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Application of the modified similarity-based method for multi-criteria inventory classification

The present article focuses on a new approach to categorize inventory items using Modified similarity-based method. The proposed method is applied to the inventory data of raw materials from a renowned conveyor belt manufacturing company of West Bengal, India. | Application of the modified similarity-based method for multi-criteria inventory classification Decision Science Letters 8 2019 455 470 Contents lists available at GrowingScience Decision Science Letters homepage www.GrowingScience.com dsl Application of the modified similarity-based method for multi-criteria inventory classification Bivash Mallicka Sourav Dasa Bijan Sarkarb and Santanu Dasc aDepartment of Industrial Engineering and Management Maulana Abul Kalam Azad University of Technology West Bengal India bDepartment of Production Engineering Jadavpur University Kolkata India cDepartment of Mechanical Engineering Kalyani Government Engineering College West Bengal India CHRONICLE ABSTRACT Article history In the era of digital manufacturing and highly competitive environment it is desirable to deliver Received November 26 2018 the right item right quantity at right time at minimal cost. Under this volatile market Received in revised format environment the inventory should be readily available at the manufacturing level at the lowest May 10 2019 possible cost. Many industries have been conventionally employing traditional ABC analyses Accepted May 9 2019 Available online based on a single criterion of annual consumption cost for classification of inventory items in May 10 2019 spite of other criteria such as unit cost consumption rate average inventory cost that may be Keywords important in inventory classification. To address such problems incorporation of Multi-criteria ABC classification decision making MCDM methods is considered an advantage. The present article focuses on a Multi-criteria decision making new approach to categorize inventory items using Modified similarity-based method. The Multi-criteria inventory proposed method is applied to the inventory data of raw materials from a renowned conveyor classification belt manufacturing company of West Bengal India. By using Modified similarity-based method Modified similarity the items are classified in A