1 - 2022
N2 - Companies worldwide are interested in inventory policies as essential components of the value chain. Inventories of raw materials are required to meet the given demand fluctuations and to support the delivery times of suppliers (lead time). This paper proposes a model for determining an inventory management system for raw materials by using multicriteria methods and fuzzy parameters. The raw materials are classified, and inventory policies are determined, with optimal levels for a company, which are required to have with effective methodologies leading better management of these aspects and better control of their standards. The proposed approach generates an ABC classification by using a multicriteria scoring method, and then inventory policies are defined by using a fuzzy strategy. The proposed approach has been tested in a real company producing items for personal hygiene absorbents and cosmetics. The obtained results are promising for multinational companies.
AB - Companies worldwide are interested in inventory policies as essential components of the value chain. Inventories of raw materials are required to meet the given demand fluctuations and to support the delivery times of suppliers (lead time). This paper proposes a model for determining an inventory management system for raw materials by using multicriteria methods and fuzzy parameters. The raw materials are classified, and inventory policies are determined, with optimal levels for a company, which are required to have with effective methodologies leading better management of these aspects and better control of their standards. The proposed approach generates an ABC classification by using a multicriteria scoring method, and then inventory policies are defined by using a fuzzy strategy. The proposed approach has been tested in a real company producing items for personal hygiene absorbents and cosmetics. The obtained results are promising for multinational companies.
KW - ABC inventory classification
KW - deterministic demand
KW - intermittent demand
KW - inventory cost
KW - lead time
KW - MRP
KW - stochastic demand
UR - http://www.scopus.com/inward/record.url?scp=85140629855&partnerID=8YFLogxK
U2 - 10.1504/ijlsm.2022.125678
DO - 10.1504/ijlsm.2022.125678
M3 - Article
AN - SCOPUS:85140629855
SN - 1742-7967
VL - 43
SP - 131
EP - 152
JO - International Journal of Logistics Systems and Management
JF - International Journal of Logistics Systems and Management
IS - 1
ER -