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A multi-criteria decision framework for inventory management

This paper is an attempt to answer these critical questions and provide a framework that is developed by bringing together existing literature available and input/findings from industry executives in the area of inventory management. | A multi-criteria decision framework for inventory management International Journal of Management IJM Volume 7 Issue 1 Jan-Feb 2016 pp. 85-93 Article ID IJM_07_01_009 Available online at http www.iaeme.com IJM issues.asp JType IJM amp VType 7 amp IType 1 Journal Impact Factor 2016 8.1920 Calculated by GISI www.jifactor.com ISSN Print 0976-6502 and ISSN Online 0976-6510 IAEME Publication A MULTI-CRITERIA DECISION FRAMEWORK FOR INVENTORY MANAGEMENT Pradip Kumar Krishnadevarajan Research Scholar Karpagam University Coimbatore Tamil Nadu-India Assistant Director Global Supply Chain Lab Texas A amp M University USA S. Balasubramanian Professor Department of Mechanical Engineering University Rathinam Technical Campus Coimbatore Tamil Nadu-India N. Kannan Professor. St. Mary s School of Management Studies Chennai Tamil Nadu-India Vignesh Ravichandran Bachelor of Engineering Mechanical Engineering PSG College of Technology Coimbatore Tamil Nadu-India ABSTRACT Inventory management is a process practice that every company undertakes. Most companies fail to apply a comprehensive set of criteria to rank their products items. The criteria are too few or subjective in nature. Inventory is required to stay in business and meet customer needs. If it is not done right it causes deterioration in customer service and could lead to damages to both customer and supplier relations and eventually cause business breakdown. A simple multi-criteria driven holistic framework developed by industry input is critical to the success of inventory management. An inventory management framework using FIVE main-criteria categories revenue customer service profitability growth risk 21 between 3 and 6 in each category metrics and 4 ranks A B C D is presented in this paper to assist companies with their inventory management process. The framework that is presented has been developed through literature review surveys interviews and focus groups with several industry owners inventory managers and .