A note on multi-criteria ABC inventory classification using weighted linear optimization |
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Authors: | Peng Zhou Liwei Fan |
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Institution: | Department of Industrial and Systems Engineering, National University of Singapore, 10 Kent Ridge Crescent, Singapore 119260, Singapore |
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Abstract: | Ramanathan R. Ramanathan, ABC inventory classification with multiple-criteria using weighted linear optimization, Computers & Operations Research 33 (2006) 695–700] recently proposed a weighted linear optimization model for multi-criteria ABC inventory classification. Despite its many advantages, Ramanathan’s model (R-model) could lead to a situation where an item with a high value in an unimportant criterion is inappropriately classified as a class A item. In this paper we present an extended version of the R-model for multi-criteria inventory classification. Our model provides a more reasonable and encompassing index since it uses two sets of weights that are most favourable and least favourable for each item. An illustrative example is presented to compare our model and the R-model. |
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Keywords: | Inventory Multiple criteria analysis Classification |
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